Warning: long post ahead with lots of information. Any questions then please ask and I’ll do my best to answer.
So, this money making idea is based on the recent boom of current accounts offering ‘switching incentives’. Some banks offer money, others offer gift cards. It’s time to play them at their own game by gaining the incentive and then moving on to the next one. Currently, there are 9 banks offering these offers:
1. Yorkshire/Clydesdale Bank - no incentive at this moment in time.
2. Co-Op Bank - £150 incentive plus £50 cashback via TCB.
3. M&S Bank - £100 M&S gift card if you open their fee-free current account.
4. First Direct - £100 if you open a 1st Current Account and an extra £100 if you leave them.
5. Halifax - £100 if you open their Halifax Reward Current Account and then an ongoing £5/month reward.
6. TSB - no incentive at this moment in time.
7. HSBC - no incentive at this moment in time.
8. Nationwide - £100 if you're referred by an existing Nationwide customer and £35 cashback via Quidco/TCB.
9. Some people reporting that they're receiving an offer for switching current accounts to Tesco Bank - 10,000 clubcard points, 5,000 clubcard points, £100 Tesco gift card or £50 Tesco gift card. Seems to be people who have a Tesco credit card and/or Tesco savings account but no Tesco Bank current account. *Check all emails and mail through your letterbox*
More information about all these offers and clickable links in the 1st comment below.
Now, it’s important to note that these offers have some simple T&Cs that you must adhere to in order to get the incentives. For example, First Direct ask that you pay in £1000 before you get the incentive, Co-Op requires 2 x Direct Debits (DDs) to be transferred over plus £800 to be paid in and Halifax ask you to transfer 2 x active DDs and pay in £750 to get the £5/month; you DO NOT have to do this for the £100 switch incentive. M&S state that you must use their switching service to receive the incentive.
There are some important points to mention before I go ahead:
- to do the above, you DO NOT have to close your usual current account where you pay for your gas, electricity, water, phone, council tax bills etc. or where your salary is paid into. The idea is to create a ‘donor’ current account and use that account for the switching process; more information on this later.
- if you are on the electoral register, you will find that opening these accounts is A LOT easier. You can apply online/via phone for all of them and you can get an instant decision (in most cases) and access to your current accounts via online or telephone banking.
- there is MINIMAL hassle when switching current accounts. Banks are now able to switch your current account within 7 working days and they will do all the work. That means they will arrange all DDs and SOs to be transferred over, they will arrange for the closure of your old account and they will transfer over any remaining balance.
- this is NOT a time consuming commitment; all you need is a little bit of organisation. Opening a current account takes 10 minutes, making a phone call to switch current accounts takes 10 minutes, setting up a new payment and transferring £750/£800/£1000 into your new current account to fulfil the T&Cs takes 5 minutes (not applicable for M&S) and transferring that money out takes another 5 minutes. Finally, expect to check your account every few days which will add another 10 minutes or so. Each account should not take any longer than a couple of hours from start to finish.
- each time you open a current account, the bank will do a credit search and this MAY have an impact on your credit score (especially if you have too many searches within a short period of time). Consider any upcoming mortgage, credit card and loan applications and whether it’s a good idea to open these current accounts. You can get your credit report for free from Noddle. To date, my credit score has NOT been affected. Where possible, don’t apply for an overdraft and space out your applications to minimise the impact on your credit score. As long as you keep an eye on your score every month or so and spread your applications then you should not have any problems.
- First Direct and M&S occasionally offer increased switching rates of £125 via MSE. Keep an eye out for those offers.
- incentives are per customer and NOT per household.
- this is not going make you £££££s overnight, but it certainly will allow you to earn a few hundred pounds over a few months with little effort.
- by switching current accounts, the banks currently CANNOT ask for your switching incentive back.
Now, on to the instructions:
1. Open a ‘donor’ account. Barclays, Halifax and Natwest have simple online current account applications. Once your account is open, stick £1+ in it. Wait for your debit card to arrive.
2. Open a current account with any of the banks offering a switch incentive. Read the T&Cs, funding requirements (if applicable) etc. Initiate the switch by giving the bank your ‘donor’ account details. Wait to receive the switching incentive. Once received, move on to the next bank (you won't have to repeat step 1 as you've now got a ‘donor’ account with the bank you just switched to).
3. Continue until you're fed up/have taken advantage of the offers. And that’s it!
So there you have it folks, a nice little earner.
Any questions then fire away; always here to help.
**A big thank you to everyone who comments when new incentives pop up, change etc.**
Top comments
BMOLE
10 Dec 14159#4
I've exhausted most of these options and it has had a dramatic effect on my credit score!
Its gone from 5/5 on Noddle to 3/5.
I would advise anyone to consider your credit rating before switching banks so regularly.
Master G
10 Dec 1466#14
Leave the first direct one until last. You won't want to leave them ..... even for an extra £100. The level of service they provide is worth much more than that,
IMHO, that 'detailed paragraph' should be at the very start of this 'deal' and marked as a warning.
There are many people, particularly at this time of year, who will be drawn to the 'free money' without fully understanding the potential implications of the affect it could have on their credit score.
Mods I have put this in deals as you need some money to transfer in to the account in order to be eligible for the switch incentives; thus not being a 'freebie'.
Of course, you can swiftly transfer the money back out.
:wink:
spicy_gal
10 Dec 143#3
Heat for the effort,will look into this tonight
BMOLE
10 Dec 14159#4
I've exhausted most of these options and it has had a dramatic effect on my credit score!
Its gone from 5/5 on Noddle to 3/5.
I would advise anyone to consider your credit rating before switching banks so regularly.
karlie88 to BMOLE
10 Dec 141#6
As per the opening post.
:man:
stevebax to BMOLE
11 Dec 14#95
No-one cares what your Noddle score is though, it's largely meaningless.
If you're going to apply for a mortgage in the next 6 months then you probably shouldn't do this. For anyone else it's fine.
gordon999 to BMOLE
11 Dec 14#96
Yes definitely. The problem arises when your too many searches are carried out on your credit file in a short amount of time. The amount of money earned is minimal compared to the irreparable damage this could do to your credit score.
knack to BMOLE
11 Dec 141#107
So in other words it's gone from one meaningless number to another?
kiish to BMOLE
11 Dec 14#135
You do know your rating has no effect on lenders except where you have high amount of credit searches in short period. The fancy rating or stars is a way for them to monetise from upgrades just like experian and equifax for monthly charges
mikeyrobbo to BMOLE
11 Dec 141#144
that's not your credit score
seanmorris100 to BMOLE
11 Dec 14#157
I think most the people on this site dont have good credit ratings lol
MaximusRo to BMOLE
13 Dec 14#181
Yes, OP is optimistic about not affecting your credit score, however, it depends on whether you actually plan to take a loan or not in the near future
pdhroche to BMOLE
16 Feb 15#279
I agree, I have a mortgage application going through as we speak, so I'm going to hold off for a while.
Psychic to BMOLE
16 Feb 15#301
Yes I agree it can have a negative affect on your credit score. It's not a good idea to apply for lots of accounts. Same goes for credit cards.
aym280 to BMOLE
22 Jul 15#880
How so? I have used lots of them and I never bother about my credit rating. I have no debts ... What are you on about?
djt100 to BMOLE
28 Oct 15#1162
Yep was going to say the same, it will massively screw your credit score! not worth it
Pluun to BMOLE
28 Oct 15#1187
I know someone who defaulted on 5 credit cards, had a CCJ and then was offered and got a £10,000 limit card.
So, just how does "credit rating" work? :confused:
Rhnsurvey123 to BMOLE
30 Nov 15#1246
Mine has gone up from 2/5 to 5/5, using the switching service won't have a massive impact, if they perform credit checks for things like overdraft then it does, but for standard reference checks it shouldn't. If you don't have an overdraft with the new bank, the effects will be minimal. Just get a credit card and keep it in credit and pay it off every month or don't use it for a year and your credit rating should rebuild. Also make sure you are on the electoral roll.
deeky
10 Dec 142#5
Good effort karlie. Hopefully this will help a few people. :smiley:
Jeikobu88
10 Dec 145#7
Good work op - just need to find £1000 now so I can start transferring lol
karlie88 to Jeikobu88
10 Dec 14#8
You could do 2 x £500 etc.
:wink:
norville555
10 Dec 141#9
might as well stay with Santander 123 account and earn 3% .
karlie88 to norville555
10 Dec 144#11
You're comparing apples (switch incentives) with pears (high interest rate current accounts).
I have the Santander 123 account as my main account. DDs for bills etc all come from this account. Never switched from that.
DemonIT to norville555
23 Jan 16#1349
Not sure how you work that out?
2.4%, I assume AER, with a little compound would earn you < £25 in your pocket on the year with the £1,000 you would use instead use to switch these deals about.
Average payout is about £120 on these deals, so do 1 of the 11 above and you're better off (or do both if you've got the cash and double up).
Even if you have several £,000's laying about in your current account doing these deals will still earn you more on the £1,000 that they require.
BMOLE
10 Dec 141#10
Most people arent going to read a 2000 word essay but will read the first few comments of a post so thought it was worth highlighting again.
Heat for the free money and the effort but definitely not for everyone.
HappyShopper
10 Dec 148#12
I'm sorry, but no amount of financial incentive will induce me to potentially adversely affect my credit score.
karlie88 to HappyShopper
10 Dec 14#13
Valid point. Hence a detailed paragraph explaining this.
mocmocamoc to HappyShopper
10 Dec 14#30
Not only that, life is a long time and it's likely you may need one of these banks again in the future.
Also the hassle free switching is a pain, they'll transfer the direct debits but not your wages, surprisingly your HR department doesn't just accept a random letter demanding they change your bank details.
OK it should work smoothly, but it usually doesn't.
A lot of messing about with consequences for a few quid.
Be careful with standing orders, they copy them but don't remove the old ones, so there is a good chance you'll pay twice.
MaximusRo to HappyShopper
13 Dec 14#184
It might do so for a short while, after that it might actually help your credit score.
bozo007 to HappyShopper
22 Dec 14#196
Unless you have an important loan requirement coming up, I don't see why these offers shouldn't be used. A great credit score is to be utilised exactly for stuff like this and not glorified. Any reduction in it is temporary anyway.
dannyboy92 to HappyShopper
16 Feb 15#293
Not even £1b?
Master G
10 Dec 1466#14
Leave the first direct one until last. You won't want to leave them ..... even for an extra £100. The level of service they provide is worth much more than that,
HappyShopper
10 Dec 1428#15
IMHO, that 'detailed paragraph' should be at the very start of this 'deal' and marked as a warning.
There are many people, particularly at this time of year, who will be drawn to the 'free money' without fully understanding the potential implications of the affect it could have on their credit score.
frible
10 Dec 144#16
We have switched accounts twice, both times it was a complete mess, banks blaming each other, nobody would admit what had happened, hours on the phone constantly repeating the same stuff over and over.
Just saying its not always hassle free, even if they assure you it is.
Agree with comment about First Direct tho, always been very on the ball.
maribecx
10 Dec 14#17
I just got my mortgage and don't need to borrow/lend for a while now (due to remortgage in 2 yrs) so I should be alright to do this, I'm sure in 2 years I can get my cred score back up again?? Or is that how it works...?
Gaminggirl
10 Dec 147#18
No such thing as a universal score. Credit agencies don't know your salary, etc, etc. It is nonsense. Banks have internal scoring procedures which vary. So you may score high for one bank and not another.
What will effect you, is not the nonsense score you get from your file. It will be the data. So multiple searches in 12 months. Makes lenders nervous. As will the average age of your accounts rapidly decreasing, no stability. Then the amount of accounts you have, can again make lenders nervous
What does it mean? I'd be careful if you need to switch mortgages or credit cards anytime soon. Also when current banks/cards check your file every 6 months or so. They may remove/decrease existing facilities based on credit file "data".
MarcusD
10 Dec 143#19
I have switched to First Direct whilst using a free months trial with Experian as I wanted to see if it impacted on my score or not and my credit score went down from 999 to 981 as a result of the searches taking place, so like previous people have mentioned this may impact your credit score and in my case it most definitely did!
Gaminggirl to MarcusD
10 Dec 146#20
The score is a guide. It's a guide because they don't have your salary, work details, etc, etc. Big things on how a lender scores you. I wouldn't be so worried about your "score" but the data as detailed in my post above yours.
Hope that helps.
MarcusD
10 Dec 141#21
Thanks for that :smiley: And yes completely agree with your post as well :smiley:
rambobambo
10 Dec 14#22
Does any one know if you can earn both from yorkshire and clydesale if you trasfer two separate accounts..thanks
karlie88 to rambobambo
10 Dec 14#25
Early days.Their switch incentives only launched 2 weeks ago.
I'm trying it out...
fade2black3
10 Dec 145#23
Very, very tempted by this although I am incredibly lazy...
karlie88
10 Dec 144#24
IMHO people should read the whole post and do some basic research before embarking on this.
davidlowe0
10 Dec 14#26
Good effort. :smiley:
wordsworth
10 Dec 141#27
Thanks for the deal and the great effort in putting it together
Drooler
10 Dec 142#28
Agreed 100%!
spottydog
10 Dec 14#29
HOT just for the effort!
Inactive
10 Dec 14#31
Well it is good to know that they seem to be far better than HSBC, their parent company, who could not organise a piddle up in a brewery.:disappointed:
It took over 30 minutes earlier today, just to activate a new Debit Card over the phone, just because they had a " glitch " on their online banking.
Oh and the new card has " contactless " built in, that I did not ask for, or want.
No choice, take it or go elsewhere.
Am I a new customer, nope been there longer than HSBC, since the good old Midland Bank ( RIP ).
:disappointed:
junkshez
10 Dec 14#32
I need to get on this! thanks.
ashfp
10 Dec 141#33
I did this about 4 months ago.
Went from Halifax (generic current account) > 1st direct > co-op > back to halifax (current plus account).
I wasn't sure if it would affect my credit score (can't get on noddle to check as it appears to be down), but I already have my mortgage+credit card sorted. The switching was very easy (all DD's and payment details switched over fine), and I can't have spent more than 3 hours in total doing various things.. not a bad return per hour.
neneromanovagirl
10 Dec 14#34
Barclaycard allows you to pay money into your bank account, would that count towards the £1000 pay in?
SkyBlu75
10 Dec 14#35
What about the active direct debits?
Tymondo
10 Dec 14#36
I think this is an excellent post as long as people are aware that if you are going to try and obtain credit in the near future lenders get nervous about someone who has recently opened a new account and when you are opening 5 this may raise suspicions.
Also it is likely to have an adverse effect on your credit rating as they will likely leave hard footprints on your credit file.
matthewmarsh
10 Dec 142#37
for people with the money theres an article about this on MoneySavingExpert where you not only get the bonuses but keep the maximum balance receiving the best interest rate on multiple current account. It involves Direct Debits and cycling a grand between the accounts each month.
Only really for people who are holding onto more than £20k in a "savings" account with rubbish interest and that is definitely not me!
karlie88
10 Dec 144#38
Your post contains quite a lot of inaccurate information.
You can always re-apply to any of these banks, you're just not be eligible for their switch incentive.
As mentioned in the OP, there is no need to use your actual main current account where your salary is paid in etc.
£700 is hardly a few quid.
The old standing orders will be removed because they close your old current account.
ashfp
10 Dec 14#39
Why would you need these banks in the future? They send you printed copies of your transactions from the last year or so (I exported mine to digital format as far back as possible also for personal backup).
Mine couldn't have gone smoother to be honest (switched 3 times). All direct debits, standing orders, and other payee details moved over and they must have sent my employer a letter/email as they automatically changed my account details too. I earned roughly £400 for about 3 hours work, not really "a few quid". They close the old account so you can't "pay twice".
czechoslovakia
10 Dec 143#40
I dislike banks just as much as anyone else, but feel this idea is taking the mick.
And the banks will cotton on to you soon enough, and perhaps start declining to open new accounts for you. After all, the banks do share a lot of information between themselves.
I`m sure some people will get away with it, but the banks will never lose. Watch them change the conditions, pull the offers, or slap a few extra % on everyone`s loan rates. Churning Credit Cards is nothing new, and most providers block it these days.
As someone who pays an awful lot for business banking, I find this idea rather sad.
Messing the banks around to earn a few quid just to spend on stuff you don't really need found on HUKD, and ruining your credit score in the process? MEGACOLD
Yuzo
10 Dec 14#41
I can vouch for this, so far me and the wife have both done First Direct, Halifax and currently doing a Yorkshire Bank switch (although Yorkshire Bank seem to be taking ages setting up our accounts). FD and Halifax payed up no problems. Still waiting for my Halifax quidco payment.
We now use First Direct as our main accounts due to excellent customer service.
ashfp
10 Dec 141#42
Also, it may be worth noting that I did not bother with the M&S one because at the time (4 months ago, not sure about now), their terms and conditions stated that you couldn't have used the "switch service" before.. so I just didn't bother (didn't want the £100 M&S vouchers enough to bother).
Apparently, they have strong recruitment criteria, Less than 1 in 100 get through, And its based on personality rather than experience so they don't get people from other banks with bad habits already ingrained, They must train them very well though as i've always found whoever i talk to very knowledgeable.
I'm sure i once read that a customer called them to say she had got on a train from London to Scotland without her purse and couldn't pay for her ticket. The member of staff transferred money from the customer's account into her own and then met the train at Leeds. Just can't imagine any other bank even thinking of that never mind actually doing it.
benjammin316
10 Dec 14#44
Not worth the hassle for a few quid.
Yuzo to benjammin316
10 Dec 147#49
£550+ a few quid?
£1000+ if you do it with a partner.
You must be loaded if this is a mere few quid :smiley:
jwiow
10 Dec 14#45
How long does the record stay on your credit score? I thought it only really affects it for 6 months?
karlie88
10 Dec 14#47
I think that means the switch service with M&S.
M&S was the 3rd account that I switched and I received the incentive.
Inactive
10 Dec 14#48
Thanks for that, I am seriously considering a move to First Direct, should be straightforward.:confused:
karlie88
10 Dec 148#50
We've all switched banks in our family. Ive been spreading the word.
I don't think you understand how the business world works.. this is not a "scam", there is nothing "illegal" about this. The banks have laid out their terms and conditions and nothing here is breaking that (although please not my earlier comment regarding the M&S T&Cs). As stated by the OP, this could potentially affect your credit rating (due to the number of credit searches, not because it's doing anything wrong).
Think of it this way, it's like trying out different banks to find out which you think is best for you (or in simpler terms, it's like getting a free sample of aftershave - you might try several before you find one you like). Why not get paid at the same time?
You are correct with regards to "banks never lose" though.
ashfp
10 Dec 14#52
Ah ok, I might check my credit rating and then switch then (as I've not done M&S, Clydesdale or Yorkshire yet). Thanks
Drooler
10 Dec 142#53
And the refer a friend thing with First Direct is decent too. Ive referred 2 family members. Decent as the person still gets the 100 and the referrer gets 50.
The switch was mega easy to FD, I would never look back now.
usetheforceluke
10 Dec 14#54
I vote hot just for the hard work the op put in :smiley:
NUMBER8GAMESTER
10 Dec 14#55
I have got to get bank switching.
voodoo85
10 Dec 142#56
have already done most of these and everything went very smoothly - have not noticed any adverse effect on my credit score either, was not aware of Yorkshire Bank so heat from me
Pokkai
10 Dec 14#57
Great post, I've already rinsed M&S & Halifax, just waiting for Smile to cough up, then it's on to this Clydesdale offer. Easy money, especially with Christmas coming.
Banks can pay us for once.
roxysilver22
10 Dec 14#58
Think this is great :smiley:
m1112
10 Dec 14#59
a thingy to remember is that banks will do credit check every time you open an account
so if you open 5 accounts within a week it will not look good on your credit score
dalmore12
10 Dec 142#60
This is typical of the UK.
People can't see further than the end of their nose. Which leads them to excessive use of credit cards (see deals on here), buying on credit (loans shops do not exist anywhere else in the EU) or deals like this, which may lead to debt.
I'm not saying it's anybody's fault, but it's deeply rooted in UK culture, which I think is a real shame, especially for vulnerable people.
Vatman95 to dalmore12
6 May 15#644
RogerN
10 Dec 141#61
You can "do" Halifax twice as their T&C state, "If you’ve received a £100 Halifax switching offer since January 2012 you can’t get this offer."
In other words, if you opened a Halifax account before that date you can switch to another bank, earn a bonus there, then switch back to Halifax and get it again! Just worked for myself and wife = £200 free.
robertoegg to RogerN
10 Dec 14#64
I did not know that! Sweet.... I think FDs is a lifer!
paddym
10 Dec 14#62
there are minimum time frames you need to stay with the banks to make sure you keep incentive. halifax = 6months
halifax employee
robertoegg
10 Dec 141#63
love all the comments from the naysayers - who by default are on here getting excited about Dulux paint being on 2 4 1 and the like. As others have stated, £500+ for some simple financial juggling is a great deal.
I've done FD (they don't switch you again which is a shame cos I'd like to get paid to go back!), I did Co-op, I did Halifax and currently get their £5/month. I'm looking at the Santander for house account and am using the nationwide as a house account presently to get breakdown, travel (+skiing), phone insurance, appliance warranty extension for a £10/month for 2 people. I've also got Metro for free Euro withdrawals and a Cahoot cos there's an OD on it I can use in emergencies if needed.
Same for credit cards, I've parked a big purchase for 28months 0%, got my free worldwide one from Halifax, got my reward one for everyday. If you play the rules, you can get yourself some nice benefits.
As long as everything else is straight on your credit file, then it shouldn't take you long to recover from their searches imo
lutek1000
10 Dec 14#65
czechoslovakia does not exist
blairboy121
10 Dec 141#66
I've been through the credit rating system for the last year with a lot of companies and applications and have pushed my score up to 975/999 with Experian despite loans and credit cards. I am certain that they all use a system based on FICO like Experian, and this is the primary tool for a lending decision. Noddle is free but updates monthly based on the delayed info from creditors. Some info can take a month or more, others can take effect in days. After that, affordability comes into it which is based on what you say/prove you earn. Applications affect you for several months, not years, and soft checks don't impact your credit rating at all, it's the actual loan or credit card that is the resident factor.
iand123
10 Dec 14#67
Great post, well done
thetarget
10 Dec 14#68
Metro bank seems to have a fast set up of a current account and can even issue debit cards quickly- same day I think I read on their website. So would this be the quickest method to get a new a/c up and running to do the switch? How long do other banks take to get a current account up and running?
TSB seem to offer a cash current account which is a more basic current account. Am I correct these cash current accounts which other banks also offer won't have the credit checks as they are very basic accounts so won't impact on credit ratings?
How long does it usually take to receive a debit card from a newly set up current account? OP suggests waiting for this to arrive. Any particular reason for waiting?
Thanks.
karlie88 to thetarget
10 Dec 14#71
When switching, you're usually required to give your debit card details.
adam8888
10 Dec 142#69
Have fun screwing up your credit rating by doing this. Then when you want some lending, and the banks say "not today thank you", it'll obviously be their fault all over again?
I'll pass thanks - no vote.
mocmocamoc to adam8888
10 Dec 14#73
Comment
Exactly, also all the banks own each other so when you apply for a mortgage they'll remember that you pratted them out, cost them a load of money, etc.
But it is £500
thetarget
10 Dec 14#70
Is it possible to have multiple current acounts with the same bank such as set up:
Basic TSB account for a switch
and also a
TSB Classic Plus account which gives 3.91% net interest on balances up to £2000 per year which is a rather good savings rate.
karlie88 to thetarget
10 Dec 141#72
Yes, that can be done.
DeanSteven to thetarget
20 Mar 16#1471
Plus their linked 5% savings account (£250 pm pay in allowed) and 5% cashback on contactless payments per month (up to £100 total spend so maximum £5 per month cashback)
Kenneth131
10 Dec 141#74
I worked for HSBC and first direct are on the bottom floor of the contact centre.
most of the processes are the same as HSBC now but their systems allow them to do a lot more and because they don't have branches ( you can use an HSBC one in reality) the staff are trained to do everything.
HSBC training was one of the best iv ever had and all the staff are great. they were just limited by the system HSBC brought in.
first direct still use the old one and its much quicker.
both are great but I prefer FD as there's no automated service.
amz003
10 Dec 14#75
Do you need to close your old account? Is it mandatory?
thetarget to amz003
10 Dec 14#76
If you use your existing account for a switch deal then it will be closed down as part of the process.
You'll need to set up another current account for a switch to one of these deal accounts if you do not want to lose your existing account.
stphnstevey
10 Dec 14#77
Good for newbies, but been doing this for while now
DaveRay
10 Dec 141#78
This is entirely legal and hardly costing the banks a lot of money - a hundred quid for the chance of having you as a long term customer is a calculated risk for them; after all, you have to choose one of them in the end! Thinking that they'll decline a loan because you closed a current account with them is ridiculous.
darkovo
10 Dec 14#79
I've done a few so far, been a few years so will do a few more :smiley:
FireGlow
10 Dec 14#80
Good effort on getting all the info together, heat added.
Like others though, would recommend putting the warning about Credit Scores close to the top (if not at)
Master G
10 Dec 141#81
30p off oranges you say? I'm on my way to Tesco!! :stuck_out_tongue:
thetarget to Master G
10 Dec 14#83
That deal expired earlier as it was discovered the oranges were actually tangerines :laughing:
karlie88
10 Dec 141#82
Man?
:laughing:
Master G
10 Dec 141#84
Damn that sirmaggie sending me on a wild goose chase. But then if i do get one, i can stuff it with the tangerines.
happydeals
10 Dec 14#85
Thanks
MadonnaProject
10 Dec 14#86
Hmmmm interesting.
GoGetter
10 Dec 14#87
Can you switch to First direct and receive bonus if you are with HSBC business
sowotsdis
10 Dec 14#88
really good idea
Moanygit
10 Dec 14#89
I have to agree with you,I went for the £100 and stayed for the brilliant service,very helpful staff good systems nothing is ever a problem for them.If only Orange could take a leaf out of their book!!
leehardacre
10 Dec 14#90
Nationwide also offer a 'refer a friend' option, giving the new customer and the referee £50 each.
Perhaps a good 'donor account' to begin with if doing this with a partner/friend etc.
thetarget to leehardacre
10 Dec 14#91
Two direct debit transfers are required for the refer a friend Nationwide £50 reward to get validated. Unless I am getting in a muddle with other T&Cs!!
naodai_mmx
10 Dec 14#92
Ty for effort. Mark for later reading
raysmith1971 to naodai_mmx
12 Sep 15#1020
how do you mark for later reading? I've always wanted to do that.
ozzie826
11 Dec 14#93
Every account you go to open you get credit searched and the more you get searched the lower your credit score goes down. So that's something to think about.
Chanchi32
11 Dec 141#94
ta Karlie - your awesome
Love the OP
I have been really lazy around gaming the bank account offers - but will definitely start this in the new year when have a bit more time
Ronaldeano
11 Dec 141#97
Can't disagree enough with this. Yes, their customer service is good but the actual service is poor and severly outdated. Their mobile app is one of the worst I've used and the fact you have to use your mobile to access online banking on your laptop/PC is beyond ridiculous.
Heat to the OP, who doesn't like free money?
sparkzilla
11 Dec 14#98
I am able at access First Direct without using the banking app, there are two choices to log on when you open the site and only one requires the app. Admittedly, you can't set up new payment but you can transfer and make payments to already set up accounts.
My girlfriend don't like the app so asked for the banking key rather then the mobile app. Its the same one used by HSBC where you have a credit card sized keypad to generate a one time password.
lumsdot
11 Dec 141#99
Banks, where current accounts pay double the interest of savings accounts.
mistermoneysaver
11 Dec 141#100
Been dfoing this for years now. A and L were the best ones to take advantage of.
quaddamag3
11 Dec 14#101
If your personal details between the banks match perfectly, including spelling and middle names, then it will work perfectly.
Shicky
11 Dec 14#102
With these switches is there generally a period you must actually perform the switch after you have your application accepted? I cannot find this information for the Halifax Reward account. M&S bank were very clear though, it must be completed in 6months of a successful application
MungoSplodge
11 Dec 142#103
Ive decided to play the banks at their own game, all it took was 15 odd years of education and i got a job in one, im robbing them blind every single month and the best thing is they even put the money in my account!
asc91 to MungoSplodge
11 Dec 14#110
?
MAD_Sniper
11 Dec 14#104
Good effort. I already do something similar but not on this scale. Heat
threesixty360
11 Dec 14#105
Heat for the effort!
scotandz
11 Dec 14#106
Dont do this if you value your credit score
benmain84
11 Dec 14#108
cheers for providing details about noodle. I have never heard of them till today. Just done a search and i am 5/5 and all my details are correct. Already used the free offers from the other companys and so good to know i can get the information i need for free.
asc91
11 Dec 14#109
Can you do Halifax AND Clysdale or just one?
knack to asc91
11 Dec 14#111
Yes just go from one to another.
Ste_Vo_
11 Dec 14#112
We'll done for the effort!! Iv only ever just had one bank account with any west n what not. But currently I'm in the middle of buying my first house,
As far as I'm aware I have a great credit score as I haven't ever missed any payments for anything, and
Never in my overdraft.
Question is, if I give this a go over a couple of months, could my mortgage application be affected?
asc91
11 Dec 14#113
Ooops I meant Yorkshire Bank. Just curious as they are essentially the same company are they not? Their websites are certainly identical in every manner.
oxocubeman
11 Dec 141#114
If you are doing any of these try and find a window where you have no payments, especially credit card payments, due to be taken. I swopped to Santander and they were great but the day it finalised my credit card was not paid and the hassle I had to get penalty repaid was painful because with a lot of the swops your old account is cancelled, no account, no help or info from your old bank or building society. My credit score bombed due to the perceived failure to pay 2 cycles and the new bank refused me a credit card because of the Experian report. The old bank will not help you in any way I have found simply because you are not a customer. Massive respect to OP for taking the time and effort to do this for us, the spirit of hotukdeals lies within.
knack to oxocubeman
11 Dec 14#118
Was this prior to introduction of the Current Account Switch Service in September 2013? If not you were entitled to a refund of the charges under its guarantee:
"If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure."
The only problem I perceive with this is that it would not resolve the fact the credit reference agencies have recorded missed payments.
knack
11 Dec 14#115
I was confused a bit confused why you were asking that!
Yes it is essentially the same bank. Yorkshire is just a trading name of Clydesdale which itself is owned by National Australia Bank.
The OP said they are investigate the possibility of benefiting from the switch incentive at both.
piachu
11 Dec 14#116
Great if you don't mind ruining your credit score for some time.
Also not sure what to think of your idea of "playing banks in their own game" either. What game is that?
Cold for me.
Martiangerbil
11 Dec 14#117
Wow brilliant idea !!. Beating the banks at their own game. I would like to see everyone in the UK do it quite frankly as the banks themselves make vast fortunes simply by switching money around.
Regarding credit scores. I am an old fashioned sort and hence deal in cash whenever I can for the simple reason that I want to keep banks OUT of my life as much as possible. Luckily I have reached a position in life where I have no mortgage and I haven't used a credit card for years. For those reasons I couldn't care less if my credit score was zero.
So for people like me it seems almost too good to be true. I will start asap !!
richkaos
11 Dec 14#119
Granted they pick up the phone almost instantly which is good in this day and age BUT they still suffer from the "yes i will do that sir" and never do it syndrome. Also ove r the last four years they managed twice to mess up transfering me from one FD mortgage product to another, how is it possible to mess that up.....
shaggy
11 Dec 14#120
I agree. I've been with FD nearly 10 years and I'm very happy with them. Howwver, really want to try out getting all these switcheroo banks incentives but dont want to mess up the DD's in my FD account as literally everything goes through my FD bank :disappointed:
indianajon
11 Dec 141#121
Totally agree, I'm convinced that 80% of the so called 'poor' food bank users who the lefties bang on about could manage OK and eat well on the money they have if they were only educated to cancel their Sky subscription and make do with Freeview, cancel their smartphone contract and make do with PAYG, cut down on booze and cigarettes, prepare food at home instead of taking the kids to Greggs or mcDonalds for their tea and just generally spend their money more wisely. Rant over :smiley:
monster144
11 Dec 14#122
Nearly a month after my switch to Yorkshire Bank which involved a very long phone call, I am still waiting for the promised forms that I need to sign. This in spite of chasing them twice and being told "Sorry, they will be sent by return of post". If it wasn't for the £150 incentive I would have given up by now. Anyone else had better luck with them?
Also re earlier question, is a switch to both Yorkshire AND Clydesdale possible?
karlie88
11 Dec 14#123
Welcome to HUKD.
shaggy
11 Dec 14#124
Can anyone please link to the MSE thread? PM me if necessary :smiley:
karlie88 to shaggy
11 Dec 14#125
Which thread?
meshosa
11 Dec 14#126
thank you
shaggy
11 Dec 14#127
I'm sure someone mentioned earlier that all this bank switching info is on a thread on MSE.
mrdibby
11 Dec 141#128
Probably mentioned in the thread already but you'll have less damage done to your credit rating if you don't opt in for an arranged overdraft.
An application often means a credit search on your report, an overdraft means a new credit account.
t3rm3y
11 Dec 14#129
just a quick question (may have been asked/answered in the previous pages) can i open fee free accounts with those 5 mentioned banks giving incentives? i struggle every month with money at the moment, or if need to transfer money in, can it be in and back out to my main current account that same day?
karlie88 to t3rm3y
11 Dec 141#133
Yes, they can all be fee free.
Yes, you can transfer the money in and out; back to your main account via a Faster Payment.
Will defo try this, been doing it with credit cards for a while getting the cashback via Quidco or TCB then cancelling the card
drago773
11 Dec 14#134
Is Noddle an ok credit scoring service I wanna check mine for the first time don't really care if it hasn't been updated in a few months. Heard people were getting charged after reading reviews.
cm1044rex
11 Dec 14#136
Thanks for the info.:smiley:
jdr116
11 Dec 141#137
Notice that there's no mention that several of them require you to have ACTIVE Direct debits coming out of the account too, before you are eligible for any bonus!!.....its not quite as straightforward as the OP makes it out to be and you DO risk your credit rating being affected by doing this ( I work in the finance industry so I know this is true)
karlie88 to jdr116
11 Dec 14#140
What on earth are you talking about?
'Several accounts' DO NOT require active Direct Debits; only the Co-Op requires it out of the 5 banks. This is mentioned in the OP.
Plenty of £1 DDs can be setup either via Radio Times subscription offers, £1 magazine subs, £1 Tesco Bank DDs or even DDs for charity.
thehottest
11 Dec 14#138
You fool - they do not credit check your file every 6 months or so this would be illegal, you will have to consent every time they want to check you file
m1chaels
11 Dec 14#139
Nationwide you can get up to £80 quidco plus £50 if referred by someone who already has an account. I have done this sucessfully for several HUKD folks (disclaimer, I also get £50).
I have done most of these switches, many of them can only be done once (eg FD once ever, Halifax can not be repeated if you have had £100 since 2012 etc), others you may be able to repeat having closed the account to switch elsewhere. The jusy is out on whether you can get 150 from both Yorkshire and Clydesdale. I tend to try and make sure I don't do more than 4 credit searches pa for any purpose so like each one to net at least £100 profit, scaling this back if it is close to remortgage time.
*Sloman*
11 Dec 14#141
With First Direct do i have to keep £1000 in credit every month after 6 months not to be charged £10?
karlie88 to *Sloman*
11 Dec 142#143
Just open an Everyday Saver and put £1 in it. That way you won't get charged the £10 fee.
mistermoneysaver to *Sloman*
11 Dec 14#145
You need to pay £1000 in every month. Once its cleared, move it on to the next one and so on and so on. After 6 months open a new account with another bank and get £100 for leaving FD. Im off to the Clydesdale next.
mistermoneysaver
11 Dec 14#142
I have done FD twice now, however we did move house so not alot to be gained there lol
playaz
11 Dec 14#146
I don't rate First Direct.... yes there telephone service is great, but their online services are really lacking and way behind EVERY other bank. Plus.... if you don't have a £1000+ every month in credit you are charged £10 PER MONTH!!! I know... it has happened to me four times... £40 down the drain....
If you like a bank you will like to call a lot.. go First Direct, if you like to use online banking like me go elsewhere.
karlie88 to playaz
11 Dec 14#148
See above. Open an Everyday e-Saver.
urinthematrix
11 Dec 14#147
Excellent work, well done OP
Dude1971
11 Dec 14#149
We did this with First Direct, as a joint account, got £200 - not sure we should have...
mistermoneysaver
11 Dec 14#150
FD blurb ---- We're so certain that you'll enjoy our service better than anyone else's, if you're not happy banking with first direct after six months, and within twelve months, we'll help you move banks and give you £100 for your trouble.
You must have paid at least £1,000 a month into your bank account for six months and have not tried us before. Someone forgot to pay in £1000 every month ??
playaz to mistermoneysaver
11 Dec 14#163
When they change their T&C's most people do not even read these in the post... hence why I didn't know the changes... (I have been with FD for a few years without a single charge.. then bam... got loads without realising..)
Like I said before.. their telephone stuff is great but their website is like so far behind every other bank it is embarrassing. I use Santander, Barclaycard along with sites like YourWealth and Money Dashboard and can tell you that First Direct badly needs to get some guys to revamp their website and add some functionality. They might have been one of the first proper online banks, but they haven't done anything since then and First Direct are badly lagging behind.... they know this hence why their telephone system is great.
Don't get me wrong... if their online banking service was the same as their telephone banking they would be the best bank in my opinion... but it isn't and telephone banking (like telephones) are a dying tech... I recommend First Direct to older people who don't like to bank via a PC or an app.
(P.S their mobile app is a bit pants too... but I won't go there...)
P.P.S I am still a customer.. but will be leaving them soon :-)
Rant done.... now where is my PS4 money Paypal!!!!
bluegnu
11 Dec 14#151
This seems like a really good idea so what is that stops me doing these things?!
alcurtis93
11 Dec 14#152
I did this several months ago and my credit rating did drop to 3/5 on noddle but with maybe 3 months I'm back up to 4/5 as I've now stayed with Halifax
Youngy
11 Dec 14#153
Great detailed info, thanks for sharing OP
Darzen
11 Dec 14#154
Cold
benasipro
11 Dec 14#155
Nice find.
seanmorris100
11 Dec 14#156
So i need to switch all my DD to one of the above accounts and i qualify? Seems more hassle than its worth...
Shicky to seanmorris100
11 Dec 14#158
This is handled automatically as part of the switch. Unless you mean you need to swap them from an entirely separate account, in which case you will need to do this.
seanmorris100
11 Dec 14#159
I know but then ill need a new card, new pin, new login for online, wait a week or 2 for the transfer and then the small print will screw me over for the £100 anyways...
GoGetter
11 Dec 141#160
Heat added, This is great stuff;. Kudos to Karlie88 that she took the pains of posting all the details, warnings fine print and all the links.
How can I save this deal? I am not just ready for all this hassle untill the new year. There used to be an option save deal or Email deal I can't see neither?
karlie88 to GoGetter
11 Dec 14#161
You can subscribe to this thread. Or now that you've commented you should see it on the right hand side of the homepage.
oxocubeman
11 Dec 14#162
The current account switch was in operation, it was only 2 months ago and the refund should come from my credit card which is also tied in with my ex bank. I agree the DD GUARANTEE will apply but its just the hassle which may be avoided by simply looking for the dormant window of activity you may have.Its also strange that if you get a new credit card Experian will seemingly downgrade you until you use it and keep up a payment record ?
BMOLE
11 Dec 14#164
No, but it's calculated using the same info that credit rating agencies use so a drop in that will reflect a drop in credit score
mad569797
11 Dec 14#165
i have done this with halifax and just recently did the m&s switch 1 month ago, do i have to keep the m&s account longer before i can use it to switch again?
Shicky to mad569797
11 Dec 141#167
No you basically just need to keep it until you receive your reward. I think they say they'll send it out after one month
nickc74
11 Dec 14#166
If not already mentioned you need to check if you have a mortgage rate linked to a requirement to hold a funded current account with the same bank (some insist on the mortgage payment coming out that bank only e.g. Co op) if you switch you may automatically revert to a SVR rate which could potentially wipe out any saving particularly if it is a fixed rate.
Otherwise great post for the effort and beating the banks at their own game.
mad569797
11 Dec 14#168
i have received the reward already, just have not spent it yet. thanks for the info
ypfashi
11 Dec 14#169
Good Effort! OP
knack
11 Dec 141#170
The point is that the score any credit reference agency comes up with is pretty meaningless. This is because there is no such thing as a universal credit score.
Each lender looks at the content of the report (provided by one or more of Callcredit (who own Noddle), Experian and Equifax) and decides if they want to lend to you.
I presume they have their systems set up to automatically score you on the various aspects contained in a reference file eg. available credit, utilised credit, whether you are set to make minimum payments, on the electoral roll etc. and then decide if they want to lend.
The key point is the scoring system will vary from lender to lender so while you may be accepted by one provider no problem another might decline.
lockwoodisbored
11 Dec 14#171
Bookmarked
Gaminggirl
11 Dec 14#172
You're the fool. You give permission when signing up for credit/accounts. You give them permission to seek information from credit reference agencies as and when they see fit. Illegal, just lol.
They usually get a monthly feed from the agencies with your activity and if there is something they don't like or its credit limit increase time, they'll run a soft search.
Which is why sometimes people may find their credit card limits reduced dramatically. Banks get wind of their extra facilities elsewhere and want to manage their liabilities and reduce their exposure. Or they get panicked if they don't think you can service the amount of accounts/credit you apply for. Or feel you're credit hungry/desperate.
You really need to read up on what you agree to.
neilgreig
12 Dec 14#173
Great post OP and voted hot!, I have just started the journey. Both my wife and myself have been accepted with the first bank, so it should be double bubble all the way for us.
thehottest
12 Dec 14#174
Nope, they don't run a credit check on you periodically, they may run other checks, but most certainty not a credit check. Read up on your facts you fool
Gaminggirl
12 Dec 14#175
Are you deliberately playing dumb? People you have an account with in all but essence get a free credit check every month. Via the update feed. Let's satisfy your point a little bit. I called it a feed is that better? Which is why sometimes people will get a letter along the lines of..."We have taken the decision to reduce your credit limit in line with information we have". Blah blah blah.
Ofc banks will sometimes run soft admin searches. These aren't hard searches. Does this make you happy? You really should pay attention to what permissions you give when signing up for stuff.
So I hope I've clarified it by going into specifics and not show you to be too much of a fool.
My original point you jumped on stands. Too many searches, new accounts, a drop in account length, etc, etc. Could make existing or potential lenders nervous. Which in turn could see dropped credit limits etc, potentially. Regardless of "score".
thehottest
12 Dec 14#176
So basically i was right, companies do not run credit checks periodically.
Have a good day
robertoegg
12 Dec 14#177
Then they are bloody idiots
Gaminggirl
12 Dec 14#178
No you weren't. They get all the data a credit check would show every single month from a feed without even doing a soft search. Permission is not needed for either as you've already given it. As per your original claims and illegal? Hence why multiple applications can affect existing lines of credit. As can a sudden run of bad credit as data starts filtering through. Understand now?
Anyone don't this needs to understand how data can not only effect potential lending, but current lending.
K1LLER HORNET
12 Dec 14#179
Excellent work OP.
Got a spare TSB current account free. Time to put it to use :smile:
Is there a preferred order to do these in?
MaximusRo
13 Dec 14#180
Can you explain a bit more,why would that matter?
karlie88
13 Dec 14#182
Yorkshire first as their offer is likely to be withdrawn in the next month or so. No particular order after.
MaximusRo
13 Dec 141#183
If you have a poor credit score (like me) you might get rejected when applying for new bank accounts.
However, this might help you
- when applying for a new account, always select no overdraft option
- First Direct let me pass
- Lloyds allowed me to open a Classic account (but rejected me for a Current account)
- M&S rejected me
- Lloyds rejected me for the Current account
Didn't try any others, as I want to talk to Experian first to try to understand why I have such a low credit score although I have quite a good income and a steady job.
DCFC79
13 Dec 14#185
So the account you use to switch does it have to have any direct debits set up in the account ?
Great post OP, have some heat.
For the yorkshire bank does it matter if the account isnt my main account
karlie88 to DCFC79
13 Dec 141#188
4 out of the 5 banks don't need any direct debits for the switch incentives.
It does not have to be your main account.
MaximusRo
13 Dec 14#186
I agree, and I would add to the list the tattoos as well. The sky subscription is usually for the footy, as they are all usually big fans of football (rarely heard any uneducated person to be interested in tennis... or to get the sky subscription to get the Discovery channel... ).
MicroBanned
13 Dec 14#187
Can anybody help on the direct debit front? If I do set up a donor account how do I get about getting 2 direct debits on them?
I heard that I could possibly set up a DD through Paypal but that would only be one right?
karlie88 to MicroBanned
13 Dec 141#189
Yes you can with PayPal.
Otherwise Tesco Bank allow transfers via DDs; failing that a £1 magazine sub or a charity etc.
funlovingcriminal
17 Dec 14#190
Came to this late so can't tell easily if this has been mentioned, but rather than spending time switching, it might be worth considering using all five accounts at the same time. (Or some combination). I recently discovered this document 'five account system' which was written by Stuart Goldsmith, which I will be using this thread to implement. It seems like a great way to manage your finances generally. I've tried to put a link in here but not sure if it will work, you should be able to find it by googling Stuart Goldsmith Five Account System easily enough if not.
Shicky to funlovingcriminal
18 Dec 141#195
Why not switch to gain the incentives on one account over time? Then open another 4 random accounts, it would seem very silly to turn your nose up at nearly a grand
t3rm3y
17 Dec 14#191
Is the yorkshire account (the one the link takes you too, and first one im am trying) only set up via branch or phone call? no online application? are the others like this too?
karlie88 to t3rm3y
17 Dec 141#192
Yorkshire is phone and branch only for applying.
Others can be done online.
urinthematrix
17 Dec 14#193
Thanks OP
Youngy
18 Dec 14#194
Great info thanks for sharing
bozo007
22 Dec 14#197
Address verification is a lot easier, else you have to go into a branch with a recent proof of address document.
JC2MULTIPLAYER000
30 Dec 14#198
don't these things usually have T&Cs that require you to deposit a certain amount etc?
karlie88 to JC2MULTIPLAYER000
30 Dec 141#199
Yep. But not all banks require a deposit.
Also, deposits can be withdrawn within a matter of a second (for banks that need them).
hotmik
3 Jan 151#200
Just like to say thanks for all the effort karlie88 :smiley:
hotmik
3 Jan 15#201
Going to do this soon Karlie, are all offers still on by the way, thank you?
karlie88 to hotmik
3 Jan 151#202
Morning HM,
Yep, they're all still on.
Go for Yorkshire or Clydesdale bank first though as their offer is due to finish in Feb.
zuiglio
3 Jan 15#203
hiya, could I do both Yorkshire and Clydesdale ? or I just need to choose one of them?
if so,which one to go for?
thanks!!
karlie88
3 Jan 152#204
Still in experiment stage.
:wink:
karlie88
7 Jan 151#205
First Direct have increased their switching incentive to £125.
I have updated the OP and link to reflect this.
Duvessa
7 Jan 15#206
Thanks just done first direct - now realise I should have done Yorkshire first dam maybe I have another spare account lieing around.
Shicky
8 Jan 15#207
Any results from attempting both Yorkshire and Clydesdale yet? I looked at Clydesdale and I think their incentive is ending 28th February, so better be quick!
MaximusRo to Shicky
11 Jan 15#213
Yorkshire ends on the 28th Feb as well, I think they are the same group ?
curiousbank
8 Jan 15#208
I'm not clear if you are saying you can open one and then when you get the incentive that becomes the donor account for the next one i.e. open yorkshire account > get incentive > open halifax account by switching from yorkshire > get halifax incentive > open first direct by switching from halifax .....
If so, are you SURE they can't ask for the incentive back? I understood you have to keep the account open for certain amount of time. To be honest, I would expect some form of time span for the accounts to remain open otherwise the banks are just giving incentives to accounts open for a few days ... I don't think they are that generous.
karlie88 to curiousbank
8 Jan 15#209
No bank/switch incentive, that I'm aware of, has a clause in their T&Cs to say account needs to remain open for a minimum amount of time.
:wink:
This may, of corse, change in the future.
gringo24
8 Jan 15#210
When I spoke to Halifax they said that there is a Switching agreement and that stays in place for 13 months. Therefore, the incentive is part of the Switching agreement and they could ask for it back if closed within the Switching agreement 13 month period. She implied that they have the right to ask for it back but may not. I got the impression she was saying that if the account is there for a while they may waive it but if it was obvious it was opened and closed within days they would then come looking for the incentive.
karlie88
8 Jan 15#211
Halifax adviser was wrong.
The 13 month period refers to payments to the old account and the fact they are forwarded to your new account.
As always, refer to the bank's T&Cs for accurate information.
Currently, there is no stipulation in Halifax's T&Cs re: account switch and reclaiming the incentive.
Shicky
11 Jan 152#212
Found another bank to add to your list karlie88, its a Northern Irish bank but a quick look suggests you don't need to be Northern Irish to apply or anything, I didn't dig deep though. Looks like the incentive starts from tomorrow (£125)
Hmm, after looking at their site, I doubt they would accept people outside Northern Ireland, and they want to talk to you on the phone.
monster144 to Shicky
12 Jan 15#220
Anyone tried this yet please?
Seems to involve a phone call and I am wondering if they will need a genuine reason why you want to open an Irish account.
Can confirm that you can open their account if resident in England, Wales or Scotland.
:smiley:
Shicky
12 Jan 15#223
I contacted them for a different matter and they said to open a current account you needed to go to a branch and present ID. Perhaps the advisor just gave poor information though or in any case you can do it in other banks under AIB
karlie88
12 Jan 15#224
First adviser told me the same thing.
Second adviser said it's ok for non NI residents in the UK to apply...but should I need prove identity (if failed over the phone), then I would need to go in branch.
Failed the identity check myself, but other family members managed it ok.
nixjoyce1
13 Jan 151#225
If you switch to Co-op via topcasback you get an extra £40. Mine tracked immediateky though it wont pay out for about 12 weeks!!
Shicky
13 Jan 15#226
has anyone got their m&s gift card and moved on to another bank? I'm going to drop it as soon as I get the reward but I'm curious if they could screw you by invalidating the gift card for example
karlie88 to Shicky
14 Jan 15#228
As soon as I got the gift card I moved on to the next bank.
I check my gift card balance every month or so and its all there.
If they did wipe the balance off then that would stealing, no?
brett95
14 Jan 15#227
Never done this before and I'm wanting to try a few banks out to see how they compare to my own. (Lloyds Bank) probably not going to switch from them as I love the branch that I go to in my opinion it's got some of the most friendliest and helpful staff I've actually seen in a bank and I've been in a fair few. Anyway so I was wondering if say I wanted to try out the Yorkshire bank, what would be the best current account to open to transfer over to them.
Not really looking to have another overdraft as I have a massive one with Llyods, so something that's easy to open and without an overdraft is what I really want as my donor account so I can switch to Yorkshire get the incentive try em out for a while then maybe I'll finish off at first direct as so many people recommend them.
Any advice on the starting account would be much appreciated. :smiley:
karlie88 to brett95
14 Jan 15#229
I'm guessing you have access to Lloyds online banking?
If so, open a Lloyds classic account with them. Takes you 5 Minster apply online and it should be available for you to see on your online banking within seconds.
When closing that donor account, it will have NO effect on your Club Lloyds current account.
karlie88
14 Jan 15#230
Will update the first page over the weekend re: First Bank and Co op/TCB.
rdbradshaw
14 Jan 15#231
I'm sure usually when you switch and if you want your cash incentive you have to move over at least 2 DD or SO ? But there won't be any of those in a donor account so with nothing to move over apart from a balance they won't pay out surly ?
karlie88 to rdbradshaw
14 Jan 15#232
Currently, only Co-Op Bank needs you to have DDs on the account. So that leaves 5 out of the 6 banks which do not require DDs for the switch incentive.
brett95
14 Jan 15#233
Thanks, so if I do that when would I be able to start the switch to Yorkshire bank?
karlie88
14 Jan 15#234
Open the YB account and Lloyds donor account at the same time.
By the time the YB account is open, you should've received your Lloyds debit card and you fill out the paperwork from YB for the switch (you'll need to complete your Lloyds debit card details).
brett95 to karlie88
14 Jan 15#235
Ah ok thanks, so then if I do that fill out the switch all I have to do is whack a £1000 quid in the Yorkshire bank (can I take that straight out again?) and then wait for them to credit my account with £150 and then repeat with first direct? Also is the opening of the account for Yorkshire bank done online? Thank you so much, your so helpful. :wink:
karlie88
14 Jan 15#236
Yes that's correct.
Take the £1000 out within a second if you wish...
You open the YB account over the phone. Can be done in branch too.
brett95
14 Jan 15#237
Just seen about opening the account, thanks. Going to look into doing this very soon now I know what it involves. Thanks :wink:
brett95
14 Jan 15#238
Turns out Lloyds won't allow me a second current account for whatever reason, just tried to apply but it said I can't. :disappointed:
karlie88
14 Jan 15#239
Which account did you apply for? Club Lloyds or their basic account?
MaximusRo
14 Jan 15#240
You don't seem very sure on this one, as you didn't put it in the deal description.
It does seem a bit funny to call a NI bank from the UK I guess. Aren't they based on Euro?
karlie88
14 Jan 15#241
On tablet tonight so will update over weekend, as mentioned above.
brett95
14 Jan 15#242
I just logged in, clicked current accounts and then it instantly tells me I can't open another one. Tried clicking through a few links but it won't let me add another for some reason.
Then log in at the end of the application after having submitted it.
neilgreig
15 Jan 15#244
Northern Ireland is part of the UK and therefore does not use the Euro but deals in Strerling
brett95
15 Jan 15#245
Did try that but they wanted me to go into the branch etc and Im not prepared to do all that. I applied for a NatWest account which went through just waiting for the slip to sign that is coming in the post, once thats done will pop into my local Yorkshire bank and talk to them about opening an account with the offer. A lovely £150 for me. :smile:
Dont suppose you or anyone else knows how long it takes from paying in the £1000 to getting the £150, they say within 60 days anyone know how long it took them to get paid?
P.S. I'm considering doing the Halifax one as well, seems a decent offer I thought I saw something about once the transfer is complete it takes 3 days for them to pay you the £100 is it that simple or is ther some other terms?
Shicky
16 Jan 15#246
I didn't check but Halifax is probably 30 days? You might want to hang on to that one as well as it pays £5 a month and if you go through quidco you can get an extra £40 cashback
brett95
16 Jan 15#247
Having studied the Halifax deal in more detail they promise to pay you £100 by day 10 of the switch (3 days after the switch is complete) and the £40 Quidco ends 13/02/15. :smiley:
salmanzak
16 Jan 15#248
does anyone know if halifax give cashback to previous customer. I closed my account in 2012 and want to know if I can be eligible for the £100 cashback?
brett95 to salmanzak
16 Jan 15#249
Well if you go buy this clause "You are not eligible for this offer if you have received £100 for switching to a Halifax bank account at any point since January 2012." Then as long as you haven't recieved £100 for switching to them after January 2012 you can claim the offer. :smiley:
sammyelrefee
18 Jan 151#250
anyone else have difficulty opening Yorkshire bank account?
I have found them totally useless. The application is approved but the account isn't set up. Been waiting about a month now. They're useles on the phone too. Pointless questions. I've never had to call a bank and tell them what bank I've applied too. Bloody stupid. Closing this account straight away as soon as I'm paid. Anyone else had problems with them?
neilgreig
18 Jan 15#251
Had no problems at all. Both my wife and myself opened an account with Yorkshire Bank just before Christmas with the change over to go through on 9th January and everything went through without skipping a beat.
karlie88
18 Jan 15#252
Thanks to all the new information.
I have added First Trust Bank to the OP and their £125 offer. Anyone in the UK is eligible, but their branches are only based in NI. If you fail their ID check then you have to go in branch to sort it out.
I have also added TCB and Co-Op Bank for the £40 cashback offer.
I have also added a note of thanks at the bottom of the OP to everyone who contributes.
Don't think there's anything else to update.
Oh...I can also confirm you can apply for both a Clydesdale and YB account AND get £150 for both.
You can also apply for more than one account with either Clydesdale or YB AND get another switch incentive.
:wink:
MaximusRo to karlie88
19 Jan 15#253
Wow, that's really something, are you sure? I thought it's in the terms and conditions that you don't qualify if you did this with the other (so either Yorkshire or CLydesdale).
Sweet if confirmed! :smiley:
Shicky
22 Jan 15#254
Hi guys,
I've just completed the m&s switch. I've checked the terms and conditions but I don't see any additional conditions like having a balance of £1000 or anything. Can anyone confirm this is the case, no direct debits or amount needs transferred in?
monster144
24 Jan 15#255
".I can also confirm you can apply for both a Clydesdale and YB account AND get £150 for both".
"You can also apply for more than one account with either Clydesdale or YB AND get another switch incentive".
Can anyone confirm that the incentive REALLY would be paid again please. Presumably you would need a good "excuse" for opening multiple accounts. Anyone actually tried it??
karlie88 to monster144
27 Jan 151#259
Yep, confirmed.
There's a thread over on MSE which confirms multiple accounts/switch incentives being paid.
Just say you need a 2nd/3rd/4th account etc. for wages, another for bills expenses, another for emergency funds etc.
Rumour has it that YB/CB and the Aussie group that own them are just trying to gain tens of thousands of customers before selling it off...
gratisaja
24 Jan 15#256
first direct costs £10 a month after the first 6months if you decide to stop with them
Shicky to gratisaja
25 Jan 15#257
that isn't true, I believe there's only a charge if you don't have £1000? coming into the account each month. I don't know the exact figure but I just had an account with them for a year and wasn't charged a penny
gratisaja
25 Jan 15#258
Ah yeah, just read it again and it isn't charged if you pay a £1000 each month into it
karlie88
27 Jan 152#260
You can also bypass the £10 monthly fee by opening an Everyday e-Saver and putting £1 in it; that counts as one of their 'eligible products'.
rdbradshaw
29 Jan 15#261
Hi again karlie, you know when you said don't do to many applications in a short time , well I got my donor account on the 14th so will it be ok to apply for my 1st cashback incentive back account or should I wait another 2 weeks ? Cheers for your help
karlie88 to rdbradshaw
30 Jan 15#263
I'm afraid only you can answer that question...
It really depends on your financial circumstances and what your current credit score is. Do you have any mortgage applications in the next year? Loan applications? Credit cards?
danib
30 Jan 15#262
Can someone help me, I want to open a new bank acc without a switch. what I mean is I know I can open one anyway but doing so I want to earn some cashback. I do NOT have any donor accounts that I can switch from.
So currently is there any banks that give you money if you open a new account with them ? already with hsbc,barclays,natwest. Thanks
karlie88 to danib
30 Jan 15#264
As far as I'm aware, to get the switch incentive/cash, you need to complete a full switch. Thus, your old account would have to be closed.
If there are any banks who allow partial switches with incentives then please let me know.
Shicky
1 Feb 15#265
Has anyone had issues with opening an extra account just to use for switches? Opened a new one but wondering if they look at the life of the account and reject on the basis its only been created recently, most likely for the purposes of getting incentives!
WillPS
4 Feb 15#266
Some food for thought - my "credit rating" on Noddle (which is indicative but little more) has been at 1/5 for several years due to a default from bloody Vodafone (still on file). In the last month, I've applied for (and obtained) 3 bank accounts; and my "credit rating" has *risen* to 2/5.
It's all drivel, but for those who are fretting about their "credit rating" chill out.
rdbradshaw
5 Feb 15#267
No Loans , no mortgage applications but have 1 credit card . I called today to switch to yorkshire bank but there service was down il try again Moro
dean_brfc
9 Feb 15#268
Hopefully anyone with HSBC or First Direct accounts will be having a look at this today.
I'm going to change to Co-op.
Shicky to dean_brfc
9 Feb 151#269
Go through topcashback mate, extra £40
Shicky
9 Feb 15#270
Did anyone do Yorkshire and Clydesdale around the same time? I've been approved for Yorkshire and was going to do Clydesdale with a different account. Is this possible or am I going to hit red flags?
monster144 to Shicky
9 Feb 152#271
I just did Yorkshire TWICE. Had to explain one account was for personal expenses and the other for household expenses. I was actually reminded to do another switch to get the switch incentive again.
Good luck if you try.
johnsmith232
11 Feb 15#272
Hi everyone,
I would appreciate if people share their experiences regarding which banks out of above have relaxed account opening criteria. I have recently done the yorkshire bank and want to move to the next one. I know first direct have a strict policy so may try cooperative. Any suggestions welcome :smiley:
Youngy
13 Feb 15#273
Will have to try this, just worried how it will affect credit file
karlie88
16 Feb 151#274
Just an update:
1. Halifax have a new offer of £125 rather than £100 (but no cashback).
2. Reports that First Trust Bank is not the easiest current account to open if you're a resident in England, Wales or Scotland (although it's open to anyone within the UK).
3. You can open multiple Yorkshire Bank or Clydesdale Bank current accounts and get multiple switch incentives - this has been confirmed and is working. The reason is that there is no clause in their T&Cs that state 'one incentive per person'. Some telephone advisors even actively encourage you to open more to get more switch incentives.
4. Strong rumour the YB and CB are extending their switch incentive offer until end of March.
As always, thanks to everyone.
Chanchi32 to karlie88
16 Feb 15#277
Ta for the updated post. I would add heat again if I could :smiley:
chuckieegg1
16 Feb 15#275
If it helps anyone, I am a housewife and have opened multiple accounts over the last few months with no problems.
I started out thinking most wouldn't give me the accounts, but I haven't been turned down yet, and opened/closed about 15 accounts (incl donor accounts).
My credit file isn't great, and I Just checked my Noddle credit file and the 'score' has not been affected.
JC2MULTIPLAYER000
16 Feb 15#276
This should be the hottest deal on this site! Amazing :smile:
WiggyDiggyPoo
16 Feb 15#278
My credit 'score' is mud (multiple defaults/late payments) from a rough time though all debt cleared now. YB took me no issues.
I was previously with Co-Op and would recommend either bank.
BMOLE
16 Feb 15#280
[/quote]I agree, I have a mortgage application going through as we speak, so I'm going to hold off for a while.[/quote]
Saying that, my credit score dipped for a short amount of time, but 3 months later I've been offered a £280k mortgage!
It obviously didn't put the lenders off that much.
mrimac94
16 Feb 15#281
Just to confirm.. For the accounts where you have to pay in say £1000 to get the offer. Can i deposit £1000 in 2 x £500 and then withdraw these straight away?
karlie88 to mrimac94
16 Feb 15#285
Yes.
Likewise 4 x £250 etc.
pdhroche to mrimac94
16 Feb 15#295
Yes! You can also put 10 x £100 and withdraw straight away. It's £1,000 per month. It needs to come from an account that isn't with the current bank.
adambugajewski
16 Feb 15#282
I confirm it does work and is worth the hassle
tloz6995
16 Feb 15#283
Can you guys help me out here? Im a student and currently have a 123 student account with Santander. I would like to know if I can switch to Halifax. So my understanding is this: I switch to halifax and I get the £100. To get the £5 per month scheme, would I need to deposit £750 into my account for two months and thats it? Also when switching, does all of the money go from one account to the other (e.g. the money I have in my santander account, when i switch, would all of it get transferred to the Halifax account)?
karlie88 to tloz6995
16 Feb 15#286
If you switch from Santander's Student Account then you will lose any interest free overdraft.
The balance is transferred over automatically as part of the switch. You're old account is also closed.
To get the £5 per month, you need to deposit £750 and have 2 x Direct Debits debited from your account per month.
kingchris
16 Feb 15#284
Any tips for extra sources of Direct Debits?
I created a Tesco Savings account which gave me one.
karlie88 to kingchris
16 Feb 151#287
1. PayPal.
2. Credit card.
3. Tesco Bank - Internet Saver.
4. Tesco Bank - Instant Access
5. Charity DDs
xicosm
16 Feb 15#288
great post!
it would be nice if people comment on what's the best (if there is one) "route" through banks to get less hassle / best value out of this
kingchris
16 Feb 15#289
Thanks for the thread. Just found one more
6. Post Office Savings
Ross81
16 Feb 15#290
By all means switch your bank account but if you plan to apply for any form of credit in the next 12 months don't repeatedly switch or open a pile of accounts as it'll harm your credit rating.
drunk1
16 Feb 15#291
I have banked with RBS since I was 16 and like my curent account with them.
