Switch Rejected - Why?
Discussion
ferret50 said:
Random_Person said:
Just going through the motions now with Natwest and will move onto Lloyds too (who I just switched from) 
I read online about super switchers who have made 6k plus doing this since it started, wish I had acted sooner!
Bear in mind that most banks require a minimum 2 year break before going back..... I read online about super switchers who have made 6k plus doing this since it started, wish I had acted sooner!
The 2 dd thing has been on all the switches I've done and I've done a lot since they were first available.
I don't opt for an overdraft. The way it is working at the mo, I am only having the account for a month or so before switching away again.
The Natwest one I am doing has pretty much completed within 24 hrs, very very easy in comparison to the others and money within 7 days so fast too.
The Natwest one I am doing has pretty much completed within 24 hrs, very very easy in comparison to the others and money within 7 days so fast too.
Random_Person said:
Total waste of time.
Agree. Unless you're hard up and the relatively small amount of cash will make a difference, it's barely worth bothering.I moved accounts a few years ago. I could easily have done it myself but as the Account switch service is strongly recommended and offers a guarantee, I used that.
Of course that cocked it up cancelling several Direct debits. Wouldn't accept responsibility blaming the recipients for not processing correctly and cancelling rather than switching....then I pointed out the recipient was their own Credit Card arm.
Went to ombudsman, took prob 2 years. Nothing, not even an apology.
I've just started, but so far I will have accrued 575 since December. I think it is a decent return for effort but you have to be savvy.
My main account, and where I am paid will never change. I used "other accounts" to do this, so they can come and go at will. All I have now done is move my phone bill DD with EE to whatever account I want to use, and then also setup the afore-mentioned £1 a month no term no fee DD service on the same account - so have 2 meaningless DD's in place ready to switch.
The application for new bank is all online and has taken roughly 10 mins per switch, sometimes less. Downloading the app and registering it, again around 5 minutes tops. So a max of 15 mins work per switch, then sit back and wait for the reward.
My main account, and where I am paid will never change. I used "other accounts" to do this, so they can come and go at will. All I have now done is move my phone bill DD with EE to whatever account I want to use, and then also setup the afore-mentioned £1 a month no term no fee DD service on the same account - so have 2 meaningless DD's in place ready to switch.
The application for new bank is all online and has taken roughly 10 mins per switch, sometimes less. Downloading the app and registering it, again around 5 minutes tops. So a max of 15 mins work per switch, then sit back and wait for the reward.
Free money is always attractive but I have no desire to leave my main First Direct account. Has anyone set up a new account with a bank with the intention of using it to switch for cash later?
Any requirements for a minimum amount to be paid in could be done from First Direct before being taken back out. Two small dds to charity would cover that aspect.
On one hand why not? On the other hand I am lazy and prefer simple as possible finances and I don't need an extra few hundred quid.
Any requirements for a minimum amount to be paid in could be done from First Direct before being taken back out. Two small dds to charity would cover that aspect.
On one hand why not? On the other hand I am lazy and prefer simple as possible finances and I don't need an extra few hundred quid.
alangla said:
If there’s one thing that will stop the banks offering switch bonuses, it’s them realising that a lot of the switched accounts aren’t main ones and are gone minutes after the cash is paid.
They are not stupid. They will know this. They will be making a judgement on what percentage they retain. Also more will go with the First Direct rule of you only get a bonus one time.So I don;t think bonuses will stop. Maybe more conditions.
irc said:
Free money is always attractive but I have no desire to leave my main First Direct account. Has anyone set up a new account with a bank with the intention of using it to switch for cash later?
Any requirements for a minimum amount to be paid in could be done from First Direct before being taken back out. Two small dds to charity would cover that aspect.
On one hand why not? On the other hand I am lazy and prefer simple as possible finances and I don't need an extra few hundred quid.
FD is one I switched to and kept. Its the only account I kept - due to international no fee transactions.Any requirements for a minimum amount to be paid in could be done from First Direct before being taken back out. Two small dds to charity would cover that aspect.
On one hand why not? On the other hand I am lazy and prefer simple as possible finances and I don't need an extra few hundred quid.
I just switch the other 8 accounts instead, that I don't need.
Steve Campbell said:
How many hours of your time has it taken to date to enact the switches.....and what return have you got ?
This! Doesn't look worth the bother to me at all. Happy to move my savings around for decent rates but I'm not moving my current account for the sake of a few hundred quid ...You don't need t though thats the point. Just open / use another current account. I have done this, same account gets switched then switched again, sometimes within 1 day of the last switch completing. I have around 3 dormant accounts. You don't need to use them at all - just make sure you comply with the initial deposit requirement to get the cash. Transfer money in at 08:00, then back out at 08:01 - desposit made, box ticked, job done. It is so easy.
Mark-C said:
This! Doesn't look worth the bother to me at all. Happy to move my savings around for decent rates but I'm not moving my current account for the sake of a few hundred quid ...
If your savings are generating more than a few hundred quid should they not be in an ISA anyway?I'm going to give it a go. If I can open a bank account and switch it with under 2 hours work that is around £100 an hour. As I am not a powerfully built company director that is a good bit more than I would get dlong my day job for a few hours. So why not?
Edit.
So set up a Chase account today. Easy via the app. Fill it in, scan your ID do a selfie. Done. Set up DDs to come off on the 15th of each month. British Red Cross and MacMillan Cancer. £2 min for the Red Cross. A higher amount for MacMillan Cancer who have done good stuff with family in the past.
All in, around an hours work. Just to be on the safe side I will wait until both DDs have been paid once before switching. Posibly not necessary but I'm not in a rush. Phone reminder set for the day after.
Edited by irc on Tuesday 26th March 13:30
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