New bank account to take advantage of account-switch bonus

Laukei

In the latest MSE newsletter, there are 5 accounts (Halifax, First Direct, M&S, Co-op Bank, and Clydesdale) outlined that offer cash rewards for switching your current account. I'm pretty happy with my bank, and if possible would prefer not to have the hassle of a new account number and sort code to remember, so...

...I was wondering, are there are any disadvantages, such as a mark on your credit report or similar, to simply opening a new current account (or perhaps even several in tandem) and then switching them, to try to claim multiple bonuses?

I realise there would be a lot of fuss trying to make sure you pay enough into the accounts to qualify for the bonuses if you did multiple simultaneously, but other than that, is this likely to be problematic?

Cheers!
Laukei

cifpower

Have you read all the T&C of the relevant switching offers? Many require you to use the switching process which closes the account being switched from and some require DDs etc to be in place too.

msallen

Not in the slightest - you'll find literally hundreds of threads here discussing this.

colsten

cifpower wrote: »

Have you read all the T&C of the relevant switching offers? Many require you to use the switching process which closes the account being switched from and some require DDs etc to be in place too.

No pain, no gain.

And it's only very moderate pain.

Fruit_and_Nut_Case

colsten wrote: »

No pain, no gain.

And it's only very moderate pain.

I find that the switching bonuses are effective medicine.

Laukei

Thanks for the information. Looking at the Halifax offer (link) it seems you get the £100 just for switching, and the requirements such as Direct Debits and minimum monthly pay-in are only for the £5/month cash. Can anyone confirm I've understood that right?

Cheers again!

YorkshireBoy

Laukei wrote: »

Can anyone confirm I've understood that right?

Your understanding is correct, but it'd be a shame to miss out on the ongoing £60 a year Reward payments.


Probably take around 20 mins tops to get it set up with a pair of Tesco savings accounts.