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When will the switch offers change dates?
I last had a Nationwide switch offer in 2021, it is now going into 2027 with most now saying you can't have have EVER had a switch offer. Bummed.
Comments
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Yes you would think that the banks would put far more effort into retaining customers wouldn't you ? They just pay out £200 or so for you to switch with no effort made to retain you as a customer. The result is that they get exactly what they deserve i.e. a group of people who become seasoned bank switchers with no interest in what's on offer other than the switch bonus.
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It varies by bank, Nationwide and HSBC seem to be forever, some of the others seem to be year dated e.g. since 2022 or whatever. I assume 3 years from the initial switch is the time to start looking at offers but expect it might be 4-5. Worst case for me, maybe 2027 I can start looking at a few again
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Agreed, First Direct, Nationwide and HSBC are the worst.
I have had repeat offers from Co-op, TSB, Lloyds and Santander etc. but now they all just say cannot have had a switch offer EVER, which is annoying.
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It's almost as if they're trying to prevent people from exploiting such offers by repeatedly going back for more…
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It's my belief the switch offers will change dates when the banks decide that it's in their interest to attract serial switchers, and not before.
Eco Miser
Saving money for well over half a century2 -
With the Nationwide fairer share payment it's also possible they could restrict that to people who have held an account for a period of time to stop serial switchers though you could retain one to qualify
Remember the saying: if it looks too good to be true it almost certainly is.1 -
Yes it does seem odd that Nationwide pay out a bonus to switch, yet don't seem to have any sort of interest in doing anything remotely modern when it comes to their app etc which might tempt people to stay with them.
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Do you have any reliable stats that would quantify how many Nationwide customers are leaving because they share your opinions about the app?
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People choose what is best for their finances, a £100 fair share, a decent regular saver, a good 15 month fixed rate saver are good reasons to stay and put up with a clunky app
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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No, but I'd interested to know. I didn't claim they were, I said it was odd that Nationwide seem to have little interest in having a modern app that might make people want to stay with them.
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