Swapping bank accounts for profit

[Deeps]

Thought I'd share, I was in the Nationwide changing a bank account from a savings to a credit account and they were doing the hard sell on their other products. We were thinking about changing our bank accounts anyway as our local branch had shut, long story short, even though we were both named on both joint accounts, I could recommend Her Maj to move a joint account and then she could recommend me to move the other joint account and we're both 200 quid richer. It was all sorted in branch too and all direct debits/standing orders etc should be sorted too (to be confirmed) so very little hassle and its paying for Christmas. Other banks might be doing similar so if its something that appeals have a nose.

[Arwen Thebard]

That's very impressive, well done.
I can't understand why more people don't do this? It's so easy nowadays.
Like the energy / phone / insurance companies, you just need to watch out that the costs dont escalate once the first 12 months is up.

[jansman]

Do you have to keep that account open for a required time Deeps?

[Deeps]

Do you have to keep that account open for a required time Deeps?

That's a good point, there was no mention of it, there were a few caveats like having a couple of direct debits come out I think. For mine and one of the joints (max of 2) if you put a grand a month in you get 5% interest up to 2,500. While I'd love to be stashing cash away to take advantage of it, I can't see it until we clear the mortgage on our place. We moved as much for a local branch as anything clever financally.

[jansman]

Thanks for that info Deeps.Our local Barclays and the one in town are getting less customer friendly by the week.Every time we go to pay cash in it is a 20 minute wait whilst one cashier has to deal with the queue.Upon complaint I was told that " there is less demand for counter services"- my arse! I tried to go further with the complaint and I was simply ignored.Time for a change methinks.

[Deeps]

Thanks for that info Deeps.Our local Barclays and the one in town are getting less customer friendly by the week.Every time we go to pay cash in it is a 20 minute wait whilst one cashier has to deal with the queue.Upon complaint I was told that " there is less demand for counter services"- my arse! I tried to go further with the complaint and I was simply ignored.Time for a change methinks.

Its a bit of a catch 22 isn't it, if they reduce the service then it will become more of a pain so less people use it. Sort of self fulfilling, I only went in to upgrade a crap savings account that my Navy pension goes into, to be honest I'm not sure why it went into that one as my gratuity went into my 'normal' account but I digress. I wanted full internet banking and we've ended up being 400 quid better off. I daresay in the end there will be hardly any branches and it will pretty much be all online, we're not that far away from 'everyone' being comfortable online, although as preppers I'm sure we can see the 'single point of failure'.

[preparedsurrey]

If you have the (mis)fortune to live in the London area then Metro bank are excellent in terms of being open and having good customer service.

[jansman]

[quote="preparedsurrey"]If you have the (mis)fortune to live in the London area then Metro bank are excellent in terms of being open and having good customer service.[/quote
Thanks for the heads up mate. Unfortunately I am in the country called England.Not London.Not being funny,but its how it seems to roll.