Current Account Tart?

azthe

Is it possible to switch current accounts to take advantage of things like 100 pound offers without really switching?

For example if you have 2 current accounts:

One with bank A that you dont really use but you have another investment/credit card with them
One with bank B that you use for your regular payments.

Would it be possible to bypass the switching service somehow by setting up a standing order to your dormant current (Bank A) account of 1000/month then switching this account to the new Bank C, while still keeping your original current account at Bank B?

Please let me know your thoughts on this or any other variations with the same idea in mind.

Mark7799

Depends upon the criteria for each of the offers. The Banks are starting to get wise to this since the Barclays saga last year(?) which forgot to ask for salary credits. Some banks will want to see a salary credit coming in, others (Halifax, I think) are asking for d/d's to be seen on the new account. You'll need to read t&c's carefully.

mleonard79

As Mark says the majority of them ask for salary or direct debits to be transferred and therefore you can't really cheat like this. A&L only asks that you pay in £500 p/m from an external source so you can get around the rules with them but I can't think of any others that are easy to just get the joining incentives from without really switching as they are pretty wise to this ploy these days.

Regards

Michelle

emma396

i would say i am a current account tart. I have just opened an account with bank of scotland to get £100 and a good interest rate of 6.18% provided i pay on £1000 a month. When i applied, it asked me how i intended to pay the £1000 a month, i think it said from another one of my accounts. i asked about getting the £100, and was told i needed to switch something using the switcher team. i asked if one SO would suffice and was told that was enough. so that's what i'll move! can cancel it later and set it back up on original account

michaels

Well I got money from if, a&l (twice), barclays, rbs, halifax, nationwide - am looking into BoS and Ulster bank...

Don't forget tho that each one is a credit search so you need to weigh up against stoozing profits and think carefully about timing around mortgage/remortgage applications

SilverScooby

I've now got a 2nd current account which has just a few DDs which is the one I switch without too much hassle. Its currently at Halifax but their systems are awful (though the people are nice) so hopefully it's on the move soon!

So far: 12 bottles of wine from Smile (easy, good service), £50 from Lloyds (good service, left my main account there), £100 RBS (OK), £50 A&L (OK), £100 Halifax (total nightmare).

oscarhugo

I've just been turned down by BOS (bugg&r!) so no £100 from them but my best one was a few years ago when Zurich offered a current a/c & I opened one just for the free case of wine. Not long after I'd opened it they closed their banking service down so I thought "Bang goes my wine" BUT!! not only did they say that the wine would be forthcoming - and it was - but shortly thereafter they paid out 200 quid (I think it was) as compensation for having closed the a/c...