How many times can I switch accounts and how soon?

jrf23

I tried searching for this as I thought it may have been asked but my search came up with nothing useful, so if this has already come up somewhere sorry, and could you link to it please!

If not, my question is how many times and how soon can you switch accounts with the account switching bonus? I've just switched to one account and received a bonus, but would like to switch to another to get another bonus! Is this possible?

Thanks!

Consumerist

If you want to switch to a bank which you haven't recently switched from then I see no reason why you can't go ahead.

If you want to switch back to a bank you have just switched from then they may exclude you from getting any incentive payment. If it has been more than three months then you might even get away with it.

This beats interest payments - let us all know how you get on.

And good luck to you. :beer:
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anna42hmr

the only thing i would say you would need to consider is that they will probably do a search of your credit files when applying for a new account, and too many searches in a small period of time can cause problems when applying for credit in the future

jrf23

Well, basically, I've switched from HSBC who had my grad account to Halifax, as they gave me £50 for switching, and I now want to move accounts to both alliance & Leicester and Santander (one for £100 the other for 6% savings upto £2500). I've got another account I haven't switched yet which I can do, but then this means hat I still have to switch one twice! Just wondered if this might cause an issue?

I think the Santander one I might be able to get the 6% if I just set up my own standing order to pay from Halifax into it (as I'll get the £5 each month from halifax as long as the money goes in, it doesn't matter how long it stays there!) so I might try that!

Thanks again

Consumerist

jrf23 wrote: »

. . . I now want to move accounts to both alliance & Leicester and Santander . . .

Santander and A&L are part of the same group. It is unlikely you'll get any incentive payment if you switch between the two.
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jrf23

Consumerist wrote: »

Santander and A&L are part of the same group. It is unlikely you'll get any incentive payment if you switch between the two.
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You're right, but that's why I was going to switch my Halifax account into one and my lloyds into the other, my description probably wasn't that clear!

I've just spoken to a very helpful person at alliance and Leicester and she says there are no restrictions on how quickly or how many times you can switch! Which is always good! I might not need to switch to satander to get the 6% anyway, so I might only need one further switch!

td_007

jrf23 wrote: »

I've just spoken to a very helpful person at alliance and Leicester and she says there are no restrictions on how quickly or how many times you can switch! Which is always good! I might not need to switch to satander to get the 6% anyway, so I might only need one further switch!

She is right with regards to the number of switches you can make, but I guess you are looking to get the incentive. In which case if you open the Santander a/c before the A&L a/c then you will be ineligible for the incentive. Also there is a 3 month restriction.

Excerpt from the A&L page "This offer isn’t available if you already hold or have held one of our current accounts or a Santander UK, cahoot or Cater Allen current account in the last 3 months. "