switching deals are really once in a lifetime now.

seatbeltnoob

Cant believe this. I had a business bank account with barclays over 3 years ago. Account has been closed, maybe I should have asked them to erase my online banking data too. But I didn't do that.

Anyway, a pretty nice £400 new account/switching bonus came about with braclays, thought I'd go for it and the online banking app tells me I apparantly have an account with them already. I absolutely dont. Either the online banking login hasn't be erased, or they have the bank account kept in a zombie state, still assigned to me but not usable. in case payments are made to it. HMRC can refund money to it, unbenknowst to me. An old client may not update my bank account on their payables and send it to the closed account etc.

This was the 3nd attempt at a switching deal which I had to back out of.

I have a lloyds credit card, was advertising a £200 switching deal - but not open to halifax, rbs and of course llooyds customers.

Had to back out of santander switching deal because I didnt have 2x UTILITY direct debits. I have 3-4 direct debits, but not utility ones becaause I prefer to pay via bank transfer as and when I have spare money during the month.

wmb194

https://forums.moneysavingexpert.com/discussion/6666487/switching-deals-are-really-once-in-a-lifetime-now

“maybe I should have asked them to erase my online banking data too”

It wouldn’t have mattered, banks are are allowed to continue to hold essential customer data indefinitely. First Direct is the usual example of a bank which never forgets.

They aren’t all once in a lifetime: Lloyds has one at the moment which includes people who haven’t received a switching incentive in the past five years or whatever it is.

friolento

They are not as easy as they used to be but are still around. I had a second Lloyds one just recently because my first one was before their current cut-off date.

Enzo_L

"I have a lloyds credit card, was advertising a £200 switching deal - but not open to halifax, rbs and of course llooyds customers."

The offer has limitations relating to Halifax, Lloyds and Bank of Scotland customers.

RBS is part of NatWest and nothing to do with Lloyds.

born_again

Banks have realised that they are short terms gains only.

Over several years where this was offered. At the end of the year, the net accounts were the same as the start of the year.

Only group within bank that were happy were marketing team, who pointed out how many new accounts were gained. But failed to mention that over a year that there was no gain for all the money that was paid out. In fact it was lost money.

Thankfully bean counters have cottoned on to this now.

danny13579

Enzo_L

The offer has limitations relating to Halifax, Lloyds and Bank of Scotland customers.

RBS is part of NatWest and nothing to do with Lloyds.

2 separate banks. Bank of Scotland is owned by Lloyds. RBS is owned by NatWest.

wmb194

First Direct is the usual example of a bank which never forgets.

I think that may be a bit of a myth. I've so far managed to get 2 switching bonuses from First Direct.

grumpy_codger

https://forums.moneysavingexpert.com/discussion/6666487/switching-deals-are-really-once-in-a-lifetime-now

switching deals are really once in a lifetime now

Hardly a surprise when Marin Lewis inspires people to make money by switching: "Many have made £1,000s regularly switching bank. See our How often can you switch bank accounts? guide for inspiration."

I have a lloyds credit card, was advertising a £200 switching deal - but not open to halifax, rbs and of course llooyds customers.

The most recent offer on the first page of this board didn't exclude their credit card customers.

Had to back out of santander switching deal because I didnt have 2x UTILITY direct debits. I have 3-4 direct debits, but not utility ones becaause I prefer to pay via bank transfer as and when I have spare money during the month

Well, it's not a big deal to change your habit for couple of months.

Nasqueron

It depends on the bank - some of them have switch terms saying if you ever had an account switch bonus you can't have one but equally some have terms like no offer in the last 3 years (iirc Lloyds last offer was this as I missed out by a few months or that could be the one I got confused over lol)

Many of us got RBS, NatWest and Ulster bonuses in the past even though they are supposedly checking - I got RBS and Ulster in 2022 iirc having had NatWest in 2019 or so!

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81983685#Comment_81983685

There may be some luck involved; I remember some posters saying they tried for a FD switch offer as a former or existing customer but said they were refused.

danny13579

wmb194

There may be some luck involved; I remember some posters saying they tried for a FD switch offer as a former or existing customer but said they were refused.

I've had plenty of failures with them too, but the very odd time you slip through the net. Just that I don't find FD any more strict than any other bank in checking. Sometimes you get lucky, most times not.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6666487/switching-deals-are-really-once-in-a-lifetime-now

I had a First Direct ISA circa 2005, no introductory bonuses or such but still now barred from ever having any form of switching bonus from them because their clauses are "ever"

AmEx used to be generous and give new customer bonuses again after 6 months, then it went to a year, then I think two years. Used to make a ton of MR points by recommending the Mrs for a card every six months, both getting the bonus then cancelling the card and waiting to repeat .