I opened the Nationwide account last year with £80 Quidco (no switching required) and just got my cashback recently so switched to First Direct for the £125. Nationwide only switched last week but have deposited the £1000 required and £60 from the Nationwide popped on top. Opened up their e-Saver with £1 to doge the £10 monthly fee and set up a Regular Saver at 6% also.
Their iPad and iPhone apps are really good, their customer service is great too. Don't want to switch from them to be honest, they have been really good. Smart debit card too, kinda like private banking.
Don't want to leave RBS either and don't want to open up another donor account but struggling to resist more free money ha!
MaximusRo to drunk1
21 Feb 15#368
I was thinking about Nationwide, but put off by their huge monthly fee, did you had to pay it if you switched immediately?
DaRkHOTUK
16 Feb 15#292
I remember seeing this tread some months ago... how often can you do this to the banks?
no_regretz
16 Feb 15#294
Great post op - albeit there are some positives and negatives and you have tried to iron these out from your original post and responded to all to keep the deal/thread active and current.
Thank you -
Have pondered over this for a while and will be taking a step ... Will look back on this and be like ... What was all the fuss about lol
adwils
16 Feb 15#296
Once an account is switched, what would be the recommended length of time before moving onto next account?
No problem with funding the accounts or setting up DD. Have no financial transactions going through that would affect my credit rating. Just want to switch and ditch.
Anyone tried Yorkshire Bank via telephone service?. What questions do they ask?
adwils
16 Feb 15#297
Make him an offer he can't refuse!
bridet400_0
16 Feb 15#298
bridet400_0
16 Feb 15#299
Thanks great work. Well Done and for being so considered in sharing this
DUNOEboutTENG
16 Feb 15#300
Who needs a good credit rating with £1,000,000,000?!
Robthedude
16 Feb 15#302
What if you dont have direct debits going out of your dummy bank account? how do you get around the necessity to switch 2 DD's?
Thanks
Slash to Robthedude
16 Feb 15#303
If that's their T&C, there is no way around it. Maybe you can just set up 2 direct debits payments on credit card that you don't use? Not sure if those direct debits have to withdraw money monthly from the bank account or not.
karlie88 to Robthedude
16 Feb 151#304
Only Co-Op Bank requires 2 x DDs for the switch incentive.
The other 5 banks don't require this.
As mentioned a few comments before yours, you can use PayPal, a credit card, Tesco Bank, donate to a charity, Post Office account etc to create DDs.
Add to that a mobile phone contract, phone/broadband/TV package, gas/electric bill, council tax bill....
CheapLife
16 Feb 15#305
Thanks didn't know First Trust existed. voted hot.
scottchristie
16 Feb 15#306
MasterG is correct leave First Direct to last as you won't want to leave them.
No IVR! No waiting in queues.
Excellent bank.
brown_ambassador
16 Feb 15#307
A great thread and concept. I was lucky enough to get emailed from Tesco an offer - 5000 points for opening a current account. They forgot to say "must switch" so after complaining, I got my points! Now to start the great switching game...
This reminds me of the days before the building society demutalised (though I didn't get in on that - know someone who took a week off work to drive round the country opening accounts!!)
pazza2000
16 Feb 15#308
Halifax insist that two DDs need to be switched, and I think First Direct also. What makes you say it is only the Co-Op bank that need DDs switched across for the switch incentive??
karlie88
16 Feb 15#309
Halifax don't require DDs for the £125 switch incentive, but you do need 2 x DDs for the ongoing £5 monthly reward - different things though.
First Direct don't need any DDs.
So it's still only Co-Op Bank who require you to have DDs to gain the switch incentives; the other 5 don't.
Slash
16 Feb 15#310
Tesco Bank regular saver would be direct debits? Other banks' regular savers would just set up a standing order.
dalmore12
16 Feb 15#311
the clue is in the fact that banks want you to switch. If you need 1k then you need money. If you need money then you might need a good credit record in the future. A 5/5 record will get you more than 1k extra when you need it. Hence more uneducated people switching banks than educated people.
Nanajane
16 Feb 15#312
Hi... I have being doing this sort of thing for a number of years ago - when I was a student and I used to pay my grant cheque into different banks for the incentives. I now have several bank accounts, keeping check of the money going round can be difficult if you are a bit short of readies
I did have one bank - and I can't remember which one but could have been Halifax or Nationwide - who said they could not do the switch because there were no direct debits in the original account. Having enought dd to cover the accounts can also be a problem but don't forget you can set up dd to pay off your c. credits cards or donate a set amount to charity.
Good luck
Jane
Rom to Nanajane
26 Feb 15#412
I have several bank accounts too with different banks, that's legitimate and they have some history to them. I think having many new accounts with the same bank without any legitimate use being demonstrated would be flagged if data mining software is used.
jamiesmith85
16 Feb 15#313
Thanks didn't know about noodle or donner account idea
smah to jamiesmith85
16 Feb 15#316
Can you please advise how and where ( possibly a link) to open donor account.Thanks
Tequila
16 Feb 15#314
I switched Santander to Halifax and had no DD set no problems and got £100 after a week.
2 DD is only mandatory for Halifax Reward where they pay you £5 reward every month if you pay in £700 every month.
smah
16 Feb 15#315
Can anyone kindly advise how and where to open a donor account please.Much appreciated.
Slash
16 Feb 15#317
Its just opening a free bank account you have no intention of using. And then after you receive your bank card from them, deposit £10 or whatever and setup 2 DD (if needed). Once its all set, you apply to switch to any of those banks listed and keep switching until you get all the incentives.
smah
16 Feb 15#318
Thanks for the response Slash,But i could not find anywhere the Donor account.I might be missing something,I am not yet that good at this trade.Please advise.Much appreciated
Slash
16 Feb 15#319
I was too quick with the link. That one was for savings and not relevant to this account switching bonuses. Opening bank accounts is easy if you have good credit ratings. Opening too many in a short period will cause your credit ratings to drop.
evostick47
16 Feb 15#320
Just go online to any bank, preferably not one of the above, and open an account. Simple.
evostick47
16 Feb 151#321
If you're struggling with opening a single bank account this deal might not be for you.....
happydeals
16 Feb 15#322
Thanks
Dealmaker
17 Feb 15#323
You don't gave to close you're existing account?
Wrong. Well it is if you use the switching service, it automatically closed it down.
I moved from santander to first direct, and as expected once transfer date was complete account was closed.
On another note. First direct have been ace. Very polite and UK call centre.
Mathew007
17 Feb 15#324
This looks like a good deal. So all I have to do is create an extra account with my current bank (TSB thinks its classic), then switch to another, get the incentive, switch again and repeat? Seems to good to be true! What order would you recommend me doing them in? Thanks.
Mathew007
17 Feb 15#325
Also I plan on opening a plus account to get interest paid. Is it possible to have 2 main accounts and 1 donor account?
juzagirl
17 Feb 15#326
I have banked with Natwest since I was a kid.. And I'm happy with them. But tempted to try at least one of these "switching" offers. I have a Yorkshire Building Society account that I don't use anymore (but has money in it), could I use that as a dummy account to switch to one of the 6?
spicy_gal
17 Feb 15#327
Thanks Op, im bookmarking this to see how much money i can make from this. How much have people managed to make so far?
driven786ngc
17 Feb 15#328
Which bank route would be best to go to first and so forth?
and since you can do Yorkshire/Clydesdale multiple times, can you go from Donor > Clydesdale > Halifax > Yorkshire > Co-Op?
y_am_I_buying_this
17 Feb 15#329
this will not be good for any credit rating and also if you try to get any genuine credit i.e mortgage then this will have a dramatic affect. is it really worth it for a £1000. remeber all stuff stays on your file for 6 years so getting a mortgage anytime within that period this will make a difference.
driven786ngc
17 Feb 15#330
I wasnt planning to go through all of them, maybe just a couple and even then not straight away either so i doubt it will have any effect as I dont have many cards.
Free £200-300 over a couple of months cant be bad
Reebok Ron
17 Feb 15#331
How do you open a donor bank account without the bank requiring it to go through the switch service which obviously requires you to already have a bank account? It seems the online acount appliations all asume you already have an account to switch from. Do you get the option not to use the switch service?
ajavaid92 to Reebok Ron
18 Feb 152#332
I have applied with several banks online and haven't had any issues. There is an option available in most cases where you can select to switch your existing account over, but you don't have to choose it. :smiley:
Open an account with Barclays. They give you your sort code and account number immediately after applying! :smiley:
Reebok Ron
18 Feb 15#333
Thanks for that. I actually ended up applying for TSB's cash account. It took five minutes to apply online and it gave me the sort code and account number immediately. I'll try Barclays next! :wink:
I've already opened one Yorkshire Bank account and I've made an appointment to open another, so that'll be two lots of £150 coming my way soon. I'll probably apply for a Clydesdale account once the second Yorkshire Bank one is in the bag. :smile:
The manager confirmed that the offer is being extended to at least March so there should be plenty of time.
Thanks to the OP for the post.
monster144
18 Feb 15#334
I have opened TWO Yorkshire Bank accounts. The first has already had the £150 and I am waiting for the £150 on the second.
I would like to apply for Clydesdale now but I an nervous that they will know I already have 2 accounts with Yorkshire.
Other than wanting the switch incentive what possible reason can I give for wanting 2 more current accounts? Do they ask a lot of difficult questions about why you want multiple accounts? Can someone who has done this please advise.
karlie88 to monster144
18 Feb 152#335
1. Current account for bills.
2. Salary payment.
3. Emergency fund.
4. Holiday fund.
5. Savings for a car.
6. Failing that, be honest and say you would like another switch incentive. My advisor was a right laugh and let me open 3 knowing it was for the switch incentive.
All YB/CB are trying to do is gain as many customers as possible so that the Aussies can sell the bank to someone else.
Heat added going to switch to my donor account to clydesdale!!!
Slash
18 Feb 15#337
When you applied for 3 accounts, did they do a full credit check on you for the 2 last accounts that you opened?
Phataphobic
18 Feb 15#338
For the £40 cashback from TCB for co-op, does anyone know if you have to switch as the terms of that are a bit fuzzy? It states in the terms to 'transfer to it' as the main bank account. I'm not sure whether this means I have to switch to it or whether I have to transfer some money to it? Or whether I don't have to do anything.
karlie88 to Phataphobic
18 Feb 151#340
It means use Co-Op's switching service to close your old account.
Afterwards, make sure you transfer the correct amount of money into the account (and promptly withdraw it if you want).
karlie88
18 Feb 152#339
I don't know what your definition of a 'full credit check' is, but I did get 3 separate searches appearing on my file from YB. My score stayed the same.
It does help a lot if you decline any overdraft when it comes to opening a current account. Every single account I've opened; I've declined, and I believe that's why my credit rating hasn't been affected.
breezey3184
18 Feb 15#341
Can someone tell me which is the easiest account to switch too I've looked at the clydesdale and yorkshire as they are offering the most and it seems like the easiest option (pay in £1000) its just a PITA to phone up to do it all i can type faster than saying all my details to some numpty on the phone. Is the first direct e-saver defiantly in the deal can anyone confirm?
Phataphobic
18 Feb 15#342
Thanks. So I guess I need to set up the 2 DD's and transfer the £800 in.
Also, can I ask aswell, do you know if the Nationwides £80 cashback offer from TCB can be used in conjunction with their refer a friend scheme?
karlie88
19 Feb 15#343
Yes it can.
:wink:
Reebok Ron
19 Feb 15#344
Tried to get a Clydesdale callback to open an account but they never called back so I talked to an adviser and they said you can't have both a Clydesdale and a Yorkshire bank account, so that's that stuffed. :disappointed:
Has anyone else managed to get both?
karlie88
19 Feb 15#345
Yep.
Try a different telephone adviser.
:wink:
simile
19 Feb 15#346
Clydesdale bank have been such a ball ache.
I arranged a call back nearly a month ago for a specified time. They didn't call at that time but during the day while I'm at work. So I called them back to be put on hold to be told 'we will phone you back ASAP'. The call back was always the next day during work so I go through the I'm busy, I'll call back, they can't answer so they'll ring me back ASAP (which was always the next day!) rubbish. So I get a call, they said it is all set up and they will be sending me the paperwork to sign.
Now I just get a phone call from them saying yet cannot verify my details over the phone so I have to go a branch to show my ID. Oh your closest branch is 90 miles away in Central London...
Everything about them is a joke. And what kind of bank has an 0845 number in this day and age!
Reebok Ron to simile
19 Feb 15#348
You can use 0141 951 7320
Reebok Ron
19 Feb 15#347
It occurred to me after I'd talked to the adviser that when you fill in the online form for a callback from Clydesdale it actually asks whether you have a Yorkshire Bank account. So presumably if it was the case that you can't have both it would have rejected me at that point, which it didn't. I think the advisers are clueless.
Reebok Ron
19 Feb 151#349
I just got the callback from the Clydesdale. She confirmed that because I had a Yorkshire bank account I couldn't open a Clydesdale account! I asked if that was a recent thing and she said it wasn't, she said it was because they are the same bank.
She was happy to open another Yorkshire Bank account for me though.
gwapenut to Reebok Ron
19 Feb 15#350
Common sense FAIL! Well done anyway :smiley:
monster144 to Reebok Ron
19 Feb 15#351
I was lucky then! I have 2 Yorkshire already and adviser allowed me to open a Clydesdale yesterday morning.
Reebok Ron
19 Feb 15#352
Did you say you had a Yorkshire account when you filled in the callback form for Clydesdale? If not did you admit that you had a Yorkshire acount when you talked to the adviser?
Reebok Ron
19 Feb 15#353
Exactly...if they're the same bank, as she herself explained, why can I have a another Yorkshire account but not a Clydesdale! I've got a few more callbacks so let's see if I can get a sensible adviser.
manieer
19 Feb 15#354
I just switched my personal account and joint account to Halifax. Everything has gone through and completed now. But I only received £100 for my personal account switch and not for the joint account. Has anyone else managed to get their incentive for both single and joint accounts? Should I be contacting Halifax and chase the incentive for the joint account?
karlie88 to manieer
19 Feb 15#356
You can't get a switch incentive for joint accounts.
monster144
19 Feb 151#355
I did not do callback. Just called the number on the Clydesdale page.
I was completely honest with the adviser saying I already have 2 Yorkshire accounts open, but convenient for me to have another account to save for holidays and another £150 switch bonus would be nice.
Easier than when I opened the other 2 accounts as he pre-filled a lot of my previous details.
I have a good credit rating and did not ask for an overdraft. Maybe that helped?
Good luck!
manieer
19 Feb 15#357
Thanks for the info. I thought joint accounts qualified for the incentive as well.
karlie88
19 Feb 151#358
Apologies.
I have just gone through Halifax's T&Cs and joint accounts are eligible.
However, it does state it's one incentive per person, which is why you've not received it for the joint account.
manieer
20 Feb 15#359
Thanks you are correct. Spoke to Halifax switch team and said that they would only give incentive per person so as I already had one for single account don't qualify for joint account.
Thanks time to switch somewhere else now!
dave0307
20 Feb 15#360
I have just done a switch to Yorkshire Bank to get £150 - and got offered a credit card (no fee) with 20 months interest free on purchases. No brainer :stuck_out_tongue:
Pokkai
20 Feb 15#361
I've just rinsed all options bar First Trust & First Direct, no damage to my credit score, but almost £600 in free cash.
Quick question, I had a First Direct account about 10 years ago & closed it down, I noted part of the criteria is must not have had an account previously, has anyone else whose had an FD account before managed to switch and get the wedge?
I'll start the ball rolling with First Trust on Monday, but would be nice to close the deal with FD beyond that one.
Shicky to Pokkai
21 Feb 15#364
I haven't checked this particular deal but usually the incentive states you cannot have received an incentive since two years ago for example. I think you would be more than fine obviously, I would just sign up as normal. You probably have a different address now anyway?
Phataphobic
21 Feb 15#362
Does anyone know:
If my middle name was included with one bank but not the other, will this cause problems with the switch even if first name/surname are the same?
karlie88 to Phataphobic
21 Feb 151#363
No, it won't cause any problems.
As long as first and last name match, DOB, address etc. then it will be fine.
Phataphobic
21 Feb 15#365
Thanks!
Phataphobic
21 Feb 151#366
Also just to say M&S have now increased incentive to £125 if you apply through MSE.
MaximusRo
21 Feb 15#367
Agreeing means nothing if you don't have any proof or explanation to back it up
MaximusRo
21 Feb 15#369
Hi Karlie,
My £42 for opening a Co-op account are showing as confirmed in my TCB account.
But reading your answer, you seem to make a connection between the TCB cashback and a switch.
If I am not mistaken, there is none, you don't have to switch to Co-op to get the £42 cachback.
Am I wrong?
cryption
21 Feb 15#370
For anyone considering switching to co-op personally I hate it and ive only been with them a few weeks i switched 2 of my accounts to them. Unnecessarily complex and time wasting logins, you cant use the security question answers you want to use or that are accurate cause they wont let you use a word with less than 5 letters, the site is regularly down for maintinence in the evenings. Also one of my cards never arrived and eventhough ive now got it im still waiting for my pin to arrive to actually use it. They sent me a debit card for the account that hadnt even completed the switch on so unbeknown to me i went to use use my new debit card and it went overdrawn straight away and charged me £20, since they hadnt bothered to transfer over my closing balance from my old account. They didnt bother notifying me that it was overdrawn till 5 days later in a letter telling me to bring it up to balance within 48 hours of being overdrawn would waive the fee... but since it had already been 5 days to get the letter that was impossible. Hate the site layout too, very confusing to navigate. Statements show blank transactions with no information so difficult to work out where money is going in/out from. Having to manually figure out my own transactions it's so impractical and time consuming. Switching to somebody else immediately.
MaximusRo to cryption
22 Feb 15#376
Thanks, I am only switching to them to get the incentive. Halifax is the bank to bank with.
Why did you switch to account to them? I think you can only get the incentive once.
breezey3184
22 Feb 15#371
just phoned Clydesdale and the assistant told me the switching team were working through a backlog and were unable to take my call could i ring back or they would call me back. Lucky I'm not planning on staying doesn't look good does it!
Reebok Ron to breezey3184
22 Feb 15#372
I got a callback yesterday and she just ploughed straight into giving me an account despite the fact that two previous advisers had said I couldn't open one because I already had a Yorkshire Bank account. It seems to depend on which adviser you get as to whether you're deemed suitable or not.
The good news though is that you should have at least until end of March to set one up because I was told that they're extending the offer, though I notice the website still says 28th February.
karlie88 to breezey3184
22 Feb 15#375
Stick with it.
There are some hitting the 20-odd mark on MSE.
karlie88
22 Feb 151#373
Do you mean Nationwide's FlexPlus account with £10 monthly fee?
If so, then they have a FlexDirect account with no fee. Instead you get 5% on up to £2500.
Having said that, their FlexPlus account is very good for £10 per month. You get mobile phone insurance and travel insurance for you and other household members, car breakdown cover with home start, relay etc. You also get 3% interest on up to £2500; so it becomes a £6 monthly charge.
karlie88
22 Feb 15#374
The T&Cs are not very clear on the TCB site. It does mention that you need to 'transfer' your main account to them.
Nationwide, Santander, Halifax and Co-Op have all paid out the cashback via TCB/Quidco, even though I never used their respective switch services.
:wink:
I don't think they check properly.
MaximusRo
22 Feb 15#377
Yes, I was thinking of the £10/month fee for the FlexPlus.
Now, Quidco is only £50 for any of the accounts, still quite a good way of making £50 in just a few minutes I guess.
I should also make use of the friend referral scheme they offer.
EDIT: hmm, seems like they want you to switch to them!
"for an approved and opened new Nationwide FlexDirect account when you switch to Nationwide from a non-Nationwide current account using their full Current Account Switch Service"
Reebok Ron
22 Feb 15#378
20 accounts opened? :confused:
karlie88
23 Feb 15#379
Yep, guess it's possible.
Terms and conditions say one incentive for joint accounts. No mention of one incentive per person for sole accounts.
Reebok Ron
23 Feb 15#380
How on earth would a person justify opening 20 accounts though? The mind boggles.
Phataphobic
23 Feb 15#381
Is anyone else getting an error applying for Halifax? It has a 7000001 error and says something about technical issues. Tried again and then says that another application can't be made. Just wondering how long I'd need to wait before the first application comes off the system.
geofferino
24 Feb 15#382
Hi all. I've read through the comments but there's one thing I'm not completely clear on. To meet some of the incentive requirements, you need to have a certain amount paid into that account within a timeframe, but does it have to be all in your account at the same time? For instance, with the Halifax requirement of £750, could I put £250 into the account then transfer it back to my usual banking account & repeat this another 2 times?
karlie88 to geofferino
24 Feb 152#385
Yes.
It could be 750 payments of £1 or 1 payment of £750 and everything in between!
chuckieegg1
24 Feb 15#383
Re YB/CB, if they extend the offer to march, do we think they may change the t&c's so previous account holders cannot open more?
Just thinking about opening another donor.
karlie88 to chuckieegg1
24 Feb 15#386
They may do.
