Wiki: Current Account Switching Incentives 💸

[phildawson (Sorry, I will have to escalate this.)]

Yeah but I’m thinking with the backward logic there could well be something specific to tracking payouts disconnected to the actual accounts.

It would be interesting to know how they are tracking if you had a switch incentive.

ID 345678
user@example.com
Last cash switch offer: 7 March 2024

It also could be tracked but they just haven’t implemented any checking using the information.

Or they cached the results of the query of those that are historically not eligible but not adding those since the start of the new campaign.

So just that people obey the words of don’t try it more than once per campaign.

[ahj87 (Andrew)]

They’ve no doubt read this thread and the many others - pretty sure their employees use Monzo and are a part of the community.

Loopholes always get abused and banks hate giving out money where it is not necessary.

It’s a risky game to play - nothing to stop them from retracting the funds, closing the account or blacklisting you from the entire group if terms and conditions have not been adhered to. As it is essentially fraud.

[Arnie7]

Aside from anything else, the people here have done so many switches that I’d be surprised if everyone is fully on top of what they’re even eligible for anymore.

[ahj87 (Andrew)]

Not trying to be the Debbie downer, if you can get it why not. I’m just putting out my thoughts on the possibilities, because despite what we comment, it’s speculation.

[Revels]

@ahj87

Loopholes always get abused

It’s not a loophole. It’s clearly stated in the terms that you’re eligible if you haven’t had a reward before x date.

[ahj87 (Andrew)]

I’m referring to the earlier offer where people made £600 from switching from one bank in the group to the next.

[Revels]

So am I.

[phildawson (Sorry, I will have to escalate this.)]

Just double checked the terms and it doesn’t say that the benefitting once is for the whole group, and I would assume it’s specific to the bank terms.

You can only benefit from this offer once. This means that even if you successfully open more than one eligible
account and meet the conditions of this offer more than once, you’ll only receive one £200 payment.

@Revels

reward before x date

However it’s this line here which might stop it as you would have taken advantage of a cash switch offer on the second attempt as it’s using since rather than before.

You won’t be eligible to earn £200 if you’ve taken advantage of a cash switcher offer from NatWest,
Royal Bank of Scotland plc or Ulster Bank since 1 January 2020.

The previous loop hole was due to using between two dates which meant three after the end date was fine.

[Lightning720]

Current Accounts | Open A Current Account Online - HSBC UK

[Lightning720]

I wouldn’t call it odd. It’s clearly their way of getting people who switch to actually stay and use them rather than just switching away again.

[Urpert]

And for someone who is genuinely looking to switch their main current account, £220 is still a pretty good incentive. We just see things through an unusual lens😂

[Lightning720]

Yeah, it is a pretty decent deal if you actually do want to switch and save with them. It’s just a way for them to stop being switching for easy money which makes sense and I’m surprised other banks haven’t done yet.

[Arnie7]

Not much worse than TSB for similar effort. Same £1/month Amazon top-up, add £50/month for savings and £1500 instead of TSB’s £500 bounced in each month for £220 instead of TSB’s £200.

[phildawson (Sorry, I will have to escalate this.)]

Yeah that’s def the biggest time period I’ve seen to date.

[Lightning720]

I would understand it more if it was about benefiting from a switch offer, but just having an account seems a bit unfair.

[j06 (Jamie)]

HSBC switch terms, March 2024, £100+£120

[Lightning720]

How to switch your current bank account | Santander UK

[coffeemadman (Jonathon 🏳️‍🌈)]

You have to visit a branch to switch if you’re a current customer?

Never seen that before.

I’ve literally only just opened an account… for £185 I could undertake the branch journey…

[Lightning720]

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.

[Katyd (Katy)]

Is v2 the same form everyone’s been using for Cater Allen or different?