Want to Embrace Switching Bank Accounts Please Help

Knighttrader · 8 January 2020 at 5:34PM

Hello MSE Community - I hope you are all very well.
I wanted to embrace bank switching, I've been with Barclays for years and want to take advantage of the cash on offer for switching. Basically, my main aim is to go on holiday this year with the money I make from switching and airmiles, if you have any systems or suggestions please I'm all ears.

Here is my circumstances (please be gentle!)

Me - Experian Credit Score 924
Barclays Current Account 1
Barclays Current Account 2
Barclays Current Account 3
Monzo Bank Account
Tide Business Account
UAccount
Clydesdale Bank Account
Halifax Credit Card
Aqua Credit Card
Clydesdale Credit Card (Gold)

Wife - Experian Credit Score 972
Halifax
Al-Rayan Bank
Santander
Barclaycard
Virgin Credit Card

My main aim as I mentioned earlier is to take advantage of the cash on offer for switching and air miles so we can go on a little vacation this year, it's been 3 years so looking forward to it and some suggestions..

PS. If I've posted this in the wrong section please can you let me know and I'll move myself sharpish...

eskbanker · 8 January 2020 at 5:41PM

Read up on offers currently available at https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#bonus and monitor this board and/or the weekly MSE emails for new ones as they arrive, but don't expect a five-star luxury holiday on the proceeds!

And to add the traditional comment in such circumstances, don't take any notice of credit score numbers invented by Experian....

Knighttrader · 9 January 2020 at 1:20PM

Thanks for replying, I appreciate it.

I was interested in the HSBC account which offers £170 for switching. How many of my current accounts can I switch the HSBC to earn the bonus? Am I limited to just one switch?

If anyone has any other insights on how I can maximise this I'm all ears!

eskbanker · 9 January 2020 at 2:22PM

Knighttrader wrote: »

I was interested in the HSBC account which offers £170 for switching. How many of my current accounts can I switch the HSBC to earn the bonus? Am I limited to just one switch?

You need to research these properly and familiarise yourself with the relevant Ts & Cs - this applies when considering any financial product anyway but especially so when such incentives tend to have strings attached, not least to discourage those looking to abuse them and make a fast buck!

In this case, not only does https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/hsbc-175-switcher-offer.pdf spell out the answer (in clause 4), but the MSE article also explains how the offer only applies to new customers, and both list the actual value of the offer (not £170!)....

Ghostcrawler · 9 January 2020 at 4:16PM

Also currently only 2 switch offers are going on (HSBC & FD) and 2 are offering referral bonus if they switch (Nationwide & TSB) and can refer upto 5 people (friends/family). For Nationwide you can be an existing customer and can work out between you and your wife and can earn £400 in total. Both of them will have to switch. There are lot of threads on this, just search and as eskbanker mentioned keep checking Best Banks page on MSE or subscribe for their weekly newsletter.

For TSB you can ask to be referred (see referral forum) and can earn £100, some people will also give you from their part of bonus, just check the board but be careful in selecting your referrer, just dont go for max bonus. You can also try and open another TSB account with Quidco for £50 opening offer, do check T&C on Quidco. Then you can refer your wife to get £200 in total between you and your wife. But be aware of DDs, minimum monthly pay-in, etc..

Hope this helps.

Katiehound · 9 January 2020 at 4:41PM

Look very carefully at the t&cs because some require a lot of jumping through hoops!

Setting up Standing Orders is easy enough, DDs not so easy as you often need x 2 for each account.
I would suggest that you have the essential SO/DDs in plce before switching, and if possible have them transferred thro the original account at least once before switching.In other words start grooming an account or two asap because you never know when a switch deal will appear and some of them are very short lived.

First Direct only needs an amount to be paid in within 3 months of opening (£1K?) but no minimum monthly pay-in or DDs etc .Still £100

Usually it's one switch per person + maybe a joint

Maybe you'll earn enough for a w/e at YHA!! Good luck

18cc · 9 January 2020 at 5:26PM

If your dealings with HSBC are anything like mine when I switched to them you'll need that holiday!

Want to Embrace Switching Bank Accounts Please Help

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