Wiki: Current Account Switching Incentives 💸

UK Financial Chat
2138

Their 90 days is a long time but nothing compared to the nine months to get the full TSB payout.

2139

I reckon they’re going to check I’ve met the conditions on 28 May then pay out up to 30 days after that…

2140

If anyone’s interested, new data in the CASS Switching Statistics thread, for switches in Q4 2023.

2141

A bit of a different offer from Virgin Money. Offers ends May 31st.

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2142

So, that’s worth £104.70 max?

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2143

I think it is a way to force you to keep your money with them rather than just switching away again very clickly, or just moving a grand in for 24 hours. Seems banks are trying to come up with new ways to encourage people to stick around with these switch offers.

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2144

Virgin Money Switch offer terms, 10.47% incentive April 2024

Summary

Effective from 1 May 2024

Who’s this offer for?

It’s for new M Account, M Plus Account, and Club M Account customers, who:

  • Are 16+ (if you’re under 18, you need to open your account in Store).
  • Live in the UK.
  • Don’t already have an M, M Plus or Club M current account. If you’ve closed one since 30 April 2024, this offer’s not for you.

How can you get this offer?

Simply open an M, M Plus or Club M Account, online, or in Store. Even if we offer you our M Account instead of our M Plus or Club M Account, you’ll still be eligible – but if we say no to your application, you won’t be able to have this offer.

Once we’ve opened your new current account, you must do these things by 26 June 2024:

  1. Fully switch an existing current account from another provider (this includes a Virgin Money Current Account (opened with Northern Rock), and the Virgin Money Essential Current Account), using the Current Account Switch Service,
    A full switch means that your balance, and all your regular outgoing payments from your existing current account, will be transferred to your new current account. These don’t include any regular payments set up on your old debit card, such as movie and music streaming subscriptions. Your existing account will be closed on the date you choose to switch.
  2. Transfer at least two direct debits to your new accountas part of the switch.
  3. Make sure both account holders agree to a full switchif you’re switching from a joint account.

What’s the offer?

It’s a bonus credit fixed interest rate of 10% gross paid on your current account balance of up to £1,000 from 1 July 2024 to 30 June 2025. To find out more, read on and we’ll tell you how your bonus works.

How your bonus interest rate works

  • As soon as we open your M Plus or Club M current account, you’ll start earning 2.02% AER variable (2.00% gross per annum variable) on balances of up to ÂŁ1,000. We’ll pay it monthly.
  • If you meet the offer conditions on your M Plus or Club M current account, you’ll also earn a bonus fixed interest rate of 10% gross, on your current account balance up to ÂŁ1,000 from 1 July 2024 until 30 June 2025.
  • So you know, we don’t pay interest on the M Account, but we do pay it on the M savings account it’s linked to. However, if you meet the offer conditions on your M Account, we’ll pay you a bonus credit interest rate of 10% gross on your M Account balance up to ÂŁ1,000, from 1 July 2024 until 30 June 2025.
  • We’ll work out how much interest to pay you at the end of each day, based on the money in your account. If your balance is ÂŁ1,000 or less, we’ll pay interest on the whole balance. If it’s higher, we’ll pay interest on the first ÂŁ1,000.
  • We’ll add interest to your M, M Plus or Club M Account on the last working day of each month. We can’t pay interest into another Virgin Money account, or one with another bank.
  • To make sure you receive your interest, you must keep your M, M Plus or Club M Account open.

What if we withdraw the offer?

We can withdraw this offer at any time, without giving you any notice, but we’d try to give some if we can.

If we withdraw the offer and you’re already part way through applying for the account, you won’t need to worry. As long as you sent us your account application before we withdrew the offer, you’ll just need to make sure you complete all the necessary account opening steps by 26 June 2024 (see How can you get this offer? above for exactly what you’ll need to do).

What else do you need to know?

  • You can only get this offer once, whether it’s just you who’s the account holder, or you hold it jointly with someone else.
  • Applications for the M, M Plus Account and Club M Account are subject to status and eligibility criteria.
  • We’ll use your personal details to help us run the offer.
  • English law applies to the offer.
  • If something goes wrong, we’ll try to fix it. If we can’t, because it’s beyond our control, or not our fault, then we may have to change the offer, such as by suspending it, or ending it early – but we have to give you notice first. We’ll always try our best to avoid making changes, and to minimise any disappointment to you when we have to.

Who’s running this offer?

We are:

Clydesdale Bank PLC trading as Virgin Money.

Our company number is SC001111.

Our registered office is 177 Bothwell Street, Glasgow G2 7ER.

2146

CYBG bought Virgin Money and then rebranded Yorkshire and Clydesdale Bank as Virgin Money.

They have a million different systems for different accounts as they haven’t really merged much together yet (who knows if they will if the Nationwide deal goes ahead).

1 Like
2147

Not exactly a switch offer, more of an account opening offer. If you have ÂŁ50k and want free ÂŁ300, HSBC Expat has an offer for you.

To qualify for the cashback offer:

  • Open an HSBC Expat Bank Account
  • Deposit GBP ÂŁ50,000 (or currency equivalent)
  • Register for Digital Banking
  • Activate your Global Money Account
1 Like
2149

You could switch a Nationwide account to them :thinking:

2150

Even weirder you can switch from an existing Virgin account!

Fully switch an existing current account from another provider (this includes a Virgin Money Current Account (opened with Northern Rock), and the Virgin Money Essential Current Account), using the Current Account Switch Service,

2151

I was briefly with Virgin Money (after they got bought) and didn’t have any issues apart from the saving account not closing when the current account was switched out (the terms said this was meant to happen, and support agreed). Don’t really see the harm in switching to them and just leaving a grand in there for a year. Can’t imagine much going wrong.

2152

:eyes:

2153

Snag is that you’re really only getting £50 or so vs the usual £200 (as you could get £50 on that £1000 elsewhere).

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2155

My choice at the moment is between £50 from Virgin and £200 from Danske. And the Danske one only needs £1000 in and out, no DDs. Sometimes it’s handy to live in NI :rofl:

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2156

It looks like the First Direct switch offer is back

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2157

First Direct ÂŁ175 switch terms and conditions May 2024

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2158

So anyone with an FD account since 2018 isn’t eligible

2159

Incorrect. Anyone with a first direct product ever isn’t eligible. Anyone with a HSBC account since 2018 isn’t eligible.

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2160

You suggesting I rent out my address for half the switching bonus? :grin:

1 Like