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How Often Do You Switch Banks?

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I know that some banks offer good bonuses for switching, although it’s a bit of a hassle changing over the details, but well worth it if you get a monetary reward for it

ive done it once but it’s been a while

hspexy
2 years ago
What do you think of this?
mmokane24
mmokane242 years ago

I do it regularly. I just keep an account for switching as this is free money and it would be silly not to. banks aren't loyal to us so get what is offered I say

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hspexy
hspexy
Original Poster
2 years ago

Very true. It’ll keep them on their toes

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ptenn00
ptenn002 years ago

a lot of the banks are not offering competitive rates, so even if you just get a bonus for just switching, it is worth it, and then move on to do the same. Lots of offers from banks to do this nowadays

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hspexy
hspexy
Original Poster
2 years ago

It’s true, no loyalty rewards to be given. And they’re not very customer focused these days, only when you’re new to them

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jmsonl
jmsonl2 years ago

I don't bother as my bank gives me 1% back each month on my mortgage payment, money back on all my utility bills and water rates which adds up to plenty over the year. It depends on what type of account you have. The problem with the big cash payouts is that you may end up with a service that has no decent perks. If though you don't currently have any then yes move along and grabs the bonus for sure. I have used the bank switch system and it is really good. Everything is transferred, DDs etc, all in one swoop.

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hspexy
hspexy
Original Poster
2 years ago

I found when I switched in the past, they used to offer me perks, so an decent introductory interest rate on credit balances, but they all disappear after you’ve been with them a while, so it’s indeed best to move on

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jojowane67
jojowane672 years ago

ive never changed sinced i got divorced and then we got a new one me and darren have a joint one ... it would be too hard unless they contacted the DD i pay and change them . think i might look into how much i would get and how much work it would it would be as all my pills cause me to get mixed up more then other people . but suppose it would be worth a try

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hspexy
hspexy
Original Poster
2 years ago

The banks that offer the deals for new customers will offer the switcher service, so it’s seamless to move DDs - they guarantee it. The first time I switched I visited the bank in person, and they answered every question and did everything to make it easy. I recommend it, although you do need time - think I was at the bank for a hour. The second time I did it was online, and that was easy. Definitely worth checking out - I just need to get my act together!

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MrsCraig
MrsCraig2 years ago

The last time I switched was when I got married and even then it was just a case of adding my name to my husbands account to make it a joint one. We tend to open a new savings account each year to get the best interest deals.

We are more likely to remortgage to get a better interest rate. We remortgaged about 2 years ago and got a much lower interest rate and were able to reduce our mortgage term too, so I am more likely to do that again then switch banks

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mmokane24
mmokane242 years ago

if you just keep an account for switching, set up two dds for £1 to a charity and recycle your wages by transferring the minimum amount into the account and then out again a few days later. just pick up the free cash and do it again for the next offer coming up

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