We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Bank switching workarounds
Giraffe76
Posts: 263 Forumite
Hi all,
After reading Martin's latest email with regards to the bank switching offers I've found that I don't have enough income or I've switched to those particular banks before or the switch isn't worth it because of the account charge so is there any workarounds I could use that people know of please
Kind regards mark
After reading Martin's latest email with regards to the bank switching offers I've found that I don't have enough income or I've switched to those particular banks before or the switch isn't worth it because of the account charge so is there any workarounds I could use that people know of please
Kind regards mark
0
Comments
-
Workarounds for what specifically?Giraffe76 said:Hi all,
After reading Martin's latest email with regards to the bank switching offers I've found that I don't have enough income or I've switched to those particular banks before or the switch isn't worth it because of the account charge so is there any workarounds I could use that people know of please
Kind regards mark
"Income" requirements are usually only for premier banking, and mostly can't be gotten around. Other accounts which require monthly payments into the account can usually be satisfied by bouncing money between two of your own current accounts, often in multiple goes (eg. 4x £500 for a £2000 monthly requirement). Switch incentive restrictions are typically much harder to work around, and usually if you aren't eligible then that's usually the end of the matter. Some accounts waive monthly fees if you meet certain criteria, but again it depends on the specific account in question.
2 -
Yes I meant the part where I've had bank switch offers before with certain banksPRAISETHESUN said:
Workarounds for what specifically?Giraffe76 said:Hi all,
After reading Martin's latest email with regards to the bank switching offers I've found that I don't have enough income or I've switched to those particular banks before or the switch isn't worth it because of the account charge so is there any workarounds I could use that people know of please
Kind regards mark
"Income" requirements are usually only for premier banking, and mostly can't be gotten around. Other accounts which require monthly payments into the account can usually be satisfied by bouncing money between two of your own current accounts, often in multiple goes (eg. 4x £500 for a £2000 monthly requirement). Switch incentive restrictions are typically much harder to work around, and usually if you aren't eligible then that's usually the end of the matter. Some accounts waive monthly fees if you meet certain criteria, but again it depends on the specific account in question.0 -
If the terms of new switching offers say that you're not eligible, then there's nothing you can really do to force them to pay you another incentive. That said, some banks are definately better at checking than others, so it is sometimes possible to slip through the cracks... Just keep in mind you won't have any recourse to complain if they don't end up paying out.2
-
Yes that's the sort of thing I thought you would say. Thank you for replyingPRAISETHESUN said:If the terms of new switching offers say that you're not eligible, then there's nothing you can really do to force them to pay you another incentive. That said, some banks are definately better at checking than others, so it is sometimes possible to slip through the cracks... Just keep in mind you won't have any recourse to complain if they don't end up paying out.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards
