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    • debbie_debt
    • By debbie_debt 15th Jan 20, 4:54 PM
    • 293Posts
    • 802Thanks
    debbie_debt
    Multiple switching bonuses
    • #1
    • 15th Jan 20, 4:54 PM
    Multiple switching bonuses 15th Jan 20 at 4:54 PM
    Hi,

    I'm sure someone's asked this, but I can't spot it anywhere, so sorry for being repetitive if I am!

    I currently 'piggy bank' and so have 4 current accounts with Natwest. I've been looking at the best switching bonuses and trying to figure out the best way to play it to maximise bonus gains. My thoughts are:

    1 account to HSBC 175 switching bonus (1750/month income)
    1 account to First Direct 100 switching bonus (500/month income)
    1 account to Nationwide on the friends referral 100 referral bonus (1200/month income) which is in my husband's name
    Use my husband's Nationwide account to then refer the 4th account (in my name) to them for another 100.

    Total bonuses - 475

    Can anyone see a flaw in the plan other than having an annoying 3 apps on the go on my phone? Is there any issue with having a Natwest mortgage and no current account?

    Thank you!
Page 1
    • A Lert
    • By A Lert 15th Jan 20, 5:07 PM
    • 31 Posts
    • 17 Thanks
    A Lert
    • #2
    • 15th Jan 20, 5:07 PM
    • #2
    • 15th Jan 20, 5:07 PM
    Don't the switching bonuses require you to have three or four DDs and standing orders out of them? Will you have enough?
    • debbie_debt
    • By debbie_debt 15th Jan 20, 5:09 PM
    • 293 Posts
    • 802 Thanks
    debbie_debt
    • #3
    • 15th Jan 20, 5:09 PM
    • #3
    • 15th Jan 20, 5:09 PM
    HSBC ask for 2, First Direct don't ask for any and Nationwide really aren't clear on it at all... That was actually going to be another question I'd forgotten about! Does anyone know their requirements?? We have 10 direct debits currently set up so can't see it being an issue. Thanks for the pointer though.
    • jimjames
    • By jimjames 15th Jan 20, 5:18 PM
    • 13,310 Posts
    • 12,362 Thanks
    jimjames
    • #4
    • 15th Jan 20, 5:18 PM
    • #4
    • 15th Jan 20, 5:18 PM
    No issues at all, many people have multiple accounts. In fact it's advisable to have more than 1 in case of IT failures etc
    Remember the saying: if it looks too good to be true it almost certainly is.
    • blue_eyes
    • By blue_eyes 15th Jan 20, 6:50 PM
    • 268 Posts
    • 226 Thanks
    blue_eyes
    • #5
    • 15th Jan 20, 6:50 PM
    • #5
    • 15th Jan 20, 6:50 PM
    Nationwide:

    https://www.nationwide.co.uk/about/recommend-a-friend/terms-and-conditions

    A minimum of two existing Direct Debits on the old account must be transferred as part of the switch. Other types of automated payments, such as Standing Orders and recurring card payments, will not count towards this.
    Last edited by blue_eyes; 15-01-2020 at 6:52 PM. Reason: corrected url
    • blue_eyes
    • By blue_eyes 15th Jan 20, 7:01 PM
    • 268 Posts
    • 226 Thanks
    blue_eyes
    • #6
    • 15th Jan 20, 7:01 PM
    • #6
    • 15th Jan 20, 7:01 PM
    I think you might be able to get 400 off nationwide referrals if one of you joins nationwide and then recommends the second person (100 each). And then the second person later recommends the first if they also have an account they can switch on the grounds they've not previously had a nationwide switch bonus (so 100 each again).

    Haven't done it myself but I'm sure someone who has can confirm or clarify what's involved...Nationwide even have "can i recommend someone who already has a nationwide current account" as their first FAQ

    Also - beware that not all nationwide accounts are eligible for the recommend a friend.
    • YorkshireBoy
    • By YorkshireBoy 15th Jan 20, 7:02 PM
    • 31,141 Posts
    • 19,177 Thanks
    YorkshireBoy
    • #7
    • 15th Jan 20, 7:02 PM
    • #7
    • 15th Jan 20, 7:02 PM
    1 account to HSBC 175 switching bonus (1750/month income)
    1 account to First Direct 100 switching bonus (500/month income)
    1 account to Nationwide on the friends referral 100 referral bonus (1200/month income) which is in my husband's name
    Use my husband's Nationwide account to then refer the 4th account (in my name) to them for another 100.

