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    • Goldust
    • By Goldust 4th Dec 17, 11:02 AM
    • 403Posts
    • 100Thanks
    Goldust
    Account switching - bonus bagging?
    • #1
    • 4th Dec 17, 11:02 AM
    Account switching - bonus bagging? 4th Dec 17 at 11:02 AM
    Hi,

    Not sure if this is frowned up so please delete if required. I did a search but haven't found any recent or helpful discussions on bonus bagging.

    I'd like to switch a bank account I've had for years but hardly use to another bank for the bonus that you get. Then repeat the process. I don't have any "active" DDs but could sort that easily enough.

    Is there any sort of strategy or guide? Some seem more forgiving than others in terms of T&Cs but has anyone successfully done this? Seems like you could easily make at least £500 over the course of a few months...
Page 1
    • badger09
    • By badger09 4th Dec 17, 11:13 AM
    • 5,575 Posts
    • 4,879 Thanks
    badger09
    • #2
    • 4th Dec 17, 11:13 AM
    • #2
    • 4th Dec 17, 11:13 AM
    Hi,

    Not sure if this is frowned up so please delete if required. I did a search but haven't found any recent or helpful discussions on bonus bagging.

    I'd like to switch a bank account I've had for years but hardly use to another bank for the bonus that you get. Then repeat the process. I don't have any "active" DDs but could sort that easily enough.

    Is there any sort of strategy or guide? Some seem more forgiving than others in terms of T&Cs but has anyone successfully done this? Seems like you could easily make at least £500 over the course of a few months...
    Originally posted by Goldust
    Many people have done this multiple times.

    Some points to consider:

    Retain a long standing account as it demonstrates stability should you need substantial credit in future

    Don't 'abuse' one bank by setting up too many accounts for switching purposes

    Some banks are choosier than others eg First Direct & HSBC

    Some banks won't pay switching bonus if you have ever had any account with them in the past eg First Direct

    Follow each set of T&Cs very carefully

    Don't apply for too many new accounts in the run up to a mortgage application

    I'm sure there are others
    I'm a supporter of dunstonh
    • EachPenny
    • By EachPenny 4th Dec 17, 11:25 AM
    • 3,272 Posts
    • 6,028 Thanks
    EachPenny
    • #3
    • 4th Dec 17, 11:25 AM
    • #3
    • 4th Dec 17, 11:25 AM
    Don't....

    I'm sure there are others
    Originally posted by badger09
    Don't come back to the forum bragging about how much money you've bagged as some forum members have bagged significantly more
    "In the future, everyone will be rich for 15 minutes"
    • Goldust
    • By Goldust 4th Dec 17, 11:48 AM
    • 403 Posts
    • 100 Thanks
    Goldust
    • #4
    • 4th Dec 17, 11:48 AM
    • #4
    • 4th Dec 17, 11:48 AM
    Thank you... so if others have done it is there a guide? Or should I keep a diary and share it later maybe?

    I wasn't aware of the amount of impact on my credit score. I wouldn't be doing anything with my long-standing account which I have had for about 5 years now. The account I would be using is very old (about 20 years!) but it's not a particularly good one and I haven't used it for about 10 years... just kept it open so thought that would be a good candidate to start switching immediately...
    • EachPenny
    • By EachPenny 4th Dec 17, 11:58 AM
    • 3,272 Posts
    • 6,028 Thanks
    EachPenny
    • #5
    • 4th Dec 17, 11:58 AM
    • #5
    • 4th Dec 17, 11:58 AM
    Thank you... so if others have done it is there a guide? Or should I keep a diary and share it later maybe?
    Originally posted by Goldust
    All the information you need is here on the forum. Start with deciding which account you want to try first and then use the search facility to find out if there are specific things you need to know about that offer.

    Feel free to keep a diary, but perhaps keep it to yourself. Posting too much information can have a detrimental effect on other people, so discretion is advised. You may find you 'upset' some of the most helpful people on the board if you overshare

    The account I would be using is very old (about 20 years!) but it's not a particularly good one and I haven't used it for about 10 years... just kept it open so thought that would be a good candidate to start switching immediately...
    Originally posted by Goldust
    Unless you already have active DD's on the oldest account you are limited to how useful it is for switching. Personally I'd reactivate that account as one of my 'keepers' (have a few transactions going through it each month) and start by opening a new account elsewhere. Barclays would be my favourite starting point.
    "In the future, everyone will be rich for 15 minutes"
    • Goldust
    • By Goldust 4th Dec 17, 1:16 PM
    • 403 Posts
    • 100 Thanks
    Goldust
    • #6
    • 4th Dec 17, 1:16 PM
    • #6
    • 4th Dec 17, 1:16 PM
    Unless you already have active DD's on the oldest account you are limited to how useful it is for switching. Personally I'd reactivate that account as one of my 'keepers' (have a few transactions going through it each month) and start by opening a new account elsewhere. Barclays would be my favourite starting point.
    Originally posted by EachPenny
    Thank you... I was just thinking use this one as it's the only bank that has a local branch I can walk in to and I can start to set up some "dummy" DDs straight away.

    What's a keeper account? Why would I need one (and what's the benefit)?
    • YorkshireBoy
    • By YorkshireBoy 4th Dec 17, 1:39 PM
    • 29,612 Posts
    • 17,464 Thanks
    YorkshireBoy
    • #7
    • 4th Dec 17, 1:39 PM
    • #7
    • 4th Dec 17, 1:39 PM
    I'd be looking to keep a 20 year old account over a 5 year old account.

