Switching banks for cash incentive

[YellowMellowJelly]

Has anyone done this recently and is it worth it and is it as straight forward as they say.

I've been with my current bank for over 20 years but the £200 to change to RBS is tempting.

Once the switch has happened how long does it take to receive the £200. The only term and condition was to have at least £1250 paid in monthly, which would be my wages which is until end of March now, would that be when the £200 is paid.

It states you must deposit at least £1250 and log in to the mobile app within 60 days - once those criteria are met they will pay £200 into your account within 7 days.
The switching service is very efficient - all your regular payments will be redirected, any payees you have set up will also move and anything that comes through after the switch will be moved to your new account. The only thing that can’t be switched is any regular card payments e.g. if you pay for something like Disney+ with your card.
You can only switch current accounts though - not savings or credit cards

It’s really easy. I’ve not done it to RBS but I’ve tarted myself around most other banks and must have made at least a grand. The switching service is really effective.

My switch to NatWest has completed today and it was very straight forward.

I've already logged into the app, so should have the money by this time next week.

@NoWordForFluffy I've just complete mine I'm waiting for the checks. Have you had the £1250 deposited into new bank yet, is that when you receive the £200

For the past couple of years I've been considering it, but I've just filled in on line for RBS, it sounds straightforward enough and they do the transfer

Yes, today as the switch completed and my balance transferred across.

@NoWordForFluffy
That's great, how long did it take to all transfer across

I applied on 20 Feb.

My husband switches whenever there’s offers, he reckons we’ve made over a grand in just switching banks

I've made £850 in the last year, but I don't use my main account, I use a second one with just two small dd's going out of it. It's an easy way to make extra money.

Me and my husband do this also. We've made a fair whack between us both!

Martin Lewis has been advising this for a while now that switching incentives are back

I've not done it but from what I read it's quite a popular way to make money if you have the time and inclination

This, plus some accounts don't even require that - First Direct, for example.

You can set up a couple of DD to charity on the switching account.

Do you have to let your work know so they pay into a different acct? That’s the only thing putting me off tbh, the faff of getting our wages dept to change details

I've done it a couple of times Barclays to NatWest to Santander no problem any time might do again but I like Santander for cash back on bills and my other bank is first direct and I like them for free £250 overdraft!
But no problems changing any time.

This is what put my of changing but the new bank do it all for you__ hopefully!

Do they give you the same overdraft amount you have with your existing bank? I would imagine this is unlikely. I have £2k and need it sometimes, albeit I don't live in it.

That's why I set up a spare/burner account first and then use this for switching. I use my main account as usual.

@NoWordForFluffy
If they transfer your balance over and it's over £1250 do they take that as a deposit or do you have to wait for wages to hit the bank to get the £200

It just says you have to pay in £1,250, so I assume the transfer counts towards that.

I've already earned a tenner in Rewards, which is nice! (Still waiting for the £200, but it's not due yet.)

@NoWordForFluffy that's good! I've had a text to say my card and pin have been sent out today

@YellowMellowJelly, I got my £200 today!

@NoWordForFluffy thanks for the update, I'm happy I've started the switch, hopefully won't be long now

I've used "Fifty Pence Direct Debit" to meet the two direct debit requirements. Was very quick to setup and cancel when I was done.

Hello all. I’m thinking of switching as well to get £200. They need you to deposit £1250 and keep in account for 24h. But can I:

1. withdraw after 24h and still get the £200
2. Is a maximum limit how much you can withdraw/ transfer to another account? Like only £300 per month so takes 4 months to transfer full £1250 into another account.

I’m scared I won’t get the £1250 back for some reason like it’s a timed deposit for something. I can’t see anything to suggest that on their T&C. But want to see those who have successfully got the £200 if they had any trouble withdrawing the £1250.

thanks in advance!