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

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 

Comments

  • PRAISETHESUN
    PRAISETHESUN Posts: 4,989 Forumite
    Seventh Anniversary 1,000 Posts Photogenic Name Dropper
    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 
    Workarounds for what specifically?

    "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.


  • Giraffe76
    Giraffe76 Posts: 263 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    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 
    Workarounds for what specifically?

    "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.


    Yes I meant the part where I've had bank switch offers before with certain banks
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,989 Forumite
    Seventh Anniversary 1,000 Posts Photogenic Name Dropper
    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.
  • Giraffe76
    Giraffe76 Posts: 263 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    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.
    Yes that's the sort of thing I thought you would say. Thank you for replying 
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

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

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.