Multiple Current Accounts

pollyanna24 · 18 May 2017 at 11:55AM

Someone on another thread mentioned that I could open up another current account and do a switch from that if I didn't want to close my current main bank account.

Now I have no idea why this didn't occur to me before!

Is there anything stopping me setting up a few current accounts in case these switch deals come about? I am thinking of doing the TSB one and have opened another Nationwide account to be the "mule" account, but now I want to do the First Direct deal as well.

Can I just approach another bank (not Nationwide as they might think it odd me wanting yet another current account) and then switching to First Direct?

It all seems too easy. Okay, so there's the hassle of moving money around to satisfy the £1,000 in each month, but this can all be done online now, right?

castle96 · 18 May 2017 at 12:07PM

Many of us have multiple accounts knocking around from previous incentives. These will be ready for any future use/switch. Nothing wrong with opening further accounts with your own/main bank, or any others. Do it online.
Yes, online banking transfers/faster payments/standing orders, is the way to shift the money. It's all just a money-go-round.... enjoy

pollyanna24 · 18 May 2017 at 12:11PM

castle96 wrote: »

Many of us have multiple accounts knocking around from previous incentives. These will be ready for any future use/switch. Nothing wrong with opening further accounts with your own/main bank, or any others. Do it online.
Yes, online banking transfers/faster payments/standing orders, is the way to shift the money. It's all just a money-go-round.... enjoy

Marvellous! I'm so behind the ball on this.

Now I'm trying to find banks that don't have incentives so that I can open accounts to then switch to the ones that do! Tried Halifax and they have a £75 offer which I didn't know about.

binaryuniverse · 18 May 2017 at 12:15PM

Just open one online and let the automated process do it for you.
Once in, change some of your direct debits (or open new ones on savings accounts) and let them show on your account. If you're being extra cautious then wait until they have had a payment go out first.

Then apply and do your switch to the account offering the incentive.

pollyanna24 · 18 May 2017 at 12:17PM

binaryuniverse wrote: »

Just open one online and let the automated process do it for you.
Once in, change some of your direct debits (or open new ones on savings accounts) and let them show on your account. If you're being extra cautious then wait until they have had a payment go out first.

Then apply and do your switch to the account offering the incentive.

So I can set up a direct debit to a savings account? And here's me going to shift some of my various direct debits.

Are there any banks in particular that I should use to set up my "mule" accounts? i.e. that don't offer incentives?

Katiehound · 18 May 2017 at 12:36PM

pollyanna24 wrote: »

So I can set up a direct debit to a savings account? And here's me going to shift some of my various direct debits.

Are there any banks in particular that I should use to set up my "mule" accounts? i.e. that don't offer incentives?

Firstly It's easiest to set up new accounts with your existing bank. You only need a basic current a/c. Once open you then 'groom' it with whatever is vital for the deal- monthly payment, outgoing DDs etc.

NatWest, Barclays & Lloyds haven't (yet) figured in switching deals.

Yes, you can set up DDs to a savings a/c. The ones folk seem to use belong to that well known supermarket- Mr T.
Another possibility is to split your existing DDs (generally they need to go out every month to qualify) and put smaller ones into your new a/c (s).
Or you could donate to charity- several will accept £2 or £3 per month. Christain Aid, Water Aid, Save the Children all advertise for a small sum (or more)

I would check that the cycled money and the new DDs are working before the switch, that way there shouldn't be a problem

badger09 · 18 May 2017 at 1:03PM

OP

Just a word or two:p of caution

1) There is no guarantee that you'll be accepted for every account you apply for.

2) Some banks are much choosier than others over who they accept. First Direct & HSBC being the prime examples.

3) Multiple - and by that, I mean more than say 3 or 4 current account applications in a short period could raise warning flags to future potential lenders. So think carefully if you are likely to be making a mortgage or credit card application in the near future.

4) Occasionally someone posts to say their banking relationship with a particular banking group has been terminated. Speculation only, but I wouldn't use just one bank for all your 'donor' accounts, unless you never intend to bank with them in future.

So, by all means go ahead and fill your boots, but exercise a little caution;)

pollyanna24 · 18 May 2017 at 1:11PM

Thanks for the words of caution. I have my mortgages now fixed until 2021, so okay there.

The credit card situation I will have to open a balance transfer one in December time as one of my 0% will run out.

So I have a while yet.

Thanks everyone. Certainly food for thought!

missile · 18 May 2017 at 1:23PM

It is not unusual to have multiple current accounts with the same bank. Might make it easier for you to manage?

I have multiple accounts with multiple banks.

pollyanna24 · 18 May 2017 at 1:26PM

missile wrote: »

It is not unusual to have multiple current accounts with the same bank. Might make it easier for you to manage?

I have multiple accounts with multiple banks.

I didn't know this. I have a Flexaccount with Nationwide and have just opened up a FlexDirect account with them. I can open more of the same accounts?

I have also opened up an account with Barclays, so I have my two "mule" ones now.

Won't open any more except the two ones with incentives. First Direct don't need any active direct debits, so might do that one first with my new Barclays one.

pollyanna24 · 18 May 2017 at 1:26PM

If they accept me, that is.

Multiple Current Accounts

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