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    • pollyanna24
    • By pollyanna24 18th May 17, 11:55 AM
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    pollyanna24
    Multiple Current Accounts
    • #1
    • 18th May 17, 11:55 AM
    Multiple Current Accounts 18th May 17 at 11:55 AM
    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?
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £400,000
    Mortgages (3rd Nov 2017) - £180,813.85
    Equity - £219,186.15
Page 1
    • castle96
    • By castle96 18th May 17, 12:07 PM
    • 1,619 Posts
    • 275 Thanks
    castle96
    • #2
    • 18th May 17, 12:07 PM
    • #2
    • 18th May 17, 12:07 PM
    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
    • By pollyanna24 18th May 17, 12:11 PM
    • 3,691 Posts
    • 4,415 Thanks
    pollyanna24
    • #3
    • 18th May 17, 12:11 PM
    • #3
    • 18th May 17, 12:11 PM
    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
    Originally posted by castle96
    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.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £400,000
    Mortgages (3rd Nov 2017) - £180,813.85
    Equity - £219,186.15
    • binaryuniverse
    • By binaryuniverse 18th May 17, 12:15 PM
    • 479 Posts
    • 262 Thanks
    binaryuniverse
    • #4
    • 18th May 17, 12:15 PM
    • #4
    • 18th May 17, 12:15 PM
    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
    • By pollyanna24 18th May 17, 12:17 PM
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    pollyanna24
    • #5
    • 18th May 17, 12:17 PM
    • #5
    • 18th May 17, 12:17 PM
    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.
    Originally posted by binaryuniverse
    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?
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £400,000
    Mortgages (3rd Nov 2017) - £180,813.85
    Equity - £219,186.15
    • Katiehound
    • By Katiehound 18th May 17, 12:36 PM
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    • 38,015 Thanks
    Katiehound
    • #6
    • 18th May 17, 12:36 PM
    • #6
    • 18th May 17, 12:36 PM
    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?
    Originally posted by pollyanna24
    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
    Being polite and pleasant doesn't cost anything!

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    • badger09
    • By badger09 18th May 17, 1:03 PM
    • 5,588 Posts
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    badger09
    • #7
    • 18th May 17, 1:03 PM
    • #7
    • 18th May 17, 1:03 PM
    OP

    Just a word or two 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
    • By pollyanna24 18th May 17, 1:11 PM
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    pollyanna24
    • #8
    • 18th May 17, 1:11 PM
    • #8
    • 18th May 17, 1:11 PM
    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!
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £400,000
    Mortgages (3rd Nov 2017) - £180,813.85
    Equity - £219,186.15
    • missile
    • By missile 18th May 17, 1:23 PM
    • 9,025 Posts
    • 4,398 Thanks
    missile
    • #9
    • 18th May 17, 1:23 PM
    • #9
    • 18th May 17, 1:23 PM
    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.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • pollyanna24
    • By pollyanna24 18th May 17, 1:26 PM
    • 3,691 Posts
    • 4,415 Thanks
    pollyanna24
    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.
    Originally posted by missile
    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.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £400,000
    Mortgages (3rd Nov 2017) - £180,813.85
    Equity - £219,186.15
    • pollyanna24
    • By pollyanna24 18th May 17, 1:26 PM
    • 3,691 Posts
    • 4,415 Thanks
    pollyanna24
    If they accept me, that is.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £400,000
    Mortgages (3rd Nov 2017) - £180,813.85
    Equity - £219,186.15
    • pollyanna24
    • By pollyanna24 18th May 17, 1:31 PM
    • 3,691 Posts
    • 4,415 Thanks
    pollyanna24
    Or should there be some kind of activity on the Barclays account before I attempt to switch?
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £400,000
    Mortgages (3rd Nov 2017) - £180,813.85
    Equity - £219,186.15
    • MONEYTREE
    • By MONEYTREE 18th May 17, 4:00 PM
    • 144 Posts
    • 63 Thanks
    MONEYTREE
    I am doing just this, having just "twigged" that it's possible.

    I have a dormant 2nd current account with one of my banks, and I just switched two DD's to that account, plus a monthly transfer into it, to cover those two DD's.

    My next move, once each DD has paid out once, is to use this account as a "switcher" to a bank that is going to pay me £125 or £130 incentive to change to them.

    These incentives are worth far more than any interest we can get on any savings or bank account.
    • MONEYTREE
    • By MONEYTREE 18th May 17, 4:01 PM
    • 144 Posts
    • 63 Thanks
    MONEYTREE
    Does a yearly DD to pay TV licence count as a DD for switching purposes?
    • badger09
    • By badger09 18th May 17, 4:29 PM
    • 5,588 Posts
    • 4,899 Thanks
    badger09
    Does a yearly DD to pay TV licence count as a DD for switching purposes?
    Originally posted by MONEYTREE
    You would have to check the T&Cs of the particular switching incentive you're after. Some of them just say 'active' whereas others specify DD must pay out every month.
    • bigadaj
    • By bigadaj 19th May 17, 5:32 AM
    • 10,803 Posts
    • 7,100 Thanks
    bigadaj
    In terms of opening accounts for switching I've successfully used Santander a couple of times. I still have a 123 account with them, though question whether it's worth retaining, but have several times opened everyday accounts with them, near instantaneously and switched for incentives. On two occasions now I've opened the everyday account using the link on the imutual website and have received cashback for the opening as well, I think it's £31 and pays out in around 6 weeks. It's one of the few offers still around for opening accounts rather than switching.
    • castle96
    • By castle96 19th May 17, 10:15 AM
    • 1,619 Posts
    • 275 Thanks
    castle96
    My first Imutual cashback/Santander a/c did not 'track'/payout. Have just opened another and will wait and see. £31 cashback and some shares (in Imutual). Not sure what that's all about.
    • datlex
    • By datlex 19th May 17, 5:49 PM
    • 1,456 Posts
    • 1,236 Thanks
    datlex
    One warning about direct debits make sure they are not due between 28th and 31st of the month as these can fall on a weekend/at Easter/ on a bank holiday and not get paid until 1st Month. For some banks this means you don't meet their reward criteria that month.
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