And for someone who is genuinely looking to switch their main current account, Ā£220 is still a pretty good incentive. We just see things through an unusual lensš
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Yeah, it is a pretty decent deal if you actually do want to switch and save with them. Itās just a way for them to stop being switching for easy money which makes sense and Iām surprised other banks havenāt done yet.
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Not much worse than TSB for similar effort. Same Ā£1/month Amazon top-up, add Ā£50/month for savings and Ā£1500 instead of TSBās Ā£500 bounced in each month for Ā£220 instead of TSBās Ā£200.
Canāt have held an account at all since 2019? Feels a bit crap excluding existing customers who would be minded to switch.
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I would understand it more if it was about benefiting from a switch offer, but just having an account seems a bit unfair.
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You have to visit a branch to switch if youāre a current customer?
Never seen that before.
Iāve literally only just opened an accountā¦ for Ā£185 I could undertake the branch journeyā¦
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I read on another forum that last time Santander said that, they were also able to phone up instead and still get the offer. It might be worth asking Santander just to make sure.
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Is v2 the same form everyoneās been using for Cater Allen or different?
Going for the Santander account. Do I need active Direct Debits on the account I intend to switch to then or do I need to set them up once Iāve switched over to them?
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If you, or anyone named on the account has previously received a switcher incentive on any of our accounts, you will not be eligible for this offer.
Thatās First Direct levels of brutal
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I can see why though. People have already got an offer are more likely to be those that just go around switching accounts, which banks seem to want to try to reduce happening (both HSBC and TSB have done offers that give more money if you stay longer).
Oh I understand why they are doing it.
Itās a horrible trend to see happening from our perspective.
Itās like Santander just saw HSBCs you canāt have had an account in the past five years and said hold my beer.
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I can see the onboarding campaign follow up meetingā¦
hm we used to get 5000 switches, but now only seeing 500 new customersā¦
Do you think we set the criteria too high?
Are you saying people werenāt switching to bank with us because we are brilliant?
I think itās very likely sir they just wanted the money
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I think the common idea has always been āserial switchersā are few and far between. But certainly last year it felt there was a lot more attention on getting this āfree moneyā perhaps there was a large amount of new signups for bonuses who literally just left. (I think commonly people who switch on average will stay with the bank). Perhaps thatās why the terms are harsher for every bank now
I was going to switch out my Virgin account. Itās been dormant and now theyāre lowering the interest rate on it thereās less likelihood Iāll return. Canāt decide if it would better to go for Lloyds and grab the āfreeā Disney+ or try out Santanderās offerings with Edge and the tasty rate on savings. I only have the one account Iām willing to sacrifice at the momentā¦