Switching Banks General Chat

[Keren]

There's a few offers on from banks, where you get a hundred quid or so for switching.

Has anyone done this, and what's the catch? I've always believed there's no such thing as free money, yet there seems to be more and more opportunities for free money when you look about online.

 

[Spikey]

Done it several times.

Check the T&C's but normally you just need a couple of Direct Debits. It's literally free money.

 

[Steve]

There's no catch as such, they're hooking you in to use your balances to fund their lending and to try sell you other more profitable products

 

[Gemma]

I already have 3 accounts but often considered doing it with one of them. What offers have you seen K Keren?

 

[Keren]

Thanks for the responses.

What offers have you seen @Keren?

I saw:
Nationwide £100
Santander £130
Lloyds £100

I think there are others also.

 

[Jess]

It's a good way to get a bit cash in the bank however negatively impacts your credit rating if you do it too often.

If I was you I would just wait for the First Direct or Nationwide switch to become available. Usually £125-£150 reward and probably the two most reliable banks. I'm sure First Direct have been voted the best customer service as well although this may have been a few years back so could have changed.

 

[Random Guy]

Normally you need to deposit over £1000 a month and have a few direct debits?

 

[Mouth]

Normally you need to deposit over £1000 a month and have a few direct debits?

Yes, most of the deals I've seen require you to deposit a certain sum of money each month - usually between £1000 and £1500

 

[Tom]

Just now some banks are offering between £200 and £250 to switch accounts.

You should sign up for Martin Lewis' newsletter if you haven't already as it regularly lists the best deals.

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