Should people be switching to get cash back in these uncertain times?

Brendan Burgess

Founder
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The problem with multiple switching is that if you start with ptsb or Bank of Ireland hoping to switch to some other lender, you could lose your job or lending criteria might change, and you would be stuck with a lender which is very bad value.

So should people just go for AIB, Ulster Bank or KBC?

Or if they are currently with BoI, EBS or ptsb, they should switch quickly while they can?

Brendan
 
I'm looking to switch from high BoI variable of 3.5%. I was thinking to fix for two years with Ulster at 2.3, and hope there are good value rates again after the two years are up. I dont want to switch current account. I phoned BoI to see if they would move on their 2.9 fixed rate but got no joy. I told them it was too high. My age is creeping up so not all lenders want me anymore :-( or for as long as I'd like. I lost out big time twice before when I switched, lost tracker, then fixed before rates started to drop so am always hesitant about switching now. I just hate paying a high variable when there are lower fixed out there. Hope my switch works out this time !
 
@Stitcher sounds like you should definitely switch.

Brendan's question was more about people who attempt to do multiple switches, back to back, to pocket the cash backs. There's more risk at the moment of not being able to execute them all smoothly, a d getting stuck with the 'middle' bank.
 
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