Wiki: Current Account Switching Incentives 💸

Financial Chat
2160

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

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2161

As much as I’d love a hand in getting hold of some of the NI cards, I think the fraud departments might take a dim view!

I have Ulster, and could get AIB with a trip to Belfast, but I’d need an address in one of the six counties for Bank of Ireland and Danske.

2162

Going by my experience you’d need more than that for Danske. Application in over a week ago and I’ve yet to receive any login details. Strangely, even though I ticked the ‘switch an account’ button, they have yet to ask for details of the account or indeed what bank it is.

So NI address plus lots of patience :rofl:

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2163

Santander has relaunched their switch offer

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2164

Anyone named on the Santander account has previously received an incentive payment to switch to a Santander current account.

:-1: Booo, they have First Direct’d us

2165

Some still get lucky with fd.

2166

Wouldn’t it be that their records have been deleted after six (or maybe seven) years rather than them just getting lucky? Thinking that ‘never’ really just means ‘havent in the last six years’ as they should be deleting your records after that time has elapsed.

2167

Or just get lucky.

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2168

Still waiting to receive my bonus from the last Santander switch!

2169

You’ve another month or so to go. They check that you meet the conditions 60 days after the switch and pay in the 30 days following that.

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2170

Paid at day 58 following switch completion last time I did it.

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2171

What makes you think a bank should delete your data after six years?

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2172

Thanks. I think I’m on day 35 since my switch completed so few weeks to go still.

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2173

Santander terms ÂŁ175 offer May 2024

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2174

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

2175

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.

2176

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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2177

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.

2178

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.

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2180

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).