Wiki: Current Account Switching Incentives 💸

If you are wanting to do Santander’s offer I’d say be quick they seem to pull it rather quickly after it’s begun

GDPR and financial regulations. From the GDPR perspective it’s not that they should delete it but that they must do so after it is no longer required i.e. six years after the last transaction or the account is closed.

I think 6 years is subjective however I can see certain risk reasons why they’ll keep some data longer than that, both for yours and their benefit.

If you were a customer with them and defaulted on a loan say some banks will black list you and not deal with you again and keep some data on that.

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It’s the ‘is no longer required’ that applies here. So loan default might extend the period. However, as most sell on defaulted loans, they couldn’t use that as a reason to keep the information forever.

The fact is FD keeps your data for far longer than six years, so that it knows you’ve previously been a customer (and, therefore, you’re not entitled to another joining bonus). There’s no requirement for ‘six years’ as you put it.


A further set time isn’t forever. One of the principles of GDPR is that data can only be held as long as necessary.

That said, I could see fraud being for quite a long time.

The six years is because financial records generally need to be held for that long.

If FD has taken it upon itself to hold data forever, you could report them to the ICO. Or you could insist that they delete your data six years after the last transaction (assuming that you’ve a zero balance obviously).

Maybe that’s why their clause is akin to no bonus if you’ve had an account in the last x years, because the retention policy will pick you up.

Having said that, people have been successful getting multiple switch bonuses from the same banks over the years.

Removed the other post, too inaccurate.

In cases of fraud, the period may be much longer than most other retention policies, to mitigate risk, financial loss and damages to bank and consumer.

“A bank holds personal data about its customers. This includes details of each customer’s address, date of birth and mother’s maiden name. The bank uses this information as part of its security procedures. It is appropriate for the bank to retain this data for as long as the customer has an account with the bank. Even after the account has been closed, the bank may need to continue holding some of this information for legal or operational reasons for a further set time.”

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Is it still the case you need to visit a branch to switch if you’re an existing Santander account holder?

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Yep, but as with previous offers, you may be able to call up instead.

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No, you only need to call if you’re switching into an existing account. If you open a new one it can be done online without a branch visit. Turns out that I was an existing customer courtesy of an account I’d forgotten about and didn’t need a branch visit.


When I went into the branch in late 2022 for this condition, the staff looked bemused and told me to call. Even the person on the end of the phone didn’t know why I needed to visit in person.


This is mainly for tax and accounting purposes.

A bank can keep records on you for much longer if they have a legitimate reason for doing so (including if you previously received an incentive)


New £200 switch offer from Nationwide


Added to the Wiki good spot :slight_smile:

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Nationwide terms May 2024 (screencap added in case of removal from website)


Sorry if it’s answered somewhere already…

What is classed as an active direct debit? If I set up two DDs with VM, are they active immediately or do they have to have been used before they are considered active?

It’s active once you’ve set it up, for the credit card/PayPal ones, no payment needs to be taken. Active is basically created and could take money, and hasn’t been cancelled.

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Thanks! Should be good to CASS over to Nationwide in a few days time then.

Usually takes 3 working days, might not be visible in your app - not sure how VM works with this, but can always call to ask otherwise.

Cheers. Will wait till I can see them online, hopefully the Nationwide offer will last more than a few days!