Cash Incentivised Current Account Switch

Cash Incentivised Current Account Switch

Author
Discussion

John3l

Original Poster:

38 posts

51 months

Tuesday 19th March
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Have been saying for a very long time now, “I’m going to take advantage of these current account switching cash incentives” but I’ve never gotten round to it, and it looked for a while like they might be coming to an end.

Seems like there are now some good values on offer again, so I’m looking at doing it with the wife and my own current accounts plus our joint account. RBS & NatWest are offering £200 to switch, so if I switched all three accounts to NatWest, then again to RBS, it could be quite an easy £1200, seems like a no-brainer.

I also know people have ‘mule’ accounts and do this multiple times a year.

Just looking to see if anyone can advise any potential pitfalls, or best methods for doing it.

princeperch

7,928 posts

247 months

Tuesday 19th March
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I've done it loads of times over the years as has my missus. As long as you aren't applying for an overdraft on each account it doesn't really make much odds to your credit score.

Never had a problem with things bouncing or money not going out, it all gets checked and swapped over before the old account is closed. Some have pay in requirements and others don't.

Somebody

1,184 posts

83 months

Tuesday 19th March
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I've only done one to NatWest recently as I don't have many direct debits to switch over which is a requirement in the main for most switches. It was the easiest £200 I've ever made.

As far as I'm aware NatWest/RBS/Ulster are all the same Group and you can't get switch bonus if you've had switch cash from any of them since 1 Jan 2020.

As mentioned, don't ask for an overdraft - I'm sure this is why the new account has not appeared (yet) as a search in my credit file.

I also used a new "throwaway" Chase current account (you can add one in the Chase app on the fly) to switch. The good thing with this is that all the payee details I've ever set up in Chase went across to the new NatWest account so once I got the £200 I could easily transfer the £1,450 in the new account back to whichever interest earning account I wanted.

paulw123

3,219 posts

190 months

Tuesday 19th March
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I did the RBS switch the other week, went smoothly and paid out the other day. You can only do RBS or NatWest. Not both.

John3l

Original Poster:

38 posts

51 months

Sunday 24th March
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Cheers folks - I’ll make a start on it I think.

Simpo Two

85,443 posts

265 months

Monday 25th March
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About time they started a loyalty bonus perhaps...

Masiv

280 posts

83 months

Monday 25th March
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I did it the other week. First Direct card is now fee free for foreign cash withdrawals, so used my Starling account to switch. Easy money.

irc

7,312 posts

136 months

Tuesday 26th March
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I wanted to keep my main First Direct account so I set up a burner Chase account today and arranged a couple of small charity direct debits. Once the first months DDs are taken I will choose a bank to switch to. Reminder set on phone.

I was always too lazy to do it. I have given myself the incentive that after three account swaps I will use the proceeds for a new laptop.

Other small earners this last month are making pension payment to avoid Scottish 42% higher tax rate. Also gave Mrs IRC, a non earner, £2800 to open a pension which was immediately topped up with £700 tax relief. Plan being to do this for 4 tax years then cash it out before she gets her OAP pension and get it all out tax free. A free £2800 plus any growth.

princeperch

7,928 posts

247 months

Tuesday 26th March
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I had a very good week the other week.

Applied to switch from chase to natwest, I didn't ever use the chase account I had it to pay for building works 18m ago.

Heard nothing back after 2 weeks. Natwest account now set up but chase still open.

Turns out chase aren't part of the scheme where by the account gets closed and the money sent over. I had 1p, yes 1p on my chase account I didn't know about by way of interest and because of that they rejected my switch.

I was then told by natwest that it wasn't their problem and chase should have told me.

Anyway after making a complaint to natwest and chase, chase have me 75 quid and natwest have me 225, (200 for the bonus I had missed out on and 25 notes for the hassle)

I thought to myself well in for a penny in for a pound, so I applied to swap my main account from tsb to my newly opened natwest account and blow me down I got the 200 notes for that too.

500 quid for 20 mins work is not to be sniffed at!

John3l

Original Poster:

38 posts

51 months

Tuesday 26th March
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princeperch said:
I had a very good week the other week.

500 quid for 20 mins work is not to be sniffed at!
Nice one. I’ve just applied to switch a current account to NatWest. Will need to look at whether it’s feasible to switch it on to another one once it’s complete Lloyds might be an option.