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Switching Banks Incentives

We hear it all the time, switch to so-and-so-bank and they’ll give you £XXX. Yu can really play the game, move your current account, claim the money and then move on to another one soon after. But Halifax has announced that they’re reducing their £100 incentive, by 25%. From March 1st 2017, you’ll only receive £75.

This isn’t great news after it slashed the monthly rewards payment for customers from £5 to £3 last week. If you join before March you’ll be able to get £136 in your first year, but after March this will drop to £111.  This actually isn’t that bad. It’s money for nothing after all but you can get a lot more from other accounts. Be quick though as I reckon other banks will follow suit & soon start slashing.

It doesn’t surprise me really. I bank with Santander and they changed the 123 account incentives and prices a while back. It still pays me to have an account with them, but for many, there are better options elsewhere. If you are planning on doing a bank switch, do your research, see what works best for you and then commit to doing it. So many people moan about their banks but never actually move. Don’t be loyal, i

If you are planning on doing a bank switch, do your research, see what works best for you and then commit to doing it. Be aware that some of them have a minimum monthly amount that you have to pay in in order to get the incentives. Usually, this is your salary, but for self-employed people like myself, it’s not always as simple to hit those targets. Loads of people moan about their banks but never actually move. Don’t be loyal to your bank, they’re not to you. They change terms and conditions and move goal posts all the time to benefit them, do something which benefits you & gives you some cash!

 

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