Won't know 'til they update their website.
kerton1707
24 Feb 15#384
Just tried switching three current accounts with Yorkshire at once and got sadly declined as the advisor basically said I can only have one main account. He then wouldn't even switch one of them as he said neither accounts were my main account. So how on earth did someone do it 20 times? Did I get a bad adviser or was I wrong to do three at once?
karlie88 to kerton1707
24 Feb 15#387
There's a certain way to do it.
It's not best to phone them and say 'I've got 3 accounts to switch'. You also probably got an anxious adviser.
Just open 1 YB account and start the switch.
Then phone them again and say you'd like to open their current account for reason x, if they ask 'have you got an account with us already?', just say 'yes' and explain it's for holiday/car/savings/retirement fund etc.
Eventually, you'll come across the right adviser who will allow 2/3 accounts to be opened.
kerton1707
24 Feb 15#388
Comment
Thanks for the reply karlie88. I've requested about 5 call backs from Yorkshire, but used the same info. Do u think they will call me again or will they just over look me as I have already tried to apply?
I tried cramming three in at once as I thought the offer will end this week. All or nothing attitude, but I will try it ur way. I just hope they extend the offer. Thanks again.
Phataphobic
24 Feb 15#389
You shouldn't request a callback but call them yourself as most of the time they don't actually call back even though they say they will.
My sister had no problems opening 3 accounts at once but I think it really is down to the advisor.
mac5229james
25 Feb 15#390
Thanks OP.
So I've opened my Barclays Donor account. Is there a minimum period of time to wait before switching to another account?
Its seems the most amount needed for incentives is £1000. Shouldn't be a problem as it's just moving money around.
With the DDs though, I'm not so sure how to go about it. Since we're using Donor accounts, we can't transfer over an actual DD from main account. So do you just find something random to buy that can be paid by DD, set it up on the Donor & continue it until the whole process is complete? I've noticed some one off payments can be paid by DD, would that count? I'd imagine it has to be active? I guess paying a few quid for something is worth it to get the incentive.
karlie88 to mac5229james
25 Feb 15#392
I'd start the switch when you've received your Barclays debit card.
As for the DDs; only co-op require them for the switch incentive to be paid. Halifax doesn't require it for the switch incentive, but it does require it for the ongoing £5 monthly reward.
Tesco Bank allow you to create DDs from your savings account; so the money always belongs to you. :wink:
karlie88
25 Feb 15#391
Don't bother with the callback option.
Try these numbers instead:
0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank.
chuckieegg1
25 Feb 15#393
I just tried (after trying to get through about 20 times), the first guy said I couldnt open a Clydesale if I'm already with YB.
Next woman, my reason was for a funeral fund. She tried to get me to open an instant saver instead. then said I hadn't been operating my accounts as I said I would.
I hung up as she was peeing me off lol.
Has anyone else had this, and are all the assistants cracking down on multiples?
karlie88
25 Feb 15#394
Was that the CB number you tried? Have you tried YB?
Yes, I feel it is becoming more difficult to get multiple accounts. They're likely wisening up to the whole situation.
They can probably see on their screens the accounts you already have. Those that opened the account, put £1000 in, then out within the same minute, have a zero balance, £150 credited, then out again etc. are far less likely to be able to open multiple accounts.
Treat it as a normal current account, have a decent credit balance, the odd debit card transaction etc....and you never know...
:wink:
chuckieegg1
25 Feb 15#395
It was the YB 0800 number.
Guess I'll just have to keep trying. I do have money in my 3 accounts sitting there, but the woman didn't seem to think it was enough. I just transferred a few 000 more.
Do you think they make a note on their system that they think you're not a 'proper' customer?
CalculusDX
25 Feb 15#396
Thanks TS cant thank you enough. I did halifax and just been approved for the M&S account. This has to be the best thread on the whole forum because it makes us money.
karlie88 to CalculusDX
25 Feb 15#399
Who's TS?
CalculusDX
25 Feb 15#397
TS can you give us some examples of cheap subscriptions, like magazines etc to set up as DDs for the co op account. Also is there any risk of getting charged twice as a result of the switching process, like one payment comes out of the donor account and one from the new account.
Thank you.
Slash to CalculusDX
25 Feb 15#398
Always that risk even when switching direct debit details. You just have to keep track of it and make sure they don't charge you twice.
sunspear to CalculusDX
25 Feb 15#402
You can set up two Tesco Internet Saver accounts in about 20 minutes. You get online banking access straight away. They can be fed £1 each per month by direct debit (and obviously you get to keep the money).
CalculusDX
25 Feb 15#400
Sorry, lingo from another forum.
Thread starter.
rdbradshaw
25 Feb 15#401
Also what does OP mean ?
rdbradshaw
25 Feb 15#403
As for the CB/YB switch incentives I have just switched to YB from my donor account and awaiting the £150 however I want to open a CB account for another £150 but surely you can't get another payout as your not using the switching service ?
CalculusDX
25 Feb 15#404
Thanks for this.
I will probably do yorkshire bank next and then set up the direct debits whilst with them so they can transfer to the co op
cincinnati
25 Feb 15#405
Tried using your advice, after 4 phonecalls trying to get through to Yorkshire Bank to setup an account they finally rang me back two days ago and asked me what I wanted the current account for, I said current account type things, I'll put £1000 and take money out as required, and she said that isn't good enough what do you want the account for, so I said maybe a couple of direct debits, she then said ring us back when you know what you want your account for.
Did I get a bad advisor, or are they getting strict now knowing we are playing them at their own game? What is the correct answer to the question as I was a bit flummoxed at such a stupid question (and didn't want to lie). She said she needed the answer to get her through that bit of the application (yet my answers weren't good enough?)
Phataphobic to cincinnati
25 Feb 15#406
I'd say it was your answer as if you said that to me I'd be thinking that you didn't actually need the account. Direct debits are not specific enough. When they ask for the reason, they mean is it going to be a salary, benefits, savings, spending money, emergency fund, bills etc.
Rom
25 Feb 15#407
I haven't applied for one of those banks but it doesn't sound like you guys are being firm enough.
What do you want the bank account for? Er, banking...?
What do you want the account for? I'm not sure that any of your business.
I think those would be the normal replies to those questions, your meekness is probably arousing suspicion.
chuckieegg1
25 Feb 15#408
Tried twice more today and was refused they said I had opened enough accounts(4) already.
They offered a savings account.
When I said putting money aside separate they said I could do it with my other accounts, same with bills.
They def keep all info on their systems as the bloke repeated my reason for opening previous accounts back to me, but I hadn't said that on this phone call, but had earlier.
Beginning to think I have no chance now and they are stopping multis.
Shicky
25 Feb 15#409
After posting off signed documents to YB/CB how long did it take it hear back from them? Do they let you know they got the documents in any way shape or form? Or is it that you receive account stuff in your mail a few weeks later?
Rom
25 Feb 15#410
I didn't realise you were trying to open many multiple accounts. That's an excellent way to come under the suspicion that you're involved in some kind of fraud.
Nanajane to Rom
25 Feb 15#411
Hi I didn't know this ... I have 8 separate bank accounts. When I started doing this many moons ago you did not have to close an account to open another one so I kept all the ones that paid any kind of interest eg Santander 3%, Halifax a fiver a month, more recently TSB and so on.
Jane
CalculusDX to Rom
26 Feb 15#415
They can suspect all they like. It's all legal and above board.
Reebok Ron
26 Feb 15#413
Does anyone have any suggestions for easy to open donor accounts other than the ones posted by the OP please (they are Barclays, TSB, Halifax and Natwest)?
karlie88
26 Feb 151#414
Royal Bank of Scotland, Lloyds, Bank of Scotland, Santander etc. Pretty much all mainstream banks.
kerton1707
26 Feb 15#416
karlie88
Don't bother with the callback option.
Try these numbers instead:
0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank.
I Waited for the second callback. Yorkshire bank rung this morning, got accepted to switch 3 accounts in one call. I tickled her with just the one account and then plunged straight in with the other two at the end of the call. Didn't take long, 10 minutes :wink:. The advisor was very helpful, if I could see her face to face I think I would have to kiss her. U too karlie88 for posting this awesome thread. x
Reebok Ron
27 Feb 151#417
I notice the Yorkshire Bank website no longer has the £150 Switch deal showing!
I hope they haven't dropped it early as I've got a meeting today to open another account.
lump
27 Feb 15#418
Has anyone else had their £40 cashback declined for opening a halifax account?
MaximusRo to lump
2 Mar 15#424
Maybe the offer was just for new customers and you already had an account with them in the past?
Reebok Ron
27 Feb 15#419
I managed to get another YB account but the adviser said the deal was being pulled early so it wouldn't be available tomorrow.
hotmik
27 Feb 152#420
Yorkshire bank £150 offer will be back 9th March 2015
karlie88 to hotmik
27 Feb 151#421
HM could I ask what source that info was from? Ta.
MaximusRo to hotmik
9 Mar 15#439
And... as expected, this info is not correct.
But it got 2 likes anyway :smiley:
mac5229james
1 Mar 15#422
Now that my Barclays donor account card has arrived, I thought I'd try transferring it to Halifax.
During the application, it didn't once ask for info on my existing account so I cancelled the application.
What have I done wrong?
Kraezae to mac5229james
1 Mar 15#423
The switch is done with them after the account is totally setup and approved.
mac5229james
2 Mar 15#425
Ah, ok thanks.
Is there a sensible order to do this in or does it not really matter?
vladivar25
2 Mar 15#426
Just wondering if for any folk who have switched to yorkshire how long it took for £150 to appear in account? I've credited the account with £1000 but when I asked yorkshire they said could take up to 60 days!
I do hope not they have been a nightmare and can't wait to switch from them
karlie88 to vladivar25
2 Mar 152#428
Takes approx. 30 days.
But yes, as per the T&Cs, they have up to 60 days providing you follow their instructions.
karlie88
2 Mar 15#427
Open the Halifax account.
As soon as you've got your account details (given at the end of the application), complete this online form:
the cooperative bank - states i need to move two direct debits - my donor account does not have any direct debits set up but I am ok to set up new direct debits once the account is opened to still qualify for the cashback??
Shicky to mizz781
2 Mar 15#431
yes you can add new ones without issue, if you want easy ones I believe a Tesco saver counts as one or you can setup some charity donations. I think you just have to set them up within a certain time frame (usually 30 days.) I'm not saying this is the case for your specific account, its just something I've seen in the past.
mac5229james
2 Mar 15#430
Thanks, looking forward to my first £125 to come through!
Lets just hope I didn't do anything wrong.
Massive thanks for Karlie88 - I've thought about these incentives before, but never wanted to move my account. Feel rather silly that I didn't think of the Donor account, but thank fully you did - I owe you a drink!
YoAlpha
2 Mar 15#432
I actually call **** on this one.
I know a guy who got fired from T-mobile some 7 years ago, because a caller asked for his personal number, and they talked on occasion.
That's nothing compared to meeting someone the same day! Jesus, common sense. For even bothering to repeat that (whether you believe it or not) is stupid.
Shicky
3 Mar 15#433
Agreed, transferring a customers money to your own would be highly illegal and the bank would have been fined to shreds by regulators if such a thing had happened. The person also would have went to prison I imagine.
mizz7861
3 Mar 15#434
I rang Co-operative to clarify - they stated I had to move to MOVE two direct debits from switching account - setting up new direct debits after an account was opened with Co-OP would not qualify.
Shicky to mizz7861
4 Mar 15#435
apologies for providing you incorrect information in that case. I created two for a previous switch (an old First Direct switch.) For this I created two DD's and it didn't impact my incentive. Clearly co-op bank is different or potentially all banks operate this way now.
Again apologies for the misinformation and thanks for the correction!
CalculusDX to mizz7861
4 Mar 15#436
Thanks, useful info cos im going from marks and spencer to coop.
What dds did you set up just out of interest?
geofferino
5 Mar 15#437
Just a quick question on Direct Debits. I set two up on my donor account yesterday. How long should I wait before I start an account switch?
t3rm3y
8 Mar 15#438
Is the below statement relevant to just the last bank mentioned (Halifax) or does it cover first direct and Co-Op also? as about to open the co op bank, but don't have 2 x DD's in the doner account and don't really want to set any up, plus i only have £1 in it...
Now, it’s important to note that these offers have some simple T&Cs that you must adhere to in order to get the incentives. For example, First Direct ask that you pay in £1000 before you get the incentive, Co-Op requires 2 x Direct Debits (DDs) to be transferred over plus £800 to be paid in and Halifax ask you to transfer 2 x active DDs and pay in £750 to get the £5/month; you DO NOT have to do this for the £100 switch incentive. M&S state that you must use their switching service to receive the incentive.
rdbradshaw
9 Mar 15#440
Even thou my switch date was 24th feb Iv not yet got my cash incentive from Yorkshire bank ? Any idea on what the avg time length is ? Cheers people
t3rm3y
10 Mar 151#441
its back for clydesdale and yorkshire.
but they have either amended the terms or these didnt mater last time:
Offer excludes Business Current Accounts and anyone who has already received or is about to receive £150 for switching to Clydesdale or Yorkshire Bank since 17/11/2014.
and you have to switch two existing DD's also..i might have to set an account up in my partners name
manieer
11 Mar 15#442
Someone from Yorkshire bank just rang me to say that I am only eligible for one payment of £150 and not for both of my switched accounts. I am aware they changed the terms recently but I was applying under the old switch incentive.
Anyone having similar problems.
M
Reebok Ron to manieer
12 Mar 15#449
I think everyone is going to have this problem as the conditions of the switch is that the bank account you switch from must be your MAIN bank account. I'd like to se how people get around that one!
neilgreig to manieer
20 Mar 15#475
Hi,
My switch date was completed on 9th January and the incentive was paid on the 11th February.
I did pay in £1000 on 13th January.
MaximusRo
11 Mar 15#443
I didn't manage to switch to Clydesdale so seems I missed that boat.
Gannet
11 Mar 15#444
I'm thinking of moving my 'proper' current account (perhabs to First Direct, reading all the great comments on here) and opening a new 'donor' current account - can I switch both (to different banks)?
hotmik
11 Mar 152#445
It is back on and now showing online, ta.
Blackmask
12 Mar 15#446
Questions on the Direct Debits - Can anyone please recommend two Direct Debits to be set up with the donor account?
I currently have no Direct Debits on my account. I live in a company property which pays all my utility bills. The company also gives me a phone so I do not have to pay any phone bills...
I do shop online (ebay - amazon etc.) and have oyster card, etc.
Many thanks.
manieer to Blackmask
12 Mar 15#447
Few options for you - if you use eBay and paypal you can setup direct debits on both of them separately. Thats your two dd but there are few other options like subscribe to cheap magazines (trial subscription) for a £1.
Good luck.
robertoegg to Blackmask
12 Mar 152#448
Give a couple of quid to some charities.... I DD to several. I feel like Robin Hood :smiley:
Gannet
12 Mar 15#450
Is there a limit to how many current accounts you have at any one time?
Reebok Ron to Gannet
12 Mar 15#452
If you read back there are claims that some people managed to set up 20 accounts. I find that hard to believe. But they ask what you are setting up the account for and they have all your details on their screen, so it comes down to how good a blagger you are. I set up three. Now the conditions are much tighter I don't see anyone getting the payout more than once.
Reebok Ron
12 Mar 15#451
Does that work if you're not actually buying anything on ebay or with Paypal or does there necessarily have to be an active purchase to 'activate' the DD?
manieer
12 Mar 15#453
Nope you don't have to use them its just for paying any eBay invoices or for any paypal transactions. There aren't any regular payments going out.
MaximusRo
13 Mar 15#454
I know about Paypal, but didn't know about eBay, that's really interesting info.
But how do you do that? ebay just seems to use paypal
manieer
13 Mar 151#455
You have to go into your account settings and unlink your paypal account first. Then you need to add your direct debit.
It can be found under this tab::
Payment methods for Seller Fees
Automatic payment method
Direct debit
Good luck.
shaggy
13 Mar 151#456
can't you set up a DD from your donor account to your main personal Current account?
MaximusRo
14 Mar 15#457
No. You can only setup a standing order that way
Gannet
16 Mar 15#458
Any recommended order in which to switch accounts?
karlie88
17 Mar 152#459
Hi everyone. I'll be doing another update within the next week.
Slash to karlie88
17 Mar 15#462
It'd be useful if you include the criteria for switching. ie. 2 DD or 2 ACTIVE DD and £500 deposit within 3 months in order to receive the switch incentive. MSE have some of those details listed already so alot of info can be pulled from them
Reebok Ron to karlie88
18 Mar 15#463
Good stuff. I'm still ploughing through the ones listed but I don't hold out any hope of getting more than 2 payouts from YB/Clydesdale on the old T&Cs (one from each).
Slash
17 Mar 15#460
I have an unused SAVINGS account at a bank where I have a main current account has all the important DD so I cannot close. Would I be able to switch only the SAVINGS account to any of the CURRENT bank accounts to get the incentives? I'm switching a savings account to a new current account so I would like to clarify if its possible or not.
Reebok Ron to Slash
18 Mar 15#464
As far as I'm aware you can only switch current accounts.
neilgreig
17 Mar 15#461
I have already had success with the Yorkshire Bank and have today applied to the Co-op bank for my next switch but one of the questions on the application form asks how long you have had the switching account....which has only been opened with Yorkshire for 4 months. Will the Co-op smell a rat?
manieer to neilgreig
19 Mar 151#470
Hi Neil, how long did you have to wait for receiving your incentive from Yorkshire bank? My switch has just gone through but still waiting for my incentive. Also did you have to pay in £1000 within the first month?
Cheers,
M
Reebok Ron
19 Mar 151#465
If anyone is looking for a cheap (and very useful) Direct Debit you can get broken/damaged pipe cover for 50p per month (just remember not to let it renew!)
My M&S is going through nicely. Account opened and just waiting for the Halifax switch on the 24th. Great call centre staff, almost seems a pity to leave them.
Shicky
19 Mar 15#468
Quick question, I did the YB/CB switches before the end of February under the previous switching offer, however my switch was officially complete on the 6th March. I'm assuming I will receive my incentive based on the past conditions or will I be held to the new ones and get screwed?
Slash
19 Mar 15#469
Just link your paypal account and it'll set up a direct debit
rdbradshaw
20 Mar 15#471
Well my switch was 24th feb and still waiting !
Shicky to rdbradshaw
20 Mar 15#478
can you let us know if you hear anything from them? As I mentioned above I'm in a similar problem area!
geofferino
20 Mar 15#472
How long does it take for this to register on your account as an active Direct Debit?
Slash
20 Mar 15#473
abit more than a week to setup as with all DD. you just transfer 1p to keep it active each month until you get your incentive and then you can stop. Best trick out there.
Reebok Ron
20 Mar 151#474
I don't understand how you'd do that can you explain a bit more please? I don't understand how you'd be able to set it to 1p - or any other amount for that matter - as it's the people taking the DD that set the amount.
neilgreig
20 Mar 151#476
Once you have set up the Paypal DD, then once a month just move 1p from your linked Bank account to your paypal account whilst logged in to your Paypal account.
Thus you are asking Paypal to request funds (1p) via the active DD from your bank.
Reebok Ron
20 Mar 15#477
Sneaky. I like it! :laughing:
t3rm3y
22 Mar 15#479
right, about to open my next account, was looking at first direct, but reading the terms says to get the extra £100 for leaving you need to have put £1000 in for 6 mths, is this confirmed? or can i leave them pretty soon after gettign the first £100? as i dont need the account, and wont put £10000 i nevery month a dont have £100 spare..
Slash to t3rm3y
23 Mar 15#480
Ya but you don't automatically get the £100 for leaving. You will probably have to talk to them and explain why you are leaving to qualify.
shishiragarwal
24 Mar 15#481
has any1 successfully opened account with first trust bank. thinking of opening for £125
ajavaid92 to shishiragarwal
24 Mar 15#484
Yep. Just switched over to First Trust. Switch was completed a few days ago and incentive has already been paid!
karlie88
24 Mar 152#482
Afternoon everyone.
So I've updated the 1st post with the following:
1. New T&Cs with Yorkshire and Clydesdale bank - before you could get multiple incentives per person; this is no longer the case. Only one per person now. They have also added DDs to their switching requirements.
2. I have also added a small summary of DDs/payments in required for each bank at the end of the post. Additionally, I've added the length of time it takes for the incentive to be paid.
If there's any omissions/mistakes then let me know.
Thanks.
ajavaid92 to karlie88
24 Mar 15#483
Seen this error for a while now, thought it'd been fixed by now. :stuck_out_tongue:
"earn up to £100.000+ MEGATHREAD"
£100.000 = £100
What you mean is £1000.00.
:smiley:
Shicky to karlie88
25 Mar 15#490
I signed under the old terms, the switch was performed when they changed the terms...not sure if I'll be impacted? Both banks are utterly awful!
karlie88
25 Mar 15#485
Do you mind me asking...are you a resident in NI? It's just that it's been reported that it's difficult to open a First Trust account if you live in England, Scotland or Wales.
karlie88
25 Mar 15#486
It's always been like that... I entered the correct amount but it was always displayed with 3 decimal places.
I've now edited to £800 to reflect the change in YB/CB T&Cs...no longer unlimited.
:disappointed:
mtomlin
25 Mar 15#487
Would anyone be interested in referring me to Nationwide for £50 each?
houseofdeals
25 Mar 15#488
I would be interested in referring you if that is okay.
Will send you a pm.
shishiragarwal
25 Mar 15#489
I had an issue this morning when they can't verify me online and want me to go to branch wich obviously not possible for me. so I asked them not to go further
Kraezae
26 Mar 15#491
Got my £150 from Clydesdale. Seems to take exactly a month from paying in the £1000 to get the incentive.
