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.

@NewHome2024, I use it as my main account, so can't really answer that. My money naturally went out quite fast as my DDs are timed for about when it was deposited, so I'd say any speed must be OK due to that.

Haven't for a couple of years, but have done it 3 times in total, to a different bank each time. Never been particularly difficult. The money usually takes a couple of months to be paid. If you read the MSE website, it has guides on what you need to do and time frames for each bank.

The NatWest money took less than a week after I'd complied with the terms this time.

@NoWordForFluffy thanks so much! I’ve deposited the 1250 but do you need to get in touch with them to tell them you’ve done it or do they just know you’ve deposited it and their ‘computer’ will know?

You don't need to contact them, no.

They just know. Have you got 2 DDs set up? They need to be paid first too.

I'm interested to hear how those who have a burner account make it work? How do you meet the criteria?

I'm up for switching my main account once, but would worry about salary going AWOL, so don't want to switch that regularly.

I also have a second fairly redundant account which I used to use for work expenses... but it doesn't have regular transactions.