EDIT - I have edited the title to make it clear that the “6” might not currently be true. The list below hasn’t been updated and some could have ended now.
In case you haven’t heard, I thought it would be good to spread the word about the six banks currently offering switch deals. Below is a list of the bank and the amount they are offering. Obviously, go to their website to see their full terms and conditions.
Santander - £130
Nationwide - £100 (or £125 if already a member)
HSBC - £110 and £30 Uber Eats voucher
RBS - £100 plus £50 if you stay for a year.
Lloyds - £100
Virgin Money - “£150” Virgin Experience Day
6 Likes
phildawson
(Sorry, I will have to escalate this.)
4
Re the Nationwide if you aren’t a member click on 1yr triple online saving account first. Wait until you see confirmation you are now a member and then switch.
I’ve just done exactly this
Account opened on the 9th and bribe paid on the 10th.
Seems a lot of work and a lot of credit file impact for the £380, probs outweigh the return due to higher interest rates in the future for having poor credit.
At current minimum wage rates, it would take an apprentice more than 88 hours and someone over 23 at least 42 hours to earn that amount (£380). Really, not much work comparatively.
Even if you’re getting £25 an hour, that’s still 15 hours…
I don’t use credit, so impact is negligible to me.
You missed my £125 for the nationwide offer, so over £500 will be received for little effort, comparatively, really.
3 Likes
phildawson
(Sorry, I will have to escalate this.)
13
Yeah so the switch completed on the 9th and then the next day paid. I think it says within ten days or something but for me next day.
3 Likes
phildawson
(Sorry, I will have to escalate this.)
14
The time it takes to CASS online is about five minutes tops. You fill in a basic form and then type in the debit card long number of your current account you are switching from.
You then wait a week and it switches. Nationwide didn’t give me an option of switch date but usually you can pick it.
I guess depends on your future goals, not sure how a mortgage broker would see 5 bank accounts opened in the space of 3/4 months.
Banked with nationwide for years in the past, the referral was good for 5 people £100 each, and someone initially referred me so £600 for basically nothing in 1 year.
I don’t plan going for a mortgage soon fyi just feel it’s a little extra for so many.
I’ve had HSBC and closed it since 2018.
Lloyds I have as part of my work contract though never used, don’t even get paid into it .
Santander I opened and closed last year as the service is rubbish and the app is rubbish.
Nationwide lacks fintech, and their pin pad is a no from me.
phildawson
(Sorry, I will have to escalate this.)
19
I have a lifetime mortgage and my credit report in decent shape. The scoring is excellent on the various CRAs. The switching impact is minimal to my circumstances. Loaners don’t care about score either.
I have my monthly spend with Amex and Monzo for rare non-amex.
My legacy which has solely income and DDs can be switched as much as the bribes will allow. Some have time constraints on how often, so it’s not usually more than two a year.
The trick longer term is to carry over the accounts to the next cycle of incentives. I’m only eligible for a couple this round - but don’t need to open a single new account. I’m just CASSing the leftovers of the last round
3 Likes
phildawson
(Sorry, I will have to escalate this.)
23
I have, jokingly(?), chatted with people in the past about setting up dedicated switching accounts through the Monzo app, with Direct Debits and scheduled payments in and out all set up to meet other banks’ CASS bonus requirements.
One of those people was on secondment from the FCA and didn’t seem keen, but I would really like to see other banks compete on features and customer service, instead of large switching bonuses
Bank
Incentive
Existing customers eligible?
Direct Debits needed?
Minimum funding?
Notes
Ends
= new offer
Index
Date Closed
AIB (NI)
Barclays
Chase
first direct
current
.
Marcus 
Monzo (or Mondo!) was my first bank account so this will be an experience 