Happy days. Shall leave it a few weeks and switch accounts again. Extra spending money for holiday!
rdbradshaw to Kraezae
26 Mar 15#496
Not for me a moved on 24th April still waiting for my incentive , says takes up to 70 days
Kraezae
26 Mar 15#492
Meant to say thanks to the Op also. £275 up already! Never thought it would be so easy to gain free money online. Best freebie I had online was £30 for free on a Cashback site without a purchase.
This clearly tops it by a mile!!
mac5229james
26 Mar 15#493
Just applied for my third account (so second switch).
Chose First Direct. I'm not it notes it above, but they say there is a £10 a month charge but this is avoided when paying in £1000 a month, or keeping balance above £1000.
This shouldn't be a problem for any of us switchers anyway since we need to pay in the £1000 to get the incentive.
Completed their switch form, just waiting for the switch email & then I have to phone them to continue the switch.
Thanks again OP and thanks also to other contributers.
Reebok Ron
26 Mar 15#494
Are you sure karlie88?
I ask because their T&Cs (http://bank.marksandspencer.com/pdf/CACass125.pdf#page=8 ) say:
and then:
So it looks like you have to make the account your main account for the £125 payout! :confused:
Shicky
26 Mar 15#495
I completed it a few months ago without any DD on my account. From what you've quoted, its just a blurb, not exact requirements.
3010
26 Mar 15#497
I just tried and was turned down on the same grounds.
ajavaid92
26 Mar 151#498
Nope, I live in England. Didn't encounter any issues whatsoever when opening the account. :smiley:
MaximusRo
26 Mar 15#499
They probably got a bit smarter like all other banks and try to make it more difficult for us to switch.
Not surprising, I guess.
MaximusRo
26 Mar 15#500
Yorkshire: got mine in aprox 30 days.
karlie88
26 Mar 15#501
Strong rumour that the YB/CB offer will finish at the end of this month.
They'll have a couple week grace period for you to send in switch forms after etc.
You've been notified....
karlie88
26 Mar 15#502
Like with many 'deals'...it's only a matter of time until the rules are tightened up; especially when a few thousand people apply for the incentive then move bank a few days later.
Just got to get in there early and not hold off and think 'I'll do this after Easter' etc.
Reminds me of Tesco's overcharge policy several years ago...if you were charged more than the shelf label price, then you'd get a refund and get to keep the item. Once, Xbox consoles were priced at £179.98 but going through the till at £179.99. So people would get free Xbox consoles. Sadly, that policy no longer applies at Tesco.
Then there was Tesco's price promise where they would give you double the difference against Asda if your shop was more expensive at Tesco...so all you had to do was buy full priced items in Tesco that you knew were half price in ASDA (£10 in Tesco vs. £5 in ASDA) and you would essentially get the item for free. Again, after a few months that got scrapped.
Moral of the story with this? Get cracking with the switch incentives before they all disappear!
karlie88
26 Mar 15#503
The thing is, they haven't defined what 'main account' means. Is it an account where your salary gets paid into? Interest payments? Debit transactions for fuel? Supermarket spending? Do DDs have to be present on the account? If so, should they be active. All of the above? None of the above?
From what I read at the moment, no payments in are needed and no DDs are required. It's probably one of the best and easiest incentives out there.
:innocent:
Reebok Ron
26 Mar 15#504
They do though as in the terms and conditions I posted
So it has to be an active account with transactions and/or DDs and your salary/pension etc. being paid in on a regular basis to count as a "main current account". I wonder if they've recently tightened the conditions?
Edit: And they specifically state in the Terms & conditions:
So once you've switched your old account to them you have to make the new M&S account your main one by having your salary/pension paid in and paying bills etc. It seems quite clear from the T&Cs. So not a problem if you're switching your main account to them but if you're switching a donor account with no activity on it, you probably won't get the incentive unless you then start using the new account as your main account.
ypfashi
26 Mar 15#505
karlie88 Thank you for the update and all your effort :smiley:
geofferino
27 Mar 15#506
RE: moving to Halifax.
"Customers switching a Bank of Scotland bank account to Halifax are not eligible for the offer."
Does this include NatWest?
karlie88 to geofferino
27 Mar 15#508
As far as I'm aware, Natwest is ok.
But I'd email them to make sure (so you've got something in writing):
NatWest are part of the "Royal Bank of Scotland" not Halifax Bank of Scotland.
karlie88
27 Mar 15#507
RR it may mention that in their blurb but it's not the case. I've done it with no activity on my account, along with other family members and someone else also posted a comment recently.
We've all received our gift cards.
geofferino
27 Mar 15#510
Cheers for clarifying!
Slash
27 Mar 15#511
Yorkshire bank asks for A copy of a recent bank statement for your old account if you want to swtich. So that means the donor account must have been open for more than 1 month prior?! Is the bank statement from old account requirement the same for all new switch bank accounts with incentives?
rdbradshaw
28 Mar 15#512
Now 34 days since the switch to y'bank and still no £150 , is it worth contacting them about it or just leave it
mad569797 to rdbradshaw
28 Mar 15#513
Mine took around 40 days
karlie88 to rdbradshaw
28 Mar 151#514
Monday and you should get it. I wouldn't contact them until 60 days though.
rdbradshaw
28 Mar 15#515
Ok cheers il sit tight x
wildecat
29 Mar 15#516
NatWest are part of the RBS group but are a separate bank from RBS.
Halifax is simply a trading name for Bank of Scotland, it's not a separate bank.
Gannet
29 Mar 15#517
Not sure if already posted, but the M&S gift card offer will expire on Tuesday.
Shicky
30 Mar 15#518
Any word on what is happening after the 5th April with the Halifax switching offer? Does it end at that point or likely to boost/fall?
rdbradshaw
31 Mar 151#519
Paid incentive today , so I'm happy now so that was 35 days . 1st direct was quicker with 17 days for me
karlie88
31 Mar 151#520
One day off....not bad.
:smiley:
Reebok Ron
31 Mar 15#521
I looked in my Halifax account a couple of days after the switch and there was my £125. :smile:
Gannet
31 Mar 15#522
Same, it literally took two or three days. Glad I started with that account. Let's hope M&S is just as fast.
rdbradshaw
1 Apr 15#523
no longer tcb for co op account
Reebok Ron to rdbradshaw
1 Apr 15#526
Damn it! Stupid Yorkshire Bank taking so long to pay my incentive so I can switch from them I've missed it.
Shicky to rdbradshaw
9 Apr 15#537
Why do you think this? Still advertised on TCB?
kyrob
1 Apr 151#524
mocmocamoc - You obviously have not read the original post correctly, nor have you used your brain to look at the situation. There is no requirement to switch from your existing account (the one where your wages go) at all, thus meaning there is no hassle with constantly switching your bank details with your HR department. You create a donor account like stated and there is never a requirement to close your existing current account, and obviously with modern technology these days, online banking is very handy for switching money around!!
rdbradshaw
1 Apr 15#525
I remember the best one a while ago was £200 switching to co op bank , surprised it's not gone back up to that amount since.
rdbradshaw
1 Apr 15#527
Well I suppose it will comeback around sometime .
rdbradshaw
1 Apr 15#528
After going through the process for £125 cash incentive with Halifax , I got a email saying its £100 !?
Shicky
2 Apr 15#529
It's still being advertised as £125 until 5th April so get on to them ASAP
Reebok Ron
2 Apr 15#530
Just got my Yorkshire Bank £150. :smile: It took 35 days. I wonder if I'll get my other two - I doubt it because they weren't switched from a "main" account.
Has anyone else got an incentive payment by switching from an unused donor account yet?
Reebok Ron
2 Apr 15#531
Can anyone help me with the M&S switch please?
I applied online but they don't tell you there and then whether you've been accepted, they send out forms to fill in apparently - I didn't have to fill in anything about the donor account which I found strange, it's like I only applied for the current account and that's it.
Did everyone else do this or have I messed up somehow (can't see how I could as I applied through the MSE link to get the £125). Anyone?
glasgowgeezer to Reebok Ron
2 Apr 151#534
Don't worry the welcome pack will confirm the £125, and give you details to call to switch.
Reebok Ron
2 Apr 15#532
Their website for the switch definitely says £125 until 5th April. Are you sure your email isn't saying that you've already claimed £100 from a previous switch and therefore you're not eligible?
rdbradshaw
2 Apr 15#533
No , it's ok I spoke to the switching team and they said it will be £125 not £100 so that's fine as I not been with halifax before so I am eligible
Vegeta
4 Apr 15#535
Is the First Direct switch all done online like the Halifax switch or are telephone calls and paper forms involved?
MaximusRo to Vegeta
14 Apr 15#545
I would say all online, but I rememeber I did had to call them at the end to confirm something
Shicky
9 Apr 15#536
For anyone interested I got my YB incentive which I applied for before the rule change (direct debits needed) but wasn't complete until after the rule change. Seemed to be around 30days after the account was switched rather than dependent on when the £1000 was transferred
rdbradshaw
9 Apr 15#538
Well that was the case but obviously it's back on again
mac5229james
10 Apr 15#539
Just wondering about the accounts where you have to pay a minimum amount in to get the incentive.
So for example first direct requires £1000, assume that is the total balance needed? So some money will be moved with the transfer anyway (eg previous incentives already paid) so I could just pay the remaining amount?
Shicky to mac5229james
11 Apr 15#541
yes it's just total amount, in theory you could just transfer £200 in, then out, then repeat four more times with the same £200
neilgreig
10 Apr 15#540
Depends on the bank.
The Co-op does not count any transferred money received from closure as part of the min £800 deposit required.
mac5229james
13 Apr 15#542
Many thanks
RoboProd
13 Apr 15#543
Great thread, just set up a donor account for me and my Mrs.
Only thing I would say is a few terms and conditions haven't been displayed clearly, for example with the Halifax rewards account you need to pay in £750 p/m and have 2 DDs for the £5 reward (not sure about incentive) and for the £100 for leaving First Direct you need to leave after 6 months but before 12 months and have to pay in £1000 for 6 months.
MaximusRo to RoboProd
14 Apr 15#544
Halifax switching incentive doesn't require the £750/pm payment or 2DD.
You are corect about FirstDirect
geofferino
14 Apr 15#546
Does anybody know if having an active Halifax credit card will prevent me from getting the incentive on a new current account with them? I didn't redeem any cashback rewards when I opened the credit card if that makes a difference.
Shicky to geofferino
17 Apr 15#548
I'm fairly certain you should be okay, I'm currently doing it so should be able to update you in 4weeks or so
cazsilver
17 Apr 15#547
Hi, just a quick question, I switched to Halifax on the last day they were offering the £125 incentive, (now £100) The balance from my old account was received into my new halifax account Wed this week, how long does it take for them to pay the £125 into the account? Thanks
Shicky to cazsilver
17 Apr 15#549
it's supposed to be a month but it can vary slightly
rdbradshaw
17 Apr 15#550
Mine was quick , 3 days after switching
salmanzak
18 Apr 15#551
how long COOP bank take after the switch to pay the incentive? switch completed on 2nd April and already thinking about first direct
Shicky
18 Apr 15#552
Anyone aware of any new switching deals coming up or already active? Exhausted the current list :disappointed:
Milosgran
19 Apr 15#553
I switched from the Halifax to the Co-Op, and then realised I should get £40 cashback with Quidco for opening the Halifax account. It says tracked on quidco- but does any one know if I've blown my chance of getting the £40 by closing the Halifax account before I get the cashback?
shaggy
19 Apr 15#554
Been following this thread for a while and have been meaning to set up a donor account but been too lazy more than anything.
I have an account with first direct already which is my main account. Well I have 2 current accounts and 2 saving accounts with them already. So does that disqualify me from trying to get any cash out of them ?
rdbradshaw
19 Apr 15#555
So for the two DD are there any £1 monthly subscription things around and how long does it take to set up. Cheers for any help .
AlexPritchard to rdbradshaw
20 Apr 15#556
Just set up a couple of savings accounts that allow direct debits in, Tesco offer Internet/Instant Saver accounts that allow this.
leetron
20 Apr 151#557
Halifax switch back up to £125 from today :smiley:
cazsilver
21 Apr 15#558
Received my £125 3 days after switch completed! :innocent:
Civic EG6
21 Apr 15#559
I guess for the Yorkshire bank offer Ill need 3K minimum capital as it requires £1000 per month. Am I doing this right?
Milosgran to Civic EG6
23 Apr 15#573
Pay £1000 in - then straight out again, or £500 paid in then out again twice, no need to leave it in the account.
Still waiting for my yorkshire bank incentive. Switched on 12th March but no signs of incentive. Rang them and was told it will be paid within 76 days :-(
rdbradshaw to manieer
22 Apr 15#562
Mine was around 35 days , jus sit tight
rdbradshaw
22 Apr 15#563
Tesco bank offers 10,000 clubcard points for switching to their account
cazsilver to rdbradshaw
22 Apr 15#565
Really? Where does it state that? I can`t see on their website? as genuinely interested, would be worth £400 in days out!
gwapenut
22 Apr 15#564
Only to invitees. I got offered £100 instead, sadly.
manieer
22 Apr 15#566
Thanks - hopefully it will show up soon in my account. Will have to look into the next step.
the porter
22 Apr 15#567
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
rdbradshaw
22 Apr 15#568
It was in a email sent today, I got it I think because I have a tesco credit card so customer specific
cazsilver
22 Apr 15#569
Oh ok, shame, I would have been all over that! :smirk:
Tudor69
23 Apr 15#570
Any ideas how to set up two DD without losing the money?
Would setting up a PayPal Business Account together with 2 DD work?
Cheers!
Taz1529 to Tudor69
23 Apr 15#571
Tesco online saver and post office account
karlie88
23 Apr 153#572
Hi everyone.
Just to let you know I'll do an update sometime next week. Thanks for all the contributions so far.
:smiley:
monster144
23 Apr 15#574
I have had my incentive payment on my First Trust "Plus Current Account" and drawn my balance down to a few pence.
I was thinking of leaving it like that in case I need it for another switch. However, I see on the reverse of my latest paper statement "PRIVATE BANKING CURRENT ACCOUNT CUSTOMERS PAY A QUARTERLY FEE, DETAILS OF WHICH APPEAR ON THE FRONT OF YOUR STATEMENT". - but there are no further details printed anywhere. I don't recall anything about this when I opened the account. Has anyone had charges applied? Maybe I should close it completely. Any advice please?
Tudor69
24 Apr 15#575
Are we allowed to do this without a problem?
Technically, I could set up standing orders so each months I have the required amount paid in and out.
norbie
24 Apr 15#576
Hi all. What is the best account to create as a simple donor account?
Taz1529
24 Apr 15#577
Can you please add that the first trust bank require an income of 1200 in the account. Realistically I'd have £500 in a month, which I said, and they told me I'd have to go into branch to open a different type of account. I'm in Yorkshire, not N.I.
Shicky to Taz1529
24 Apr 15#583
Do it again and mention you'll be able to put in more than 1200 when asked? You could use only the 500 and transfer it in and out a number of times.
Read the Ts&Cs and you would have avoided this problem, the amount required is already there on the opening thread post.
TLDR: Quit complaining and don't be lazy in future.
dude786
24 Apr 15#578
Just trying this now, thanks for the effort put into this OP
t3rm3y
24 Apr 15#579
i checked my credit report after opening my 3rd account, and it was only just in the "fair" segment on experian (on the poor side. not sure if to do with the opening of accounts or because i dont do much with loans and credit previously.
I did note that after a couple of weeks the previous two accounts were noted as closed and my report was now in the good segment..
rdbradshaw
24 Apr 15#580
Hi , when you say post office account I'm guessing you mean their online saver , and from there does a dd form appear then how long for the dd to kick in ? Cheers
ohpants9
24 Apr 15#581
very interested in doing this- have an old current account with barclays i havent used for ages i did get a debit card with it though which ive never used. bit that bothers me is i dont want to close my main barclays current account or old barclays student account with £200 free overdraft just to switch the dormant account to halifax for £125 but i am worried that they are linked in some way so they may close all my barclays accounts not just the one i dont use?????
karlie88 to ohpants9
24 Apr 15#582
They will only close your dormant account - not your active accounts.
gwapenut
25 Apr 15#584
Wonder if anyone with the points offer can tell me ... have you previously had a cash offer from tesco bank?
I would prefer points, but am not sure whether to ignore the cash and hope for something better in the future. I may try ringing them up to see if they're able to change it to a points offer, but I very much doubt that would be possible.
karlie88 to gwapenut
25 Apr 15#585
Doubt they will - but always worth a try.
Would love to receive 10,000 Clubcard points. £400 worth of vouchers would be amazing.
:smiley:
rdbradshaw
25 Apr 151#586
That's what I have been offered but if I'm honest if rather have the £100 + cash , also I'm fairly sure when tesco bank accounts 1st started they did offer the 10,000 points to switch
karlie88
25 Apr 15#587
But you can sell £100 worth of CC vouchers on eBay for £300+.
:wink:
the porter
25 Apr 15#588
There was no offers from tesco when it first launched, this is the first time any offers have been given out just wish it was for everybody which hopefully it will be at some point
karlie88
25 Apr 151#589
It's not the first time. The offer started about 6 months ago. See here:
Tesco Bank are gradually opening the offer to more customers...what I'm not a fan of is the variety of offers. Some are getting £50 gift cards, £100 gift cards, £100 cash, 5,000 CC points or 10,000 points. Guess it's still in their trial phase.
the porter
25 Apr 15#590
Fair enough I stand corrected I didn't know that
karlie88 to the porter
25 Apr 15#591
Not a problem.
I got a HSBC switch incentive a few months ago for £100. Again this is a trial to see how popular it is...although they should really have the facts given First Direct's popularity with switch incentives. Post Office also offered a £100 One4All gift card a year ago - again that was a trial across the Midlands.
It's only a matter of time until more banks roll it out...hopefully Natwest, Virgin Money, Sainsbury's Finance, ASDA Money etc. will join in on the act.
:smiley:
geofferino
25 Apr 15#592
Currently swopping to the co-op for their incentive but had a bit of a holdup on the switch service & wont be fully moved over for another 2 weeks or so. New account is open in the mean time, so can I deposit the minimum required amount yet or should I wait until I've completed the switch?
chemeng to geofferino
27 Apr 15#593
Nooo, I'm pretty adamant on this one. You have to wait for the switch to take place. 100%
chemeng
27 Apr 15#594
Can you switch from HSBC to First Direct and get the incentive? Seeing that they belong to the same group?
mac5229james
28 Apr 15#595
About to apply for account 3 (4 including donor).
Was thinking First Trust, but seems telephone only and not in the mood to go through all that!
Why they can't do it online like some of the others!
Reebok Ron to mac5229james
29 Apr 15#596
I got turned down for First Trust because there was some problem on my equifax report. Annoyingly though they wouldn't tell me what exactly so I could try to fix it. Had no problems with the others though. The phone thing isn't all that bad they just start by asking for your address and name. If you get past the equifax check I'd think it'll be easy after that.
RoboProd
29 Apr 15#597
Just wanted to thank you again for this - I signed up for a natwest donor account for me and my girlfriend, switched them both to Halifax (she already had a credit card with them and I have a current account with BOS) - two days after switch completed there's £125 in each account.
Tried to sign up for First Trust but couldn't pass the ID check.
rdbradshaw
29 Apr 15#598
The cashback sites are being strange , when you search for co op bank for the £40 offer its not there , however if you search in google the words quidco , co op bank & cashback it comes up ? So has it expired or not? Either way something's not right
Opening post
Warning: long post ahead with lots of information. Any questions then please ask and I’ll do my best to answer.
So, this money making idea is based on the recent boom of current accounts offering ‘switching incentives’. Some banks offer money, others offer gift cards. It’s time to play them at their own game by gaining the incentive and then moving on to the next one. Currently, there are 9 banks offering these offers:
1. Yorkshire/Clydesdale Bank - no incentive at this moment in time.
2. Co-Op Bank - £150 incentive plus £50 cashback via TCB.
3. M&S Bank - £100 M&S gift card if you open their fee-free current account.
4. First Direct - £100 if you open a 1st Current Account and an extra £100 if you leave them.
5. Halifax - £100 if you open their Halifax Reward Current Account and then an ongoing £5/month reward.
6. TSB - no incentive at this moment in time.
7. HSBC - no incentive at this moment in time.
8. Nationwide - £100 if you're referred by an existing Nationwide customer and £35 cashback via Quidco/TCB.
9. Some people reporting that they're receiving an offer for switching current accounts to Tesco Bank - 10,000 clubcard points, 5,000 clubcard points, £100 Tesco gift card or £50 Tesco gift card. Seems to be people who have a Tesco credit card and/or Tesco savings account but no Tesco Bank current account. *Check all emails and mail through your letterbox*
More information about all these offers and clickable links in the 1st comment below.
Now, it’s important to note that these offers have some simple T&Cs that you must adhere to in order to get the incentives. For example, First Direct ask that you pay in £1000 before you get the incentive, Co-Op requires 2 x Direct Debits (DDs) to be transferred over plus £800 to be paid in and Halifax ask you to transfer 2 x active DDs and pay in £750 to get the £5/month; you DO NOT have to do this for the £100 switch incentive. M&S state that you must use their switching service to receive the incentive.
There are some important points to mention before I go ahead:
- to do the above, you DO NOT have to close your usual current account where you pay for your gas, electricity, water, phone, council tax bills etc. or where your salary is paid into. The idea is to create a ‘donor’ current account and use that account for the switching process; more information on this later.
- if you are on the electoral register, you will find that opening these accounts is A LOT easier. You can apply online/via phone for all of them and you can get an instant decision (in most cases) and access to your current accounts via online or telephone banking.
