Does anyone Multi Account

adamshima

Hi all, I have a quick question relating to this subject but it may sound a bit stupid haha.

Basically what I want to know is if you can get the switching bonuses a few banks offer without switching your main account.

E.g. My main account with my salery/DD's/SO's is First Directs current account which I don't want to switch from as I would loose my savings account I have. I also have a bog standard Barclays currrent account (this was required to have their savings account which is maturing soon). I believe I could simply switch from the Barclays account to receive the bonus on a new account.

If this is the case does this also mean you could technically just open any old bog standard current account and then switch from that to receive the bonus.

Thanks

eskbanker

In the context of switching between banks, there is no viable means for them to validate that it's your main account that's being switched so yes, any account will do provided that it satisfies any Ts & Cs relating to switching direct debits, etc - you may find it's worth setting up a couple of DDs on the old Barclays account so that there's actually something to transfer.

Cycrow

adamshima wrote: »

If this is the case does this also mean you could technically just open any old bog standard current account and then switch from that to receive the bonus.

Thanks

This works, as its what i did.
i opened a new account, and setup the direct debits i wanted to use for halifax then switched. The old account was open less than a month

Cotta

I went to setup a First Direct account, the incentment now seems to be down to £100, however to avail of this I would have to close my existing Halifax account losing out on their monthly £5 reward. Is there anyway around this?

Archi_Bald

Use another account to switch from.

Cotta

Archi_Bald wrote: »

Use another account to switch from.

Never thought of that, although I would need to setup a new account for this purpose then.

flynnf

At the last count between myself my wife and my two children we total 24 accounts it takes a lott of work once a month but with interest and incentives we bank 300 pound a month but that is using a good chunk of capital as well.

zerog

flynnf wrote: »

that is using a good chunk of capital as well.

Earning interest requires a principal...

The only incentives I can think of that don't require any capital is the Halifax £5 and the Nationwide Flex travel insurance.

J_i_m

Personally I think all this is a lot of faffing for very little reward.

One off switching incentives... monthly £5 rewards?

People would do as well to look inwards and simply budget more effectively.

I currently have two current accounts, one with First Direct (my main) and one with Halifax, and it isn't because of some money making exercise on my part. I use my secondary current account for utility bills.

innovate

J_i_m wrote: »

Personally I think all this is a lot of faffing for very .

It all depends on how much money you have, and what you consider a lot of faffing.

I know people who make a good £2,000 more a year net between two people from current accounts than they could possibly make from the best savings account. Their 'faffing' is limited to about 20 minutes work once a month between them. So that is 4 hours work a year, equating to an hourly net rate of £500.

This might not be attractive to you, but it sure is to me and others I know.