These posts were originally posted on the YNAB forums and MoneySavingForums (a UK money management site), I am moving my journals across to WordPress to have them in chronological order, and because the YNAB forums are closing as of March 2022. I’m not sure how much of other people’s words I’m allowed to copy across from one site to another, so in some sections I may summarise conversations.
So within the UK we have something called the Current Account Switching Service, which is just an easier way to move bank accounts from one provider to another
And banks sometimes take advantage of that to try entice new customers in
My main bank is currently offering £130 cashback to customers who use the Current Account Switching Service to switch to them
This also applies to existing customers
So I’ve opened an empty burner account at my secondary bank (it took like 5 clicks in the app since I’m already a customer w them) and once I have the card I’m going to switch into my already existing main bank account
There are a few more qualifications, I think you have to wait 60 days? Or 90 days. But then I should get the money!
There are some people who make a habit of this and switch accounts a few times a year to get these bonuses when they’re available. It can dent your credit score though if you do it too much. I’ve been interested in that for a bit, and I thought this would be a nice easy one to start with.
In response a commenter saying it was a cool perk
I mean… kinda, yeah
There’s a few qualifications (aren’t there always) but they’re pretty low imo
It’s something like have 2 Direct Debits, use online banking, and pay in £1000 over the course of 2 months
But, nothing ventured, nothing gained, I think £130 is worth 5 clicks on the one app to open the account and filling out one form at the main bank!
In response to a commenter asking if it affected my credit score
In the UK it technically does, because current accounts can come with overdrafts, which is a form of borrowing, so, credit check. But then again in the UK credit scores are only really used when you intend to borrow, from what I understand in the US they’re also used to rent apartments and stuff?!? So if you’re in the UK and not intending to take out a mortgage or loan within the next 12 months, and your credit score is otherwise ok, it’s probably fine. I have no intentions to borrow.
Unrelatedly, my Fitbit is broken, again. They’ve sent me an email offering an under-warranty replacement, again, but honestly these things break roughly once a year and I dont know if I cba anymore… anyone know what’s the competition like? I just want something that actually outlasts it warranty! And at the risk of sounding pretentious, I worry about the ecological aspect of digging up all those rare metals for something that breaks in a year…