- there is MINIMAL hassle when switching current accounts. Banks are now able to switch your current account within 7 working days and they will do all the work. That means they will arrange all DDs and SOs to be transferred over, they will arrange for the closure of your old account and they will transfer over any remaining balance.
- this is NOT a time consuming commitment; all you need is a little bit of organisation. Opening a current account takes 10 minutes, making a phone call to switch current accounts takes 10 minutes, setting up a new payment and transferring £750/£800/£1000 into your new current account to fulfil the T&Cs takes 5 minutes (not applicable for M&S) and transferring that money out takes another 5 minutes. Finally, expect to check your account every few days which will add another 10 minutes or so. Each account should not take any longer than a couple of hours from start to finish.
- each time you open a current account, the bank will do a credit search and this MAY have an impact on your credit score (especially if you have too many searches within a short period of time). Consider any upcoming mortgage, credit card and loan applications and whether it’s a good idea to open these current accounts. You can get your credit report for free from Noddle. To date, my credit score has NOT been affected. Where possible, don’t apply for an overdraft and space out your applications to minimise the impact on your credit score. As long as you keep an eye on your score every month or so and spread your applications then you should not have any problems.
- First Direct and M&S occasionally offer increased switching rates of £125 via MSE. Keep an eye out for those offers.
- incentives are per customer and NOT per household.
- this is not going make you £££££s overnight, but it certainly will allow you to earn a few hundred pounds over a few months with little effort.
- by switching current accounts, the banks currently CANNOT ask for your switching incentive back.
Now, on to the instructions:
1. Open a ‘donor’ account. Barclays, Halifax and Natwest have simple online current account applications. Once your account is open, stick £1+ in it. Wait for your debit card to arrive.
2. Open a current account with any of the banks offering a switch incentive. Read the T&Cs, funding requirements (if applicable) etc. Initiate the switch by giving the bank your ‘donor’ account details. Wait to receive the switching incentive. Once received, move on to the next bank (you won't have to repeat step 1 as you've now got a ‘donor’ account with the bank you just switched to).
3. Continue until you're fed up/have taken advantage of the offers. And that’s it!
So there you have it folks, a nice little earner.
Any questions then fire away; always here to help.
**A big thank you to everyone who comments when new incentives pop up, change etc.**
Top comments
Its gone from 5/5 on Noddle to 3/5.
I would advise anyone to consider your credit rating before switching banks so regularly.
Clydesdale Bank: http://www.cbonline.co.uk/personal/current-accounts/switch-offer
Co-Op Bank: http://www.co-operativebank.co.uk/currentaccounts/125switch
M&S Bank: http://bank.marksandspencer.com/banking/mands-current-account/overview/
First Direct: http://www1.firstdirect.com/1/2/banking/switching-bank-accounts
TSB: http://www.tsb.co.uk/cashback-money-supermarket/
HSBC: http://www.hsbc.co.uk/1/2/current-accounts/bank-account
Halifax: http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/
TCB/Co-Op Bank: http://www.topcashback.co.uk/the-co-operative-bank-current-accounts/
Quidco/Co-Op Bank: http://www.quidco.com/co-op-bank-current-accounts/
TCB/Nationwide: http://www.topcashback.co.uk/search/merchants/?s=nationwide
Quidco:/Nationwide: http://www.quidco.com/search/?search=nationwide
Noddle free credit report: https://www.noddle.co.uk/
More information on registering on the electoral register here: http://www.aboutmyvote.co.uk/default.aspx
There are many people, particularly at this time of year, who will be drawn to the 'free money' without fully understanding the potential implications of the affect it could have on their credit score.
All comments (1866)
Clydesdale Bank: http://www.cbonline.co.uk/personal/current-accounts/switch-offer
Co-Op Bank: http://www.co-operativebank.co.uk/currentaccounts/125switch
M&S Bank: http://bank.marksandspencer.com/banking/mands-current-account/overview/
First Direct: http://www1.firstdirect.com/1/2/banking/switching-bank-accounts
TSB: http://www.tsb.co.uk/cashback-money-supermarket/
HSBC: http://www.hsbc.co.uk/1/2/current-accounts/bank-account
Halifax: http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/
TCB/Co-Op Bank: http://www.topcashback.co.uk/the-co-operative-bank-current-accounts/
Quidco/Co-Op Bank: http://www.quidco.com/co-op-bank-current-accounts/
TCB/Nationwide: http://www.topcashback.co.uk/search/merchants/?s=nationwide
Quidco:/Nationwide: http://www.quidco.com/search/?search=nationwide
Noddle free credit report: https://www.noddle.co.uk/
More information on registering on the electoral register here: http://www.aboutmyvote.co.uk/default.aspx
Of course, you can swiftly transfer the money back out.
:wink:
Its gone from 5/5 on Noddle to 3/5.
I would advise anyone to consider your credit rating before switching banks so regularly.
:man:
If you're going to apply for a mortgage in the next 6 months then you probably shouldn't do this. For anyone else it's fine.
So, just how does "credit rating" work? :confused:
:wink:
I have the Santander 123 account as my main account. DDs for bills etc all come from this account. Never switched from that.
2.4%, I assume AER, with a little compound would earn you < £25 in your pocket on the year with the £1,000 you would use instead use to switch these deals about.
Average payout is about £120 on these deals, so do 1 of the 11 above and you're better off (or do both if you've got the cash and double up).
Even if you have several £,000's laying about in your current account doing these deals will still earn you more on the £1,000 that they require.
Heat for the free money and the effort but definitely not for everyone.
Also the hassle free switching is a pain, they'll transfer the direct debits but not your wages, surprisingly your HR department doesn't just accept a random letter demanding they change your bank details.
OK it should work smoothly, but it usually doesn't.
A lot of messing about with consequences for a few quid.
Be careful with standing orders, they copy them but don't remove the old ones, so there is a good chance you'll pay twice.
There are many people, particularly at this time of year, who will be drawn to the 'free money' without fully understanding the potential implications of the affect it could have on their credit score.
Just saying its not always hassle free, even if they assure you it is.
Agree with comment about First Direct tho, always been very on the ball.
What will effect you, is not the nonsense score you get from your file. It will be the data. So multiple searches in 12 months. Makes lenders nervous. As will the average age of your accounts rapidly decreasing, no stability. Then the amount of accounts you have, can again make lenders nervous
What does it mean? I'd be careful if you need to switch mortgages or credit cards anytime soon. Also when current banks/cards check your file every 6 months or so. They may remove/decrease existing facilities based on credit file "data".
Hope that helps.
I'm trying it out...
It took over 30 minutes earlier today, just to activate a new Debit Card over the phone, just because they had a " glitch " on their online banking.
Oh and the new card has " contactless " built in, that I did not ask for, or want.
No choice, take it or go elsewhere.
Am I a new customer, nope been there longer than HSBC, since the good old Midland Bank ( RIP ).
:disappointed:
Went from Halifax (generic current account) > 1st direct > co-op > back to halifax (current plus account).
I wasn't sure if it would affect my credit score (can't get on noddle to check as it appears to be down), but I already have my mortgage+credit card sorted. The switching was very easy (all DD's and payment details switched over fine), and I can't have spent more than 3 hours in total doing various things.. not a bad return per hour.
Also it is likely to have an adverse effect on your credit rating as they will likely leave hard footprints on your credit file.
Only really for people who are holding onto more than £20k in a "savings" account with rubbish interest and that is definitely not me!
You can always re-apply to any of these banks, you're just not be eligible for their switch incentive.
As mentioned in the OP, there is no need to use your actual main current account where your salary is paid in etc.
£700 is hardly a few quid.
The old standing orders will be removed because they close your old current account.
Mine couldn't have gone smoother to be honest (switched 3 times). All direct debits, standing orders, and other payee details moved over and they must have sent my employer a letter/email as they automatically changed my account details too. I earned roughly £400 for about 3 hours work, not really "a few quid". They close the old account so you can't "pay twice".
And the banks will cotton on to you soon enough, and perhaps start declining to open new accounts for you. After all, the banks do share a lot of information between themselves.
I`m sure some people will get away with it, but the banks will never lose. Watch them change the conditions, pull the offers, or slap a few extra % on everyone`s loan rates. Churning Credit Cards is nothing new, and most providers block it these days.
As someone who pays an awful lot for business banking, I find this idea rather sad.
Messing the banks around to earn a few quid just to spend on stuff you don't really need found on HUKD, and ruining your credit score in the process? MEGACOLD
We now use First Direct as our main accounts due to excellent customer service.
http://bank.marksandspencer.com/pdf/CPSwitchingTermsAndConditions.pdf
Section 1D: "d) you must not have previously used the Current
Account Switch Service"
I'm sure i once read that a customer called them to say she had got on a train from London to Scotland without her purse and couldn't pay for her ticket. The member of staff transferred money from the customer's account into her own and then met the train at Leeds. Just can't imagine any other bank even thinking of that never mind actually doing it.
£1000+ if you do it with a partner.
You must be loaded if this is a mere few quid :smiley:
M&S was the 3rd account that I switched and I received the incentive.
Collectively, we've managed switch incentives totalling £3000+.
I don't think you understand how the business world works.. this is not a "scam", there is nothing "illegal" about this. The banks have laid out their terms and conditions and nothing here is breaking that (although please not my earlier comment regarding the M&S T&Cs). As stated by the OP, this could potentially affect your credit rating (due to the number of credit searches, not because it's doing anything wrong).
Think of it this way, it's like trying out different banks to find out which you think is best for you (or in simpler terms, it's like getting a free sample of aftershave - you might try several before you find one you like). Why not get paid at the same time?
You are correct with regards to "banks never lose" though.
The switch was mega easy to FD, I would never look back now.
Banks can pay us for once.
so if you open 5 accounts within a week it will not look good on your credit score
People can't see further than the end of their nose. Which leads them to excessive use of credit cards (see deals on here), buying on credit (loans shops do not exist anywhere else in the EU) or deals like this, which may lead to debt.
I'm not saying it's anybody's fault, but it's deeply rooted in UK culture, which I think is a real shame, especially for vulnerable people.
In other words, if you opened a Halifax account before that date you can switch to another bank, earn a bonus there, then switch back to Halifax and get it again! Just worked for myself and wife = £200 free.
halifax employee
I've done FD (they don't switch you again which is a shame cos I'd like to get paid to go back!), I did Co-op, I did Halifax and currently get their £5/month. I'm looking at the Santander for house account and am using the nationwide as a house account presently to get breakdown, travel (+skiing), phone insurance, appliance warranty extension for a £10/month for 2 people. I've also got Metro for free Euro withdrawals and a Cahoot cos there's an OD on it I can use in emergencies if needed.
Same for credit cards, I've parked a big purchase for 28months 0%, got my free worldwide one from Halifax, got my reward one for everyday. If you play the rules, you can get yourself some nice benefits.
As long as everything else is straight on your credit file, then it shouldn't take you long to recover from their searches imo
TSB seem to offer a cash current account which is a more basic current account. Am I correct these cash current accounts which other banks also offer won't have the credit checks as they are very basic accounts so won't impact on credit ratings?
How long does it usually take to receive a debit card from a newly set up current account? OP suggests waiting for this to arrive. Any particular reason for waiting?
Thanks.
I'll pass thanks - no vote.
Exactly, also all the banks own each other so when you apply for a mortgage they'll remember that you pratted them out, cost them a load of money, etc.
But it is £500
Basic TSB account for a switch
and also a
TSB Classic Plus account which gives 3.91% net interest on balances up to £2000 per year which is a rather good savings rate.
most of the processes are the same as HSBC now but their systems allow them to do a lot more and because they don't have branches ( you can use an HSBC one in reality) the staff are trained to do everything.
HSBC training was one of the best iv ever had and all the staff are great. they were just limited by the system HSBC brought in.
first direct still use the old one and its much quicker.
both are great but I prefer FD as there's no automated service.
You'll need to set up another current account for a switch to one of these deal accounts if you do not want to lose your existing account.
Like others though, would recommend putting the warning about Credit Scores close to the top (if not at)
:laughing:
Perhaps a good 'donor account' to begin with if doing this with a partner/friend etc.
Love the OP
I have been really lazy around gaming the bank account offers - but will definitely start this in the new year when have a bit more time
Heat to the OP, who doesn't like free money?
My girlfriend don't like the app so asked for the banking key rather then the mobile app. Its the same one used by HSBC where you have a credit card sized keypad to generate a one time password.
As far as I'm aware I have a great credit score as I haven't ever missed any payments for anything, and
Never in my overdraft.
Question is, if I give this a go over a couple of months, could my mortgage application be affected?
"If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure."
The only problem I perceive with this is that it would not resolve the fact the credit reference agencies have recorded missed payments.
Yes it is essentially the same bank. Yorkshire is just a trading name of Clydesdale which itself is owned by National Australia Bank.
The OP said they are investigate the possibility of benefiting from the switch incentive at both.
Also not sure what to think of your idea of "playing banks in their own game" either. What game is that?
Cold for me.
Regarding credit scores. I am an old fashioned sort and hence deal in cash whenever I can for the simple reason that I want to keep banks OUT of my life as much as possible. Luckily I have reached a position in life where I have no mortgage and I haven't used a credit card for years. For those reasons I couldn't care less if my credit score was zero.
So for people like me it seems almost too good to be true. I will start asap !!
Also re earlier question, is a switch to both Yorkshire AND Clydesdale possible?
An application often means a credit search on your report, an overdraft means a new credit account.
Yes, you can transfer the money in and out; back to your main account via a Faster Payment.
There's also collective information on MSE's main page: http://www.moneysavingexpert.com/banking/compare-best-bank-accounts
'Several accounts' DO NOT require active Direct Debits; only the Co-Op requires it out of the 5 banks. This is mentioned in the OP.
Plenty of £1 DDs can be setup either via Radio Times subscription offers, £1 magazine subs, £1 Tesco Bank DDs or even DDs for charity.
I have done most of these switches, many of them can only be done once (eg FD once ever, Halifax can not be repeated if you have had £100 since 2012 etc), others you may be able to repeat having closed the account to switch elsewhere. The jusy is out on whether you can get 150 from both Yorkshire and Clydesdale. I tend to try and make sure I don't do more than 4 credit searches pa for any purpose so like each one to net at least £100 profit, scaling this back if it is close to remortgage time.
If you like a bank you will like to call a lot.. go First Direct, if you like to use online banking like me go elsewhere.
You must have paid at least £1,000 a month into your bank account for six months and have not tried us before. Someone forgot to pay in £1000 every month ??
Like I said before.. their telephone stuff is great but their website is like so far behind every other bank it is embarrassing. I use Santander, Barclaycard along with sites like YourWealth and Money Dashboard and can tell you that First Direct badly needs to get some guys to revamp their website and add some functionality. They might have been one of the first proper online banks, but they haven't done anything since then and First Direct are badly lagging behind.... they know this hence why their telephone system is great.
Don't get me wrong... if their online banking service was the same as their telephone banking they would be the best bank in my opinion... but it isn't and telephone banking (like telephones) are a dying tech... I recommend First Direct to older people who don't like to bank via a PC or an app.
(P.S their mobile app is a bit pants too... but I won't go there...)
P.P.S I am still a customer.. but will be leaving them soon :-)
Rant done.... now where is my PS4 money Paypal!!!!
How can I save this deal? I am not just ready for all this hassle untill the new year. There used to be an option save deal or Email deal I can't see neither?
Otherwise great post for the effort and beating the banks at their own game.
Each lender looks at the content of the report (provided by one or more of Callcredit (who own Noddle), Experian and Equifax) and decides if they want to lend to you.
I presume they have their systems set up to automatically score you on the various aspects contained in a reference file eg. available credit, utilised credit, whether you are set to make minimum payments, on the electoral roll etc. and then decide if they want to lend.
The key point is the scoring system will vary from lender to lender so while you may be accepted by one provider no problem another might decline.
They usually get a monthly feed from the agencies with your activity and if there is something they don't like or its credit limit increase time, they'll run a soft search.
Which is why sometimes people may find their credit card limits reduced dramatically. Banks get wind of their extra facilities elsewhere and want to manage their liabilities and reduce their exposure. Or they get panicked if they don't think you can service the amount of accounts/credit you apply for. Or feel you're credit hungry/desperate.
You really need to read up on what you agree to.
Ofc banks will sometimes run soft admin searches. These aren't hard searches. Does this make you happy? You really should pay attention to what permissions you give when signing up for stuff.
So I hope I've clarified it by going into specifics and not show you to be too much of a fool.
My original point you jumped on stands. Too many searches, new accounts, a drop in account length, etc, etc. Could make existing or potential lenders nervous. Which in turn could see dropped credit limits etc, potentially. Regardless of "score".
Have a good day
Anyone don't this needs to understand how data can not only effect potential lending, but current lending.
Got a spare TSB current account free. Time to put it to use :smile:
Is there a preferred order to do these in?
However, this might help you
- when applying for a new account, always select no overdraft option
- First Direct let me pass
- Lloyds allowed me to open a Classic account (but rejected me for a Current account)
- M&S rejected me
- Lloyds rejected me for the Current account
Didn't try any others, as I want to talk to Experian first to try to understand why I have such a low credit score although I have quite a good income and a steady job.
Great post OP, have some heat.
For the yorkshire bank does it matter if the account isnt my main account
It does not have to be your main account.
I heard that I could possibly set up a DD through Paypal but that would only be one right?
Otherwise Tesco Bank allow transfers via DDs; failing that a £1 magazine sub or a charity etc.
Others can be done online.
Also, deposits can be withdrawn within a matter of a second (for banks that need them).
Yep, they're all still on.
Go for Yorkshire or Clydesdale bank first though as their offer is due to finish in Feb.
if so,which one to go for?
thanks!!
:wink:
I have updated the OP and link to reflect this.
If so, are you SURE they can't ask for the incentive back? I understood you have to keep the account open for certain amount of time. To be honest, I would expect some form of time span for the accounts to remain open otherwise the banks are just giving incentives to accounts open for a few days ... I don't think they are that generous.
:wink:
This may, of corse, change in the future.
The 13 month period refers to payments to the old account and the fact they are forwarded to your new account.
As always, refer to the bank's T&Cs for accurate information.
Currently, there is no stipulation in Halifax's T&Cs re: account switch and reclaiming the incentive.
http://personal.firsttrustbank.co.uk/our-products/current-accounts/125-switch
Hmm, after looking at their site, I doubt they would accept people outside Northern Ireland, and they want to talk to you on the phone.
Seems to involve a phone call and I am wondering if they will need a genuine reason why you want to open an Irish account.
Agree
:disappointed:
T&C for Smile:
Is this also true for Yorkshire/clydesdale ? http://www.hotukdeals.com/deals/150-for-switching-clydesdale-yorkshire-current-account-2115101
We'll see tomorrow...
:smiley:
:smiley:
Second adviser said it's ok for non NI residents in the UK to apply...but should I need prove identity (if failed over the phone), then I would need to go in branch.
Failed the identity check myself, but other family members managed it ok.
I check my gift card balance every month or so and its all there.
If they did wipe the balance off then that would stealing, no?
Not really looking to have another overdraft as I have a massive one with Llyods, so something that's easy to open and without an overdraft is what I really want as my donor account so I can switch to Yorkshire get the incentive try em out for a while then maybe I'll finish off at first direct as so many people recommend them.
Any advice on the starting account would be much appreciated. :smiley:
If so, open a Lloyds classic account with them. Takes you 5 Minster apply online and it should be available for you to see on your online banking within seconds.
When closing that donor account, it will have NO effect on your Club Lloyds current account.
By the time the YB account is open, you should've received your Lloyds debit card and you fill out the paperwork from YB for the switch (you'll need to complete your Lloyds debit card details).
Take the £1000 out within a second if you wish...
You open the YB account over the phone. Can be done in branch too.
It does seem a bit funny to call a NI bank from the UK I guess. Aren't they based on Euro?
Apply for this account: http://www.lloydsbank.com/current-accounts/classic-account.asp
Then log in at the end of the application after having submitted it.
Dont suppose you or anyone else knows how long it takes from paying in the £1000 to getting the £150, they say within 60 days anyone know how long it took them to get paid?
P.S. I'm considering doing the Halifax one as well, seems a decent offer I thought I saw something about once the transfer is complete it takes 3 days for them to pay you the £100 is it that simple or is ther some other terms?
I have found them totally useless. The application is approved but the account isn't set up. Been waiting about a month now. They're useles on the phone too. Pointless questions. I've never had to call a bank and tell them what bank I've applied too. Bloody stupid. Closing this account straight away as soon as I'm paid. Anyone else had problems with them?
I have added First Trust Bank to the OP and their £125 offer. Anyone in the UK is eligible, but their branches are only based in NI. If you fail their ID check then you have to go in branch to sort it out.
I have also added TCB and Co-Op Bank for the £40 cashback offer.
I have also added a note of thanks at the bottom of the OP to everyone who contributes.
Don't think there's anything else to update.
Oh...I can also confirm you can apply for both a Clydesdale and YB account AND get £150 for both.
You can also apply for more than one account with either Clydesdale or YB AND get another switch incentive.
:wink:
Sweet if confirmed! :smiley:
I've just completed the m&s switch. I've checked the terms and conditions but I don't see any additional conditions like having a balance of £1000 or anything. Can anyone confirm this is the case, no direct debits or amount needs transferred in?
"You can also apply for more than one account with either Clydesdale or YB AND get another switch incentive".
Can anyone confirm that the incentive REALLY would be paid again please. Presumably you would need a good "excuse" for opening multiple accounts. Anyone actually tried it??
There's a thread over on MSE which confirms multiple accounts/switch incentives being paid.
