To keep switching banks to make money

[dottypotter]

Could you be bothered I couldn't!!
Martin Lewis was saying tonight about serial bank switchers who make money by keep switching banks!!!

I was watching that too and really surprised that the banks don’t ask you to pay it back if you move within a few months

At £200 a time I could be bothered, (if I wasn't so lazy!)

I did it once to first direct some years ago & was delighted with the free money.

Apparently you're more likely to get arrested than you are to switch banks!

I keep a spare account with 2 direct debits in for switching every so often when I’m about to hit a rough patch. In the past it’s been the difference between eating for a few weeks, or not.

Good thinking. Perhaps they can't do that.

I know someone who did this. Made money but affected her credit rating

What an excellent idea.

I’ve done this for years, never impacted my credit rating (can’t see how it would unless I had a huge overdraft that got declined by one of the banks?!). Usually make around £300 per year which pays for a weekend away.

Why wouldn't you?! You just fill out a form, get a new card, download a different banking app, and get free money. I've switched every year for a few years and have made hundreds. Think I've run out of banks to switch too now!

Not with banks but electric company's I switch all the time get free electric and lower price then jump to the next one lol

How did I not know about this? banks give you free money for switching....which ones are best? ned to look into this.

Just in process of switching our household bank - £200 for ten mins work

Free electric?

My husband does shit like this constantly, I just absolutely cannot be fucked with the hassle.

Isn't it supposed to affect your credit rating (in a bad way)?

Anybody coming to the end of a fixed rate mortgage in the next couple of years…don’t do this

Yes think he mentioned that. Not to do it if your applying for a mortgage or something?

Switching your bank doesn’t affect your credit rating at all (I work in the industry).

It takes 15 mins, and gets you £200. It’s a no brainer.

like PP I have a boring bills account that does a merry go round every so often.

I do it about once a year on the account I use for bills. It takes seconds.

I do this, credit rating is fine! I made £325 in the past few months. Usually the banks have a minimum amount of time before you can get another switch incentive from them, so I'm running out of places to go. I leave my main account alone but have one with some inconsequential direct debits that I merrily send round.

We’ve been doing this for years. We’ve made several thousand pounds. My husband did one again last week and got £170. Hasn’t affected our credit ratings.

I’ve done it 4 times this year and made over £600. Did fix my mortgage for 5 years in March so wouldn’t do it if I needed a mortgage. It’s free money for very little work, have run out of banks now.

It’s £100+ for 15 mins works. I’ve switched mine, my husbands and the joint account to every bank that has ever had a switching offer and have now run out of banks (as you can usually only do once).

We have 2 mortgages and neither of us have ever been denied credit, and have about £90k (probably more) of available credit on credit cards between us…

You’d be silly not to do it IMO.

Hell no! Ain't nobody got time for that 🙄 I've been with the same bank since I was 14. That's over 30 years now 🤦

I do this. I got an alert from the credit rating agency I sign up to saying it had been noted that a new bank account had been opened and not to do it again within six months else it could affect my credit rating. I change my bank account about once a year so it’s not had a negative effect on my rating yet.

Just switched mine and got £150. It is so easy to do now the banks do it all for you.