The OP has been polite to me as have I to them. The word “bribe” was used in the context of banks using financial inducements to persuade customers to CASS from one institution to another. It is a term that is used in this context.
You appear to be on a mistaken crusade against me as you misinterpreted a word in a previous post and you won’t let it go.
Unfortunately i dont meet the requirements for the HSBC switch as i wouldnt be able to put the minimum £1750 in per month so i think its a toss up between Nationwide and Barclays.
The only reason I ask, is because if you close down all of your old standing financial relationships, your completely made up and irrelevant credit score may take a hit for a few years - So if you wanted to borrow money in any way shape or form, you may be less likely to get it.
You could open a Nationwide account in addition to your Monzo and Halifax though, and that would be less problematic on the credit score (it would also give you another account to CASS if a decent bribe came up that you qualified for).
As for the money transferring in and out, I wouldn’t worry if it was me.
I regularly send multiple thousands to different accounts each month (all in the space of 10 minutes) to qualify for the different bonuses etc.
Haha, I managed to dig deep and haul myself past that exchange…
I completely get what you were saying… There are many “banking bribes” or… “Welcome offers” that would net you £125 or more immediately, with no need to stick around for a year etc.
You could also do a few different ones in a year making up to £500 ish if you were so inclined (and didn’t mind the credit checks on your file).
I’ve done some of them, and it’s easy work (providing you qualify for the “bonus/bribe”).
The Nationwide interest is more an ongoing perk of the account than an immediate welcome offer/bribe … But I’m sure everyone* knew what you meant by “bribe” in that context
Yes my main reasons are covered with Halifax but there is the incentive to switch to Nationwide which, for me, is worthwhile. Im not too bothered about my credit score really i doubt it will impact me too much.
Is the actual incentive to do a genuine switch (CASS) to Nationwide?
Or could you simply open an account, leave your Halifax as it is, and have the best of both (plus a potential dormant account to use to “switch” for another bonus at a later date)?
I done exactly this and opened the Nationwide account for the 5% interest. I get paid into another account and just transfer it on payday and then back over to meet the criteria.