Wiki: Current Account Switching Incentives šŸ’ø

The trick longer term is to carry over the accounts to the next cycle of incentives. Iā€™m only eligible for a couple this round - but donā€™t need to open a single new account. Iā€™m just CASSing the leftovers of the last round

3 Likes

:sweat_smile:

Well it was nice knowing you Nationwide for those few days. Thanks for the Ā£125 :wave:

2 Likes

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 banksā€™ CASS bonus requirements.

One of those people was on secondment from the FCA and didnā€™t seem keen, but I would really like to see other banks compete on features and customer service, instead of large switching bonuses :moneybag:

9 Likes

Maybe Monzo could eventually offer an incentive to switch alongside all these other benefits as a wide promotion, and Ā£75 switch offer, Iā€™m sure the customer base would increase massively!

1 Like

A long time ago in a galaxy far far away

Also plenty of tenners, and fivers to both, in the first few years of existence.

But it then realised it couldnā€™t afford to continue doing so and it had already picked up enough customers.

I doubt weā€™ll see it again until Monzo is profitable.

I think most would prefer they use the money to stay alive and come up with stuff the legacy havenā€™t thought of.

6 Likes

"A long, long time ago. I can still remember when Monzo gave you 50 poundsā€¦

I knew If I had my chance, I get make that money roll and maybe theyā€™d be happy for a whileā€¦

But Monzo made me shiver, with every message Iā€™d deliver. Good news on the doorstep, I couldnā€™t take one more step"

And then decrease massively when they CASS to another account for the next bonus

2 Likes

Jesus I feel old.

9 Likes

Yeah I remember this :sweat_smile:

I guess the customer base is slowly building and with all these products attached to the account making life and budgeting easier, just gotta keep advertising.

I think once Flex has a physical card, the customer base my increase furthermore.

Iā€™ve just got my Ā£125 from Nationwide! I set up 2 Ā£1 direct debits with 2 charities before switching. No payment had been taken whilst they were assigned to my Starling account. Easy way to get Ā£125.

2 Likes

I keep toying with the idea of switching my Monzo account to RBS for the Ā£100

I donā€™t really use Monzo but thereā€™s that little niggling thought of what if something comes out whatā€™s fancy and big. Probably wonā€™t and Iā€™ll probably still end up switching

Beware of trying to reopen once you do :laughing:

6 Likes

So if I offered you Ā£125 to spend 10 minutes filling in an online form for me youā€™d say no thanks?

Monzo donā€™t offer much that I want/need. The only thing holding me back is the fear of NatWest one day pulling Housemate and me having to find another way to split our expenses with the other half (which is the only Monzo feature I used)

4 Likes

Iā€™ve switched an account to RBS and tbh, I donā€™t like the app.

Now I know thereā€™s more to a bank than its app, but most of my banking is processed via app.

Just my opinion of course

I like the look of the app, but not the functionality. Too many taps to get to where I want to. But I wouldnā€™t be using them as a main account ā€“ itā€™s just an empty donor account going into another empty account

3 Likes

Splitwise?

True, that! Do they offer open banking integration for payments (could look it up myself probably)

I have signed up for the digital saver, so the fifty quid a month I put aside for Xmas will go in there now for 2022.

Also,in addition to the Ā£100,you can earn an extra fifty for just ten transactions a month from January to September, payable November.

I just set up two SO for small amounts, twice a week, into the account, so thereā€™s 8, plus the money in for the digital saver and the money out to the digital saver, hits the ten.

Simples :grin:

2 Likes

Thereā€™s some discussion that these micro DDs create a lot of paperwork for charity volunteers, so lots of people now use dedicated Ā£1 annual DD sites for switching.

Iā€™ve used this website this time round with no problems

https://smalldirectdebit.co.uk/

Plenty of time to cancel once youā€™ve got your switching bonus

2 Likes