Bank switching bonuses

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82044010#Comment_82044010

If you achieved what you wanted then fine, and it would have been compliant with the terms of the offer, if not its spirit, but those who aim to make significant amounts from serial switching would be well advised to tread a little more carefully and take steps to avoid being perceived to be abusing the system…

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82044010#Comment_82044010

Lloyds Banking Group is known to ban people for life across all its brands. Personally I'd just keep these accounts open. It doesn't cost anything and they they're often useful to qualify for good savings accounts and other offers.

kaMelo

Likewise, I like to keep under the radar and wouldn't do something so blatant as close the account on the same day I received the switch bonus. Some of course have been switched away eventually when an offer I qualified for came up but I have so many current accounts now I can pick and choose which to use for any switch offer.

Also, like @wmb194 said, Lloyds have been known to ban people for life from their banking group because of perceived abuse, Lloyds have been very generous for me over the years and I would hate for that to happen to me.