There is nothing stopping you switching more than once
Customers of Lloyds, Natwest, First Direct and Nationwide are being sent a share of £735 thanks to lucrative bank switching bonuses.
The four banks are currently offering up to £200 each to lure customers to ditch their existing account and swap to them instead.
Since there is nothing to stop customers switching multiple times and racking up several bonuses, some people could grab most of that £735.
Bank customers are notoriously loyal. Recently, a survey carried out by Martin Lewis showed that the majority of participants hadn’t changed their bank in over 20 years.
Bank switching bonuses are so lucrative because they have to be to lure customers away from accounts they have grown used to using for years.
The process is easier than people think, once the switch is initiated, the bank switching service will take care of everything within 7 days and all your direct debits will be transferred over, too.
Lloyds is currently offering £200 to switch plus other perks including 12 months of Disney Plus and access to a linked regular saver paying 6.25 per cent interest fixed for a year.
However, there is a catch, you can’t switch from a Halifax, Bank of Scotland or Lloyds account.
Natwest is offering £200, as well as £3 a month cashback on top and a 6.17 percent interest linked regular saver, but you can’t switch from RBS or Natwest.
Meanwhile, First Direct is offering £175 as well as a linked 7% regular saver, fee-free overseas spending and a £250 0 percent overdraft, but you can’t switch from HSBC.
The switch is subject to a credit check and while it shouldn’t have a major impact it’s worth considering if you’re about to change your mortgage, to avoid disruption.
Legally, you can make multiple switches to claim more than one bonus.
Some people have what is known as a ‘mule’ account which they just switch constantly in order to keep on accumulating switching bonuses.
