Bank account switching

[northernballer]

I need to get some extra money for the summer holidays - has anyone switched their bank account for the reward? First Direct are currently doing the £175, just wondering how easy it is? I know they say they do it all for you but even so.

I've been with my current bank for 30 years so a big move!

I can't comment on this particular offer as I haven't done it but after being with Barclays for nearly 35 years I switched around Dec 22 to Nationwide - at that time I ended up with I think £375 for moving - it all went quickly and smoothly- I did time it for when most of my DDebits /payments in weren't due to happen. I have been really happy and have had £100 fairer share payments since.

(I left Barclays because they decided to take away my overdraft of £1.5k - I had never ever used it but it was on my account that had a balance at time of around 38k in it. I asked them to reconsider and allow me a £200 overdraft -I wanted an overdraft just in case work forgot to pay me on time or something and I went into the red by a few £ - Barclays refused ! So I moved)

I moved from santander to Lloyds last year it was such a quick process. I did it at the beginning of the month after all main bills were payed so I had time if anything went wrong. It didn't and was done within the time frame. Just for extra backup i made sure i had access to some money via my other current account for food shop etc. Think I got £175 and a years Disney plus. I'd definitely consider doing it again.

It's well worth doing. I have done it before and it was trouble free.

We have a joint account (which we have never moved) and each have a current account of our own and those are the ones we have switched more than once.

You usually have to have a certain number of direct debits/payments in to qualify for the switching bonus (the requirements vary by bank) so I just make sure we keep some in our individual accounts.

Super easy we just moved to First Direct , they handle it all and once satisfied the conditions - 3 payments with debit card iirc the money was in our bank

I have not done it but I have a couple of accounts with Nationwide. They are currently offering £200 to swap.

I have recently received £100 as part of their fairer share scheme, I got another £50 when they took over Virgin Money and £100 last year.

To get the fairer share you need a current account and either a savings account or a mortgage with them with £100 in it.

www.nationwide.co.uk/about-us/fairer-share/

We have done this and made a lot of money from it! I opened a separate bank account with Lloyd's in 2023 and moved my direct debits to that. (Keeping my main nationwide account for my salary to go into).
I then switched the Lloyds one to Santander, barclays, nationwide, Lloyd's then to coop. Getting the payout each time. We both did this separately. Made about £2,000 between us.
I think most of them say you can't have switched within two years so im hoping from later this year we can do it all again!

Edited to make it clear that I did not do the switch process when I first opened the Lloyds account as I wanted to keep my nationwide account. That was just opening the account and phoning the companies to move my direct debits. Then I started the switch from the Lloyd's onwards where it closes the old account.

I have completed several different switches

All have paid the free money

Switched my joint account and solo accounts to First Direct in March- super easy, no stress, £175 each.

Just to update In the unlikely event anyone is interested - I switched to Nationwide this week which has been easy so far, so assuming the £200 bonus comes in as expected it's definitely worth doing!

I switched to NW. Had to chase and chase for the £200 but it was due to some criteria thing - you had to do it by a certain date which I had. Got the money in the end. They are great as since had £150 in share payments too.

I switch to TSB, it was fairly straight forward. Not as generous as above ones.
Only £100, and then £10 / a month for 6 months.

Im doing this at the moment as im broke and i need the free money...Ive banked with HSBC all my life but my son sent me a referral link to Lloyds...we both got £50 from that...i then used the Lloyds to switch to Natwest which is about to pay me £150.
Ive also opened a Zopa...Monzo and Starling account and have made money from those...all the time leaving my hsbc alone...if anyone wants any links i have a starling one which gives us both £25...no switching required.

Also have a Zopa and Monzo referral code which pays £20 and £10....again no switching required.

New Zopa link...free easy £10...pays out instantly..no switching...dont have to buy anything...does not affect credit score.
Use my referral link to open a Biscuit bank account and we'll both earn £10. T&Cs apply. www.zopa.com/mgma?referralCode=d9aca6bdd58e4b3239f6