    Total bonuses - 475

    Can anyone see a flaw in the plan...
    Originally posted by debbie_debt
    I can see a flaw that will lose you 200. Consider your Nationwide activities carefully, because 400 is available from them (making 675 in total) if you go about it the right way!
    • debbie_debt
    • By debbie_debt 15th Jan 20, 8:03 PM
    • 293 Posts
    • 802 Thanks
    debbie_debt
    • #8
    • 15th Jan 20, 8:03 PM
    • #8
    • 15th Jan 20, 8:03 PM
    I can see a flaw that will lose you 200. Consider your Nationwide activities carefully, because 400 is available from them (making 675 in total) if you go about it the right way!
    Originally posted by YorkshireBoy
    OK... obviously very interested in this, but really not getting what you mean... how can I get an extra 200 from nationwide?? Thank you!
    • YorkshireBoy
    • By YorkshireBoy 15th Jan 20, 8:06 PM
    • 31,141 Posts
    • 19,177 Thanks
    YorkshireBoy
    • #9
    • 15th Jan 20, 8:06 PM
    • #9
    • 15th Jan 20, 8:06 PM
    OK... obviously very interested in this, but really not getting what you mean... how can I get an extra 200 from nationwide?? Thank you!
    Originally posted by debbie_debt
    Don't use someone else to make the referrals. You refer each other, one after the other. Have you read the offer T&Cs and the offer FAQ yet? It's all in there.
    • debbie_debt
    • By debbie_debt 15th Jan 20, 8:07 PM
    • 293 Posts
    • 802 Thanks
    debbie_debt
    Don't use someone else to make the referrals. You refer each other, one after the other. Have you read the offer T&Cs and the offer FAQ yet? It's all in there.
    Originally posted by YorkshireBoy
    But surely someone has to refer us for the first account? The don't have a switching bonus, so to get anything for moving the first account to them, someone else has to refer you. Is that right?
    • YorkshireBoy
    • By YorkshireBoy 15th Jan 20, 8:16 PM
    • 31,141 Posts
    • 19,177 Thanks
    YorkshireBoy
    But surely someone has to refer us for the first account? The don't have a switching bonus, so to get anything for moving the first account to them, someone else has to refer you. Is that right?
    Originally posted by debbie_debt
    You each have an account to switch in...right?
    You open an account
    You then refer your husband
    He switches in
    Result is 100 each, so 200 in total

    Once your husband has his account open he refers you...even though you're an existing customer
    You switch your account in to your existing account
    Result is another 100 each, so 200...plus the first 200 is 400

    Like I say, all this can be determined from the T&Cs and FAQs. Take a look.

    If you really can't grasp it, I'm sure there'll be a queue of people on the referrers board offering to mug you for 100-200.
    • debbie_debt
    • By debbie_debt 15th Jan 20, 8:20 PM
    • 293 Posts
    • 802 Thanks
    debbie_debt
    Yep that makes perfect sense, thanks for spelling it out!
    • debbie_debt
    • By debbie_debt 15th Jan 20, 8:31 PM
    • 293 Posts
    • 802 Thanks
    debbie_debt
    Another quick question if anyone is still reading - does the switching service also switch over credits to the account, sort of like a mail redirect service, or do you need to tell everyone who pays into the account before you switch?
    • born again
    • By born again 15th Jan 20, 9:27 PM
    • 1,444 Posts
    • 795 Thanks
    born again
    Another quick question if anyone is still reading - does the switching service also switch over credits to the account, sort of like a mail redirect service, or do you need to tell everyone who pays into the account before you switch?
    Originally posted by debbie_debt
    Yes. For 3 years & possibly longer.
    • Brewer20
    • By Brewer20 15th Jan 20, 9:49 PM
    • 235 Posts
    • 88 Thanks
    Brewer20
    You can have SO or DD with the HSBC account switch, it needs to be X 2. I'm currently waiting for my switch to complete to them, everything gets switched automatically that you had paid in/out with your old account.
    Last edited by Brewer20; 15-01-2020 at 9:53 PM.
    • Katiehound
    • By Katiehound 15th Jan 20, 9:52 PM
    • 5,179 Posts
    • 40,219 Thanks
    Katiehound
    Yes. For 3 years & possibly longer.
    Originally posted by born again
    However you might want to inform them as well.
    I can confirm that payments do get redirected as I accidentally sent a payment to a closed/ switched account & it was transferred very speedily.
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks


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