    Does your unused account have a valid debit card? If not, you might wish to get one before initiating the switch
    • badger09
    • By badger09 4th Dec 17, 2:34 PM
    • 5,575 Posts
    • 4,879 Thanks
    badger09
    • #8
    • 4th Dec 17, 2:34 PM
    • #8
    • 4th Dec 17, 2:34 PM
    Thank you... I was just thinking use this one as it's the only bank that has a local branch I can walk in to and I can start to set up some "dummy" DDs straight away.

    What's a keeper account? Why would I need one (and what's the benefit)?
    Originally posted by Goldust

    Why do you want to walk into a local branch if you intend to use that account for a switch?

    If you haven't used it for about 10 years, are you sure it is still active?

    What do you mean by "dummy" DDs?
    I'm a supporter of dunstonh
    • EachPenny
    • By EachPenny 4th Dec 17, 3:12 PM
    • 3,272 Posts
    • 6,028 Thanks
    EachPenny
    • #9
    • 4th Dec 17, 3:12 PM
    • #9
    • 4th Dec 17, 3:12 PM
    What's a keeper account? Why would I need one (and what's the benefit)?
    Originally posted by Goldust
    They are the two accounts which I intend to keep long term regardless of any other switching. Two, because it gives some backup in case one bank has technical problems, so the two need to be with banking groups which use entirely different software.

    As you open new accounts the average age of your accounts will decrease. The more new accounts you have the lower the average age. Some banks will look at the average age of your accounts as an indicator of the stability of your financial relationships, so ideally you want to protect this as much as you can as you open and close other accounts. As YorkshireBoy says, a 20 year account is a better indicator of stability than a 5 year old one, which is better than a 1 year old one. Very old accounts might not show up on your credit history though, something you might need to deal with at a later date if you find problems applying for new accounts.

    There is no need to leave the comfort of your armchair to set up direct debits. The "Savings accounts accepting DD's" thread will see you right
    "In the future, everyone will be rich for 15 minutes"
    • Goldust
    • By Goldust 4th Dec 17, 6:44 PM
    • 403 Posts
    • 100 Thanks
    Goldust
    Why do you want to walk into a local branch if you intend to use that account for a switch?

    If you haven't used it for about 10 years, are you sure it is still active?

    What do you mean by "dummy" DDs?
    Originally posted by badger09
    Hello... I was just thinking that if I need to do anything to get "re-set up" on the account I could do it quite easily but see your point.

    Dummy DDs I meant DDs I set up just for the purposes of qualifying for the switching bonuses and I'm not going to have any money coming out of them...

    Think I get what I need now so thanks everyone - I'll keep checking back in!
    • Katiehound
    • By Katiehound 4th Dec 17, 10:11 PM
    • 3,902 Posts
    • 37,998 Thanks
    Katiehound
    Does your unused account have a valid debit card? If not, you might wish to get one before initiating the switch
    Originally posted by YorkshireBoy
    Why do you want a valid debit card?
    I found it was much easier not to have a debit card when I switched.

    Q: Do you have a debit card?-
    account 1-A: no I never had a card I did my transactions online (TSB)
    Account 2-A: No, I cancelled it as I never used it (Halifax Reward no 2)
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Thank You
    • Katiehound
    • By Katiehound 4th Dec 17, 10:14 PM
    • 3,902 Posts
    • 37,998 Thanks
    Katiehound
    Dummy DDs I meant DDs I set up just for the purposes of qualifying for the switching bonuses and I'm not going to have any money coming out of them...
    Originally posted by Goldust
    How can you have dummy DDs?

    In most cases the DDs need to be active - and go out each month to qualify so money will be required to go out!
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Thank You
    • YorkshireBoy
    • By YorkshireBoy 4th Dec 17, 10:18 PM
    • 29,612 Posts
    • 17,464 Thanks
    YorkshireBoy
    Why do you want a valid debit card?
    I found it was much easier not to have a debit card when I switched.

    Q: Do you have a debit card?-
    account 1-A: no I never had a card I did my transactions online (TSB)
    Account 2-A: No, I cancelled it as I never used it (Halifax Reward no 2)
    Originally posted by Katiehound
    Posters have reported switch failures when switching from an account where the debit card had expired. I myself have experienced it (albeit a couple of years ago) when trying to switch a dormant NatWest account for a switching offer. I had to use a different account instead. It can present mismatches, such as address and name format which have also been reported as switch failure causes.
    • YorkshireBoy
    • By YorkshireBoy 4th Dec 17, 10:23 PM
    • 29,612 Posts
    • 17,464 Thanks
    YorkshireBoy
    In most cases the DDs need to be active - and go out each month to qualify so money will be required to go out!
    Originally posted by Katiehound
    For interest and Rewards perhaps, but I wouldn't say "most" need to pay out for switching incentives which is what this thread is discussing.


    eg M&S, FD, HSBC, Halifax, and Nationwide don't need to pay out do they? The recent YB offer did I believe. Can't remember whether TSB did or not? Did Co-op require payout?
    • Katiehound
    • By Katiehound 5th Dec 17, 3:22 PM
    • 3,902 Posts
    • 37,998 Thanks
    Katiehound
    For interest and Rewards perhaps, but I wouldn't say "most" need to pay out for switching incentives which is what this thread is discussing.


    eg M&S, FD, HSBC, Halifax, and Nationwide don't need to pay out do they? The recent YB offer did I believe. Can't remember whether TSB did or not? Did Co-op require payout?
    Originally posted by YorkshireBoy
    M&S , Nationwide & YB did (but M&S only had to be active)
    HSBC didn't
    FD won't have me (again- they have very looong memories!!)
    Don't know about Halifax & TSB as I have long standing a/cs with them
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Thank You
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