Bank Switching Incentives?

7
Posted 16th Jun
Morning folks,

Anyone spotted any worthwhile bank switching incentives?

I can’t see any, presumably due to the ongoing pandemic, and I really want to ditch NatWest who I’ve found the worst bank I’ve had in my 20 years of having an account!

Thanks in advance.
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7 Comments
First direct are a well reviewed bank they always seem to have incentive offers
Unfortunately, the banks aren't really competing for business at the moment, so I don't believe that you'll find any significant switching incentives. You'll see this noted in Money Saving Expert's guide, for example: moneysavingexpert.com/ban…ts/

Ukguy10116/06/2020 11:18

First direct are a well reviewed bank they always seem to have incentive …First direct are a well reviewed bank they always seem to have incentive offers


First Direct aren't currently taking applications for new current accounts.
Illusionary16/06/2020 11:30

Unfortunately, the banks aren't really competing for business at the …Unfortunately, the banks aren't really competing for business at the moment, so I don't believe that you'll find any significant switching incentives. You'll see this noted in Money Saving Expert's guide, for example: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#switchingFirst Direct aren't currently taking applications for new current accounts.


Suspected as much after a quick google, but thought I might have been missing something.
If NatWest are that bad, just leave. Would recommend Starling (fee free international transactions and withdrawals, live chat support, mobile cheque deposit, Post Office cash deposits) but understandably mobile banks are not to everyone's liking.

For high street banks/building societies, easy to find one better than NatWest. Nationwide, Halifax, and Santander are rather competent. Barclays are usually way too busy + mostly automated lots of their branches.

Nationwide offered refer a friend £100 bonus but that has also been paused due to COVID-19.

If you are interested in trying something like Starling, they never offer switching bonuses anyway + allow you to transfer bank accounts after you join. You can open an account, try it out, and decide if you want to switch or not at any time
Edited by: "jamie15" 16th Jun
jamie1516/06/2020 12:29

If NatWest are that bad, just leave. Would recommend Starling (fee free …If NatWest are that bad, just leave. Would recommend Starling (fee free international transactions and withdrawals, live chat support, mobile cheque deposit, Post Office cash deposits) but understandably mobile banks are not to everyone's liking.For high street banks/building societies, easy to find one better than NatWest. Nationwide, Halifax, and Santander are rather competent. Barclays are usually way too busy + mostly automated lots of their branches.Nationwide offered refer a friend £100 bonus but that has also been paused due to COVID-19.If you are interested in trying something like Starling, they never offer switching bonuses anyway + allow you to transfer bank accounts after you join. You can open an account, try it out, and decide if you want to switch or not at any time


They are that bad, but I’d rather do so and get paid £100-200 quid for the privilege.

Same process, superior financial gain. It is finance, after all
LeeTheRed9616/06/2020 17:08

They are that bad, but I’d rather do so and get paid £100-200 quid for the …They are that bad, but I’d rather do so and get paid £100-200 quid for the privilege.Same process, superior financial gain. It is finance, after all


I don't think it will be too long before switching bonuses will come back, now bank staff are getting adjusted to the new normal I think they'd be able to handle new customer applications well enough soon.
jamie1516/06/2020 17:10

I don't think it will be too long before switching bonuses will come back, …I don't think it will be too long before switching bonuses will come back, now bank staff are getting adjusted to the new normal I think they'd be able to handle new customer applications well enough soon.


My suspicion is the same, and my interactions with NatWest (while diabolical) are in fairness few and far between, but with significant amounts of wasted time and lost money, so I can probably hold off until July to see how the market for that service expands.
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