Can you bank account stooge starting with a 'dummy' account?

scarletjim

I'd like £100 cash gifts from time to time (wouldn't we all), but I actually would like to keep my current account that I've had for many years. Can I:

- open a poor current account somewhere
- arrange a fairly large direct debit from my main account to this one, say £1500 per month
- arrange 3 DDs to then come back to my main account on the next day, £500 each
- auto-switch that new account to one of the several £100 gift accounts, including the large DD in, and the 3 x £500 DDs out, to meet their criteria for auto-switching etc.

Would this work? Are there any flaws in such a plan? Has anyone done similar?

Apologies if there's already a thread on this, I expected one, but can't find one in the first few pages or via search...

Archi_Bald

I think you might mean stoozing rather than stooging, but what you describe isn't stoozing. Go to stoozing.com for details on it, or the stoozing board.

What you are talking about is more akin to bonus bagging, and it is certainly possible to open a current account purely for the purpose of switching it at some stage. Not sure what a "poor" current account is, but any normal one would do.

You cannot do Direct Debits between current accounts, but standing orders are possible and in your control. So are Faster Payments.

If your switch bonus is dependent on DDs, there is the possibility of setting up DDs for certain savings accounts.

Plenty of people on here have openend all sorts of current accounts for all sorts of reasons, and I reckon a fair number have got all the accounts that offer a joining incentive.

scarletjim

Aha, ok thanks, I can't edit 'stooging' (or 'stoozing') from my title, so if any mods are reading please feel free to change it for me.

Right, so I can't quite do what I wanted re: DDs, but I can set up a SO from my main account to the bonus account, and I can set up 3 DDs to one of my savings accounts? (You say 'certain' savings accounts...how would I know which?)

When I switch, would SOs transfer too, or do they need to be set up again?

I'm just looking for the easiest way to meet the bonus criteria without closing my old account...

Archi_Bald

Here are a couple of links that should answer your questions

https://forums.moneysavingexpert.com/discussion/4168667

http://www.simplerworld.co.uk/Pages/Home.aspx

scarletjim

Really useful - thanks

scarletjim

Right, mostly done.

I have one more (slightly strange) question on this - if I use a switching service and close an old account, can I go to the bank where the old account was, and ask them to set me up a new account with the same Sort Code and Account Number as my old account that is now closed?

That probably sounds weird, but I would like to keep my main account which I am so familiar with, but to take best advantage of the Santander 123 account, I really do need to do a proper switch (as most of the cashback benefits depend on the bills being paid from that account, and it would be a hassle to change 6 or 7 DDs myself manually).

YorkshireBoy

scarletjim wrote: »

I have one more (slightly strange) question on this - if I use a switching service and close an old account, can I go to the bank where the old account was, and ask them to set me up a new account with the same Sort Code and Account Number as my old account that is now closed?

Yes, of course you can ask...but the answer will be no!

That probably sounds weird, but I would like to keep my main account which I am so familiar with, but to take best advantage of the Santander 123 account, I really do need to do a proper switch (as most of the cashback benefits depend on the bills being paid from that account, and it would be a hassle to change 6 or 7 DDs myself manually).

I don't know what you're trying to achieve anymore.


Why not open the 1-2-3 account, and switch the cashback generating DDs yourself? That way your existing account remains open, and you maintain your 'time with bank' history which will help when you're being scored for credit purposes.

scarletjim

Ok, think I will do that. Was hoping to avoid the hassle of changing all the DDs manually, but how much hassle can it be, just contact each of them and tell them of the change, not a big deal I suppose.

Btw, just to explain, I'm still auto-switching some old current accounts into new accounts to get the several £100 offers - I'm just trying to keep my 'historic' account too because I can reel off the sort code and account number like my date of birth!

YorkshireBoy

scarletjim wrote: »

Was hoping to avoid the hassle of changing all the DDs manually, but how much hassle can it be, just contact each of them and tell them of the change, not a big deal I suppose.

The best time to contact the originators is the day after they collect a payment by DD.


That will give them ample opportunity to get them changed to your new account before the next payment is due to be collected.


Apologies if I'm stating the obvious!

Chjaka

For reasons I can't quite remember now I transferred my direct debits across to the Santander 123 account manually. For most of them it's nothing more than a two minute phone call and with some companies (e.g. television licence) you can even do it online but others (I'm looking at you HSBC) insist on sending out a form for you to fill in.

Do make sure that the old direct debits disappear from your original account though.