Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • RG2015
    • By RG2015 18th May 17, 2:29 PM
    • 297Posts
    • 106Thanks
    RG2015
    Account Switching Limitations
    • #1
    • 18th May 17, 2:29 PM
    Account Switching Limitations 18th May 17 at 2:29 PM
    This is just a hypothetical question about switching bank accounts to get the switching fee.

    Are there any limitations on the bank account that is being switched from? What if it doesn't have any direct debits or salary payments set up or if it has had very few or zero transactions?

    It does seem like a bit of a cheek to do this but if the new bank is willing to pay you to do this why not do it.
Page 1
    • meer53
    • By meer53 18th May 17, 2:34 PM
    • 8,824 Posts
    • 12,804 Thanks
    meer53
    • #2
    • 18th May 17, 2:34 PM
    • #2
    • 18th May 17, 2:34 PM
    The new bank has to be willing to open you an account first. Different banks have different switching criteria, check before you apply.
    • EarthBoy
    • By EarthBoy 18th May 17, 2:58 PM
    • 1,737 Posts
    • 1,048 Thanks
    EarthBoy
    • #3
    • 18th May 17, 2:58 PM
    • #3
    • 18th May 17, 2:58 PM
    Are there any limitations on the bank account that is being switched from? What if it doesn't have any direct debits or salary payments set up or if it has had very few or zero transactions?
    Originally posted by RG2015
    There are no limitations on switching as such, but there will be on the joining incentive at the new bank. Most banks will insist on you transferring at least 2 direct debits to get the incentive payment. If you don't have any direct debits to transfer the account will still be switched, you just won't get the payment.

    You'll need to check the conditions specified by the new bank.
    Last edited by EarthBoy; 18-05-2017 at 3:00 PM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

228Posts Today

1,785Users online

Martin's Twitter
  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Luciana is on the advisory board of @mmhpi (we have MPs from most parties) https://t.co/n99NAxGAAQ

  • Follow Martin