Just say you need a 2nd/3rd/4th account etc. for wages, another for bills expenses, another for emergency funds etc.
Rumour has it that YB/CB and the Aussie group that own them are just trying to gain tens of thousands of customers before selling it off...
It really depends on your financial circumstances and what your current credit score is. Do you have any mortgage applications in the next year? Loan applications? Credit cards?
So currently is there any banks that give you money if you open a new account with them ? already with hsbc,barclays,natwest. Thanks
If there are any banks who allow partial switches with incentives then please let me know.
It's all drivel, but for those who are fretting about their "credit rating" chill out.
I'm going to change to Co-op.
Good luck if you try.
I would appreciate if people share their experiences regarding which banks out of above have relaxed account opening criteria. I have recently done the yorkshire bank and want to move to the next one. I know first direct have a strict policy so may try cooperative. Any suggestions welcome :smiley:
1. Halifax have a new offer of £125 rather than £100 (but no cashback).
2. Reports that First Trust Bank is not the easiest current account to open if you're a resident in England, Wales or Scotland (although it's open to anyone within the UK).
3. You can open multiple Yorkshire Bank or Clydesdale Bank current accounts and get multiple switch incentives - this has been confirmed and is working. The reason is that there is no clause in their T&Cs that state 'one incentive per person'. Some telephone advisors even actively encourage you to open more to get more switch incentives.
4. Strong rumour the YB and CB are extending their switch incentive offer until end of March.
As always, thanks to everyone.
I started out thinking most wouldn't give me the accounts, but I haven't been turned down yet, and opened/closed about 15 accounts (incl donor accounts).
My credit file isn't great, and I Just checked my Noddle credit file and the 'score' has not been affected.
I was previously with Co-Op and would recommend either bank.
Saying that, my credit score dipped for a short amount of time, but 3 months later I've been offered a £280k mortgage!
It obviously didn't put the lenders off that much.
Likewise 4 x £250 etc.
The balance is transferred over automatically as part of the switch. You're old account is also closed.
To get the £5 per month, you need to deposit £750 and have 2 x Direct Debits debited from your account per month.
I created a Tesco Savings account which gave me one.
2. Credit card.
3. Tesco Bank - Internet Saver.
4. Tesco Bank - Instant Access
5. Charity DDs
it would be nice if people comment on what's the best (if there is one) "route" through banks to get less hassle / best value out of this
6. Post Office Savings
I opened the Nationwide account last year with £80 Quidco (no switching required) and just got my cashback recently so switched to First Direct for the £125. Nationwide only switched last week but have deposited the £1000 required and £60 from the Nationwide popped on top. Opened up their e-Saver with £1 to doge the £10 monthly fee and set up a Regular Saver at 6% also.
Their iPad and iPhone apps are really good, their customer service is great too. Don't want to switch from them to be honest, they have been really good. Smart debit card too, kinda like private banking.
Don't want to leave RBS either and don't want to open up another donor account but struggling to resist more free money ha!
Thank you -
Have pondered over this for a while and will be taking a step ... Will look back on this and be like ... What was all the fuss about lol
No problem with funding the accounts or setting up DD. Have no financial transactions going through that would affect my credit rating. Just want to switch and ditch.
Anyone tried Yorkshire Bank via telephone service?. What questions do they ask?
Thanks
The other 5 banks don't require this.
As mentioned a few comments before yours, you can use PayPal, a credit card, Tesco Bank, donate to a charity, Post Office account etc to create DDs.
Add to that a mobile phone contract, phone/broadband/TV package, gas/electric bill, council tax bill....
No IVR! No waiting in queues.
Excellent bank.
This reminds me of the days before the building society demutalised (though I didn't get in on that - know someone who took a week off work to drive round the country opening accounts!!)
First Direct don't need any DDs.
So it's still only Co-Op Bank who require you to have DDs to gain the switch incentives; the other 5 don't.
I did have one bank - and I can't remember which one but could have been Halifax or Nationwide - who said they could not do the switch because there were no direct debits in the original account. Having enought dd to cover the accounts can also be a problem but don't forget you can set up dd to pay off your c. credits cards or donate a set amount to charity.
Good luck
Jane
2 DD is only mandatory for Halifax Reward where they pay you £5 reward every month if you pay in £700 every month.
Wrong. Well it is if you use the switching service, it automatically closed it down.
I moved from santander to first direct, and as expected once transfer date was complete account was closed.
On another note. First direct have been ace. Very polite and UK call centre.
and since you can do Yorkshire/Clydesdale multiple times, can you go from Donor > Clydesdale > Halifax > Yorkshire > Co-Op?
Free £200-300 over a couple of months cant be bad
Open an account with Barclays. They give you your sort code and account number immediately after applying! :smiley:
I've already opened one Yorkshire Bank account and I've made an appointment to open another, so that'll be two lots of £150 coming my way soon. I'll probably apply for a Clydesdale account once the second Yorkshire Bank one is in the bag. :smile:
The manager confirmed that the offer is being extended to at least March so there should be plenty of time.
Thanks to the OP for the post.
I would like to apply for Clydesdale now but I an nervous that they will know I already have 2 accounts with Yorkshire.
Other than wanting the switch incentive what possible reason can I give for wanting 2 more current accounts? Do they ask a lot of difficult questions about why you want multiple accounts? Can someone who has done this please advise.
2. Salary payment.
3. Emergency fund.
4. Holiday fund.
5. Savings for a car.
6. Failing that, be honest and say you would like another switch incentive. My advisor was a right laugh and let me open 3 knowing it was for the switch incentive.
All YB/CB are trying to do is gain as many customers as possible so that the Aussies can sell the bank to someone else.
This article was published around the same time when YB/CB started to offer the switch incentive: http://www.theguardian.com/business/2014/oct/30/national-australia-bank-sale-yorkshire-clydesdale
Afterwards, make sure you transfer the correct amount of money into the account (and promptly withdraw it if you want).
It does help a lot if you decline any overdraft when it comes to opening a current account. Every single account I've opened; I've declined, and I believe that's why my credit rating hasn't been affected.
Also, can I ask aswell, do you know if the Nationwides £80 cashback offer from TCB can be used in conjunction with their refer a friend scheme?
:wink:
Has anyone else managed to get both?
Try a different telephone adviser.
:wink:
I arranged a call back nearly a month ago for a specified time. They didn't call at that time but during the day while I'm at work. So I called them back to be put on hold to be told 'we will phone you back ASAP'. The call back was always the next day during work so I go through the I'm busy, I'll call back, they can't answer so they'll ring me back ASAP (which was always the next day!) rubbish. So I get a call, they said it is all set up and they will be sending me the paperwork to sign.
Now I just get a phone call from them saying yet cannot verify my details over the phone so I have to go a branch to show my ID. Oh your closest branch is 90 miles away in Central London...
Everything about them is a joke. And what kind of bank has an 0845 number in this day and age!
She was happy to open another Yorkshire Bank account for me though.
I was completely honest with the adviser saying I already have 2 Yorkshire accounts open, but convenient for me to have another account to save for holidays and another £150 switch bonus would be nice.
Easier than when I opened the other 2 accounts as he pre-filled a lot of my previous details.
I have a good credit rating and did not ask for an overdraft. Maybe that helped?
Good luck!
I have just gone through Halifax's T&Cs and joint accounts are eligible.
However, it does state it's one incentive per person, which is why you've not received it for the joint account.
Thanks time to switch somewhere else now!
Quick question, I had a First Direct account about 10 years ago & closed it down, I noted part of the criteria is must not have had an account previously, has anyone else whose had an FD account before managed to switch and get the wedge?
I'll start the ball rolling with First Trust on Monday, but would be nice to close the deal with FD beyond that one.
If my middle name was included with one bank but not the other, will this cause problems with the switch even if first name/surname are the same?
As long as first and last name match, DOB, address etc. then it will be fine.
My £42 for opening a Co-op account are showing as confirmed in my TCB account.
But reading your answer, you seem to make a connection between the TCB cashback and a switch.
If I am not mistaken, there is none, you don't have to switch to Co-op to get the £42 cachback.
Am I wrong?
Why did you switch to account to them? I think you can only get the incentive once.
The good news though is that you should have at least until end of March to set one up because I was told that they're extending the offer, though I notice the website still says 28th February.
There are some hitting the 20-odd mark on MSE.
If so, then they have a FlexDirect account with no fee. Instead you get 5% on up to £2500.
Having said that, their FlexPlus account is very good for £10 per month. You get mobile phone insurance and travel insurance for you and other household members, car breakdown cover with home start, relay etc. You also get 3% interest on up to £2500; so it becomes a £6 monthly charge.
Nationwide, Santander, Halifax and Co-Op have all paid out the cashback via TCB/Quidco, even though I never used their respective switch services.
:wink:
I don't think they check properly.
Now, Quidco is only £50 for any of the accounts, still quite a good way of making £50 in just a few minutes I guess.
I should also make use of the friend referral scheme they offer.
EDIT: hmm, seems like they want you to switch to them!
"for an approved and opened new Nationwide FlexDirect account when you switch to Nationwide from a non-Nationwide current account using their full Current Account Switch Service"
Terms and conditions say one incentive for joint accounts. No mention of one incentive per person for sole accounts.
It could be 750 payments of £1 or 1 payment of £750 and everything in between!
Just thinking about opening another donor.
Won't know 'til they update their website.
It's not best to phone them and say 'I've got 3 accounts to switch'. You also probably got an anxious adviser.
Just open 1 YB account and start the switch.
Then phone them again and say you'd like to open their current account for reason x, if they ask 'have you got an account with us already?', just say 'yes' and explain it's for holiday/car/savings/retirement fund etc.
Eventually, you'll come across the right adviser who will allow 2/3 accounts to be opened.
Thanks for the reply karlie88. I've requested about 5 call backs from Yorkshire, but used the same info. Do u think they will call me again or will they just over look me as I have already tried to apply?
I tried cramming three in at once as I thought the offer will end this week. All or nothing attitude, but I will try it ur way. I just hope they extend the offer. Thanks again.
My sister had no problems opening 3 accounts at once but I think it really is down to the advisor.
So I've opened my Barclays Donor account. Is there a minimum period of time to wait before switching to another account?
Its seems the most amount needed for incentives is £1000. Shouldn't be a problem as it's just moving money around.
With the DDs though, I'm not so sure how to go about it. Since we're using Donor accounts, we can't transfer over an actual DD from main account. So do you just find something random to buy that can be paid by DD, set it up on the Donor & continue it until the whole process is complete? I've noticed some one off payments can be paid by DD, would that count? I'd imagine it has to be active? I guess paying a few quid for something is worth it to get the incentive.
As for the DDs; only co-op require them for the switch incentive to be paid. Halifax doesn't require it for the switch incentive, but it does require it for the ongoing £5 monthly reward.
Tesco Bank allow you to create DDs from your savings account; so the money always belongs to you. :wink:
Try these numbers instead:
0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank.
Next woman, my reason was for a funeral fund. She tried to get me to open an instant saver instead. then said I hadn't been operating my accounts as I said I would.
I hung up as she was peeing me off lol.
Has anyone else had this, and are all the assistants cracking down on multiples?
Yes, I feel it is becoming more difficult to get multiple accounts. They're likely wisening up to the whole situation.
They can probably see on their screens the accounts you already have. Those that opened the account, put £1000 in, then out within the same minute, have a zero balance, £150 credited, then out again etc. are far less likely to be able to open multiple accounts.
Treat it as a normal current account, have a decent credit balance, the odd debit card transaction etc....and you never know...
:wink:
Guess I'll just have to keep trying. I do have money in my 3 accounts sitting there, but the woman didn't seem to think it was enough. I just transferred a few 000 more.
Do you think they make a note on their system that they think you're not a 'proper' customer?
Thank you.
Thread starter.
I will probably do yorkshire bank next and then set up the direct debits whilst with them so they can transfer to the co op
Did I get a bad advisor, or are they getting strict now knowing we are playing them at their own game? What is the correct answer to the question as I was a bit flummoxed at such a stupid question (and didn't want to lie). She said she needed the answer to get her through that bit of the application (yet my answers weren't good enough?)
What do you want the bank account for? Er, banking...?
What do you want the account for? I'm not sure that any of your business.
I think those would be the normal replies to those questions, your meekness is probably arousing suspicion.
They offered a savings account.
When I said putting money aside separate they said I could do it with my other accounts, same with bills.
They def keep all info on their systems as the bloke repeated my reason for opening previous accounts back to me, but I hadn't said that on this phone call, but had earlier.
Beginning to think I have no chance now and they are stopping multis.
Jane
Don't bother with the callback option.
Try these numbers instead:
0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank.
I Waited for the second callback. Yorkshire bank rung this morning, got accepted to switch 3 accounts in one call. I tickled her with just the one account and then plunged straight in with the other two at the end of the call. Didn't take long, 10 minutes :wink:. The advisor was very helpful, if I could see her face to face I think I would have to kiss her. U too karlie88 for posting this awesome thread. x
I hope they haven't dropped it early as I've got a meeting today to open another account.
But it got 2 likes anyway :smiley:
During the application, it didn't once ask for info on my existing account so I cancelled the application.
What have I done wrong?
Is there a sensible order to do this in or does it not really matter?
I do hope not they have been a nightmare and can't wait to switch from them
But yes, as per the T&Cs, they have up to 60 days providing you follow their instructions.
As soon as you've got your account details (given at the end of the application), complete this online form:
https://secure.form.halifax.co.uk/application/account_transfer.asp
Lets just hope I didn't do anything wrong.
Massive thanks for Karlie88 - I've thought about these incentives before, but never wanted to move my account. Feel rather silly that I didn't think of the Donor account, but thank fully you did - I owe you a drink!
I know a guy who got fired from T-mobile some 7 years ago, because a caller asked for his personal number, and they talked on occasion.
That's nothing compared to meeting someone the same day! Jesus, common sense. For even bothering to repeat that (whether you believe it or not) is stupid.
Again apologies for the misinformation and thanks for the correction!
What dds did you set up just out of interest?
Now, it’s important to note that these offers have some simple T&Cs that you must adhere to in order to get the incentives. For example, First Direct ask that you pay in £1000 before you get the incentive, Co-Op requires 2 x Direct Debits (DDs) to be transferred over plus £800 to be paid in and Halifax ask you to transfer 2 x active DDs and pay in £750 to get the £5/month; you DO NOT have to do this for the £100 switch incentive. M&S state that you must use their switching service to receive the incentive.
but they have either amended the terms or these didnt mater last time:
Offer excludes Business Current Accounts and anyone who has already received or is about to receive £150 for switching to Clydesdale or Yorkshire Bank since 17/11/2014.
and you have to switch two existing DD's also..i might have to set an account up in my partners name
Anyone having similar problems.
M
My switch date was completed on 9th January and the incentive was paid on the 11th February.
I did pay in £1000 on 13th January.
I currently have no Direct Debits on my account. I live in a company property which pays all my utility bills. The company also gives me a phone so I do not have to pay any phone bills...
I do shop online (ebay - amazon etc.) and have oyster card, etc.
Many thanks.
Good luck.
But how do you do that? ebay just seems to use paypal
It can be found under this tab::
Payment methods for Seller Fees
Automatic payment method
Direct debit
Good luck.
Cheers,
M
http://www.hotukdeals.com/deals/plumbing-drainage-cover-with-no-excess-for-only-50p-a-month-for-first-12-months-2167758
Thus you are asking Paypal to request funds (1p) via the active DD from your bank.
So I've updated the 1st post with the following:
1. New T&Cs with Yorkshire and Clydesdale bank - before you could get multiple incentives per person; this is no longer the case. Only one per person now. They have also added DDs to their switching requirements.
2. I have also added a small summary of DDs/payments in required for each bank at the end of the post. Additionally, I've added the length of time it takes for the incentive to be paid.
If there's any omissions/mistakes then let me know.
Thanks.
"earn up to £100.000+ MEGATHREAD"
£100.000 = £100
What you mean is £1000.00.
:smiley:
I've now edited to £800 to reflect the change in YB/CB T&Cs...no longer unlimited.
:disappointed:
Will send you a pm.
Happy days. Shall leave it a few weeks and switch accounts again. Extra spending money for holiday!
This clearly tops it by a mile!!
Chose First Direct. I'm not it notes it above, but they say there is a £10 a month charge but this is avoided when paying in £1000 a month, or keeping balance above £1000.
This shouldn't be a problem for any of us switchers anyway since we need to pay in the £1000 to get the incentive.
Completed their switch form, just waiting for the switch email & then I have to phone them to continue the switch.
Thanks again OP and thanks also to other contributers.
I ask because their T&Cs (http://bank.marksandspencer.com/pdf/CACass125.pdf#page=8 ) say:
and then:
So it looks like you have to make the account your main account for the £125 payout! :confused:
Not surprising, I guess.
They'll have a couple week grace period for you to send in switch forms after etc.
You've been notified....
Just got to get in there early and not hold off and think 'I'll do this after Easter' etc.
Reminds me of Tesco's overcharge policy several years ago...if you were charged more than the shelf label price, then you'd get a refund and get to keep the item. Once, Xbox consoles were priced at £179.98 but going through the till at £179.99. So people would get free Xbox consoles. Sadly, that policy no longer applies at Tesco.
Then there was Tesco's price promise where they would give you double the difference against Asda if your shop was more expensive at Tesco...so all you had to do was buy full priced items in Tesco that you knew were half price in ASDA (£10 in Tesco vs. £5 in ASDA) and you would essentially get the item for free. Again, after a few months that got scrapped.
Moral of the story with this? Get cracking with the switch incentives before they all disappear!
From what I read at the moment, no payments in are needed and no DDs are required. It's probably one of the best and easiest incentives out there.
:innocent:
So it has to be an active account with transactions and/or DDs and your salary/pension etc. being paid in on a regular basis to count as a "main current account". I wonder if they've recently tightened the conditions?
Edit: And they specifically state in the Terms & conditions:
So once you've switched your old account to them you have to make the new M&S account your main one by having your salary/pension paid in and paying bills etc. It seems quite clear from the T&Cs. So not a problem if you're switching your main account to them but if you're switching a donor account with no activity on it, you probably won't get the incentive unless you then start using the new account as your main account.
"Customers switching a Bank of Scotland bank account to Halifax are not eligible for the offer."
Does this include NatWest?
But I'd email them to make sure (so you've got something in writing):
https://www.halifax.co.uk/HelpCentre/online_support.asp
We've all received our gift cards.
Halifax is simply a trading name for Bank of Scotland, it's not a separate bank.
:smiley:
Has anyone else got an incentive payment by switching from an unused donor account yet?
I applied online but they don't tell you there and then whether you've been accepted, they send out forms to fill in apparently - I didn't have to fill in anything about the donor account which I found strange, it's like I only applied for the current account and that's it.
Did everyone else do this or have I messed up somehow (can't see how I could as I applied through the MSE link to get the £125). Anyone?
So for example first direct requires £1000, assume that is the total balance needed? So some money will be moved with the transfer anyway (eg previous incentives already paid) so I could just pay the remaining amount?
The Co-op does not count any transferred money received from closure as part of the min £800 deposit required.
Only thing I would say is a few terms and conditions haven't been displayed clearly, for example with the Halifax rewards account you need to pay in £750 p/m and have 2 DDs for the £5 reward (not sure about incentive) and for the £100 for leaving First Direct you need to leave after 6 months but before 12 months and have to pay in £1000 for 6 months.
You are corect about FirstDirect
I have an account with first direct already which is my main account. Well I have 2 current accounts and 2 saving accounts with them already. So does that disqualify me from trying to get any cash out of them ?
Would setting up a PayPal Business Account together with 2 DD work?
Cheers!
Just to let you know I'll do an update sometime next week. Thanks for all the contributions so far.
:smiley:
I was thinking of leaving it like that in case I need it for another switch. However, I see on the reverse of my latest paper statement "PRIVATE BANKING CURRENT ACCOUNT CUSTOMERS PAY A QUARTERLY FEE, DETAILS OF WHICH APPEAR ON THE FRONT OF YOUR STATEMENT". - but there are no further details printed anywhere. I don't recall anything about this when I opened the account. Has anyone had charges applied? Maybe I should close it completely. Any advice please?
Technically, I could set up standing orders so each months I have the required amount paid in and out.
Read the Ts&Cs and you would have avoided this problem, the amount required is already there on the opening thread post.
TLDR: Quit complaining and don't be lazy in future.
I did note that after a couple of weeks the previous two accounts were noted as closed and my report was now in the good segment..
I would prefer points, but am not sure whether to ignore the cash and hope for something better in the future. I may try ringing them up to see if they're able to change it to a points offer, but I very much doubt that would be possible.
Would love to receive 10,000 Clubcard points. £400 worth of vouchers would be amazing.
:smiley:
:wink:
http://forums.moneysavingexpert.com/showthread.php?t=5073569
Tesco Bank are gradually opening the offer to more customers...what I'm not a fan of is the variety of offers. Some are getting £50 gift cards, £100 gift cards, £100 cash, 5,000 CC points or 10,000 points. Guess it's still in their trial phase.
I got a HSBC switch incentive a few months ago for £100. Again this is a trial to see how popular it is...although they should really have the facts given First Direct's popularity with switch incentives. Post Office also offered a £100 One4All gift card a year ago - again that was a trial across the Midlands.
It's only a matter of time until more banks roll it out...hopefully Natwest, Virgin Money, Sainsbury's Finance, ASDA Money etc. will join in on the act.
:smiley:
Was thinking First Trust, but seems telephone only and not in the mood to go through all that!
Why they can't do it online like some of the others!
Tried to sign up for First Trust but couldn't pass the ID check.