Quick question re bank switching

15
Posted 4th Jan
Good morning.

I was wondering. If I recommended a friend to join nationwide, is there anything stopping me from leaving nationwide myself as soon as the referral bonus is paid to my bank and then I go to another bank to claim their bonus?
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No, but each time you switch you will be hard searched as a credit application. Some credit reference agencies (Equifax, who are used on ClearScore for example) will subsequently negatively impact your credit score.

You’re better off staying with Nationwide for 1 year (take advantage of interest rate on current account and the monthly saver) and then switching to another incentive account such as First Direct etc.
Edited by: "N898TS" 4th Jan
N898TS04/01/2020 09:06

No, but each time you switch you will be hard searched as a credit …No, but each time you switch you will be hard searched as a credit application. Some credit reference agencies (Equifax, who are used on ClearScore for example) will subsequently negatively impact your credit score.You’re better off staying with Nationwide for 1 year (take advantage of interest rate on current account and the monthly saver) and then switching to another incentive account such as First Direct etc.



Unless one is in the market looking for a mortgage, car loan, etc in the very near future, the hard search really has no serious impact. The credit history is there to be used sensibly but profitably, not nurtured like an endangered species. Secondly, no bank ever gives a loan on the credit score alone - they look at a variety of other factors.
N898TS04/01/2020 09:06

No, but each time you switch you will be hard searched as a credit …No, but each time you switch you will be hard searched as a credit application. Some credit reference agencies (Equifax, who are used on ClearScore for example) will subsequently negatively impact your credit score.You’re better off staying with Nationwide for 1 year (take advantage of interest rate on current account and the monthly saver) and then switching to another incentive account such as First Direct etc.


I've been with nationwide a few years now. I'm going to ask a friend to join and therefor we both get £100 each. However my question is after I get the £100 can I just leave nationwide and go with someone else?
bbfb12304/01/2020 09:20

I've been with nationwide a few years now. I'm going to ask a friend to …I've been with nationwide a few years now. I'm going to ask a friend to join and therefor we both get £100 each. However my question is after I get the £100 can I just leave nationwide and go with someone else?


Ah ok - yes looks that way from T&C’s as long as you wait until your friend’s account is open and they remain a customer for at least 3 months. See here nationwide.co.uk/abo…ons
N898TS04/01/2020 09:23

Ah ok - yes looks that way from T&C’s as long as you wait until your f …Ah ok - yes looks that way from T&C’s as long as you wait until your friend’s account is open and they remain a customer for at least 3 months. See here https://www.nationwide.co.uk/about/recommend-a-friend/terms-and-conditions


It just says that the recommended friend doesn't leave within 3 months. So on that I read it as soon as they pay me I can leave so long as the friend doesn't?
How desperate for £100 are you to go through the hassle of keep changing banks?
deeky04/01/2020 09:30

How desperate for £100 are you to go through the hassle of keep changing …How desperate for £100 are you to go through the hassle of keep changing banks?


Well for the sake of taking 30 minutes and a new card in the post £100 Seems worth it?
bbfb12304/01/2020 09:31

Well for the sake of taking 30 minutes and a new card in the post £100 …Well for the sake of taking 30 minutes and a new card in the post £100 Seems worth it?


Crack on.
deeky04/01/2020 09:32

Crack on.


Thanks for your helpful input. I think your expertise is needed in other posts. Go! Quickly now!
I applied for a Nationwide current account a couple of years back online and heard nothing back (having been a customer many years previously), I popped in to one of their local branches for an update on the application and after leaving one of their cashiers absolutely puzzled I was asked to step into one if their offices to speak to their branch manager.

It transpired that they had sent the application paperwork to an old address I had lived at some several years before whilst at University, how they made the connection that I had lived at the property previously I really don’t know (Nationwide were still unable to confirm how and why following an investigation) but someone living at the property proceeded to open, amend/complete the application paperwork and returned it to Nationwide opening a joint account in both their and my own name.

I was awarded substantial compensation for the DPA breach and outright fraud, amongst other things.
bbfb12304/01/2020 09:31

Well for the sake of taking 30 minutes and a new card in the post £100 …Well for the sake of taking 30 minutes and a new card in the post £100 Seems worth it?


Is it really that easy though? I recently changed banks and had a couple of Direct Debits not switch properly which I had to sort out.

Not only that, what about everything linked to your card, PayPal, Amazon etc. They all need updating and only when you get your new card details.
bozo00704/01/2020 09:17

Unless one is in the market looking for a mortgage, car loan, etc in the …Unless one is in the market looking for a mortgage, car loan, etc in the very near future, the hard search really has no serious impact. The credit history is there to be used sensibly but profitably, not nurtured like an endangered species. Secondly, no bank ever gives a loan on the credit score alone - they look at a variety of other factors.


Number of credit checks made in a certain period does tally to the credit score derived. Unlikely to impact the use case the OP is giving but the logic is that someone in financial difficulty may make a large number of credit applications in a relatively short period of time and is something outside the normal use case. It is also the definition of a rejection code (not alone mind) I have seen Experian give a credit card company.
winzzz04/01/2020 10:32

Is it really that easy though? I recently changed banks and had a couple …Is it really that easy though? I recently changed banks and had a couple of Direct Debits not switch properly which I had to sort out. Not only that, what about everything linked to your card, PayPal, Amazon etc. They all need updating and only when you get your new card details.


The last time I swapped a few years ago it was really simple.
bozo00704/01/2020 09:17

Unless one is in the market looking for a mortgage, car loan, etc in the …Unless one is in the market looking for a mortgage, car loan, etc in the very near future, the hard search really has no serious impact. The credit history is there to be used sensibly but profitably, not nurtured like an endangered species. Secondly, no bank ever gives a loan on the credit score alone - they look at a variety of other factors.


‘Not nurtured like an endangered species’ - class
Yes 3 months,over last couple of years the wife and i have made 2.5k switching banks
Edited by: "tomdavidrichards" 4th Jan
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