You may not know this but most banks are very keen to get new customers as such they will offer you money to join you this may sound to good to be true but let me explain why.
What problems do Banks have now a days?
- People often are in debt
- Can’t afford Mortage
- Can’t pay for assets
- Losing money a lot of the time through bad plans
- Lots of competition through online banks now
- Virtual currency such as Bitcoin very common now.
All these things mean a bank has a great deal of problems to get new customers or make more money. Many people also leave banks over problems they give them like many banks use part of the money in your account to make them money say you have £20,000 in your bank now your bank could give £10,000 from your bank to be part of someone else mortage which means if you tried to withdraw £11,000 you would get refused and find out your bank did this. A big thing most banks did and still do is sell sell debt and buy debt it’s basically like trying to buy a timebomb and hoping it will not explode it is often something no one can fully control meaning doing this method gives the banks giant risks which can even make them go bankrupt themselves. You maybe wondering why banks do this for one it makes them giant money and in general to make money you need to spend money and this is very true in this case but getting successful is like trying to win the hardest game of Poker all the time.
Getting back to what you want to know most is why do they give you at least £100 to join them? Well the reason for why is this they need new customers and by you joining them you shut your current account with your past bank and you get paid £100 for doing it some of them pay you £100 if you stay with them for 6 months or longers so you get paid in some of the times £200 for doing more less nothing. You can do this as many times as you want a year I know of people who do this every month of the year meaning you get paid in £1200 a year minimum which could easy buy you a holiday or cut down your debts or just give you a bit more saving you would need to open and close accounts a lot to do this but it’s worth it if you want more money and you only need to put in £1000 a month as minimum payment which in real terms is not a lot of money so most people in the United Kingdom can do this often.
The banks I did it with so far were First Direct and also Co-op bank I found First direct were the better bank overall for this they will give you £200 free interest overdraft with the account as well plus better services than Co-op overall.