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've done it for most of the big banks, one year I got £375 to switch to Natwest and HSBC. Can't switch anymore, I have accounts with all the major banks now, I like to keep them open as they offer different perks.

I did the Nationwide switch earlier this year, got cashback despite already being a customer. Missed out on the £200 though, they were offering £125 at the time, gutted.

Note I don't switch my "normal" account, I create a donor account, move a couple of DDs over to it. Do the switch and satisfy any other criteria like pay cash in etc. Once all done, move the DDs back to the account they were in.

Just signed up to Santander do I need to have money going in to it ? As I do have a few accounts with other banks ?

You need to check the terms of the switch.

Does Santander pay interest on a current acc

No they don't not a penny.

Going to do it tomorrow, £200 free for Christmas. Why not?

You should be loyal to your bank like they are to you

Always one-probability been refused a basic bank account

Probably

Girlfriend 44. Thought as much, that’s why I moved to a challenger bank get 2.40% on everyday acc. High st bank interest is absolutely rubbish or in this case non existent

@Cantstandbullshit

According to Experian: Opening a new bank account should only lower your credit score temporarily – but if you do it too often, your score won't have time to recover.

Not necessarily, I have 2.75% with Santander.
You shouldn't keep your savings in your current account, only enough to cover outgoings.

I think they want it to make your current account to get the deal? So move all DDs there, salary etc? Or am I wrong? Do you get money by just opening bank account and not moving any transactions there?

Is there normally a time frame for the Dd to be coming out of new account for? This sounds more acheivable for me.

DipmeinChoc. My Savings are nowhere near my current account what I’m trying to say my everyday acc is paying very good interest. Savings are in a bigger acc so all of the money attracts interest

Usually the requirement is minimum 2 active DDs. I set up a basic bank account with a bank I already have, move 2 active small DDs, TV licence and an insurance for example. I usually transfer enough cash to cover the next outgoing DDs. They don't even have to be taken out of the donor account just that you've had the confirmation in writing that the bank account has changed then apply for the switch.

The bulk of your DDs and wages are unaffected in your usual account.

Nationwide are offering £200. Myself and other half have just done it, 1 each so that will fund Christmas presents 🎅🏻

Thanks for explaining. So if you have to have say 1500 going into the new account do you move that and then move it back?

That’s what I do. Or just remember I need to get petrol/food/whatever from that account.

I've switched a few times just for th

I've switched a few times just for the money. I don't know how people can keep doing it though, as they usually stipulate that to qualify for the money, you can't have had an account with them for X number of years.

I've done it every year for a few years too. Very little hassle unless a payment that's supposed to automatically go to your new account goes missing as it was sent to your old account. Apart from that, there's really no hassle

I've had a couple of expensive months so decided to do it. I changed to Nationwide, they were great. I set up the account, they sent new card and card reader device, kept me up dated by text on what was happening. Switch happened last Thursday and I got my £200 on Saturday. Will make Christmas a bit easier.