Business banking switch and get £1500?

[ville1401]

I keep getting offers from my bank to switch banks (away from them) and get £1500. Being cynical, I'm wondering whats in it for them? I suspect that they are suddenly pushing this to try and offload customers with bounceback loans, as they are expecting a big hit from them.

I know a colleague switched and got the £1500 so it does seem legit in that sense. The timing just seems rather coincidental

Anyone else done it?

 

[ethical PR]

Hard to comment as you haven't shared the offer detail

 

[SillyBill]

Seems a trivial amount for a business to jump ship, personal banking, maybe...Need to pay several multiples more than £1500 to entice us to have the hassle of switching banks. I actually shudder at the thought of how much of a royal pain in the arse it would be.

 

[ville1401]

Hard to comment as you haven't shared the offer detail

here you go
https://www.moneyguru.com/business-bank-accounts/switch/what-is-the-business-banking-switch-scheme

 

[AllUpHere]

As @SillyBill said, who on earth is going to switch banks for 1500 quid? You can guarantee at least one client wouldn't notice the new bank details on the invoice and pay the wrong account. Not worth the hassle.

 

[Highland Spring]

Certain banking establishments have agreed to be a part of the scheme, so you will only be able to choose a bank from the list in order to receive an additional incentive. The following banks are included in the scheme:

• TSB
• Starling Bank
• Santander
• Metro Bank
• Handelsbanken
• Hampden & Co
• Habib Bank Zurich PLC
• The Co-operative Bank
• Clydesdale & Yorkshire Bank
• Arbuthnot, Latham & Co

So whilst tempting you have to bank with one of these lesser known banks

 

[Mr D]

I keep getting offers from my bank to switch banks (away from them) and get £1500. Being cynical, I'm wondering whats in it for them? I suspect that they are suddenly pushing this to try and offload customers with bounceback loans, as they are expecting a big hit from them.

I know a colleague switched and got the £1500 so it does seem legit in that sense. The timing just seems rather coincidental

Anyone else done it?

Got to admire the marketing strategy. Push customers away, it's a new method for the bank and an old one for some post offices.
Even pay them to go away.

Must have been an interesting presentation to the board with that idea....

 

[japancool]

You'd have to pay me a lot more than £1500 to go near TSB again.

 

[Mr D]

We are with Santander. They are ok.
Would not touch co op Bank, they tried to con one of my relatives out of several grand.

 

[JEREMY HAWKE]

@AllUpHere Your the only one that has mentioned this and it is very important
Why would you change your business account

 

[ville1401]

@AllUpHere Your the only one that has mentioned this and it is very important
Why would you change your business account

Cos your bank is shit?
Cos you could get £1500?
Cos your a retail business so dont get paid by bank transfer?

I get that it would only need a client or two to use the wrong acct details to make it not worth while, for many businesses, including mine. But there are are plenty of businesses that dont use bank transfers from clients for whom it could be worth a look.

 

[Mark T Jones]

Look at it another way; it is clear that RBS and NatWest want to offload small business accounts - if you don't take up the offer you might well find yourself being asked to move your account elswhere in the future

Actually I've been thinking of changing for 3 years, it's only ineria/laziness whch has topped me. If I was with NatWet/RBS I'd jump at this offer.

The alternatives are a bit odd though.