Switching bonus with multiple acconunts

beatski

Discovered this site and the bank accounts section a bit over 6 months ago (i'm sure you can see where this is going) and promptly signed up to first direct for the £100 joining bonus, I'm currently planning on leaving for the £100 bonus.

Anyway, browsing through the forum trying to decide my route through all the joining bonuses, it looks like people may have multiple accounts to get the bonuses quicker, so would it be possible to open a second account to get two bonuses at once? (can't be arsed with the faff on of having more than two).

To do the above, I'm guessing the T&C would have to allow the min payment to come from any source (i.e. savings rather than wage) is this possible?

Are you able to swap out from the remaining deals as soon as the payment comes through?

And would it be advisable to keep a spare account open to quickly take advantage of any future deals, to keep your preferred account open, assuming payment from any source.


So anyway, I was going to move from FD to Clydesdale, then have that account switch to Halifax (probably keep as my current account long term for the extra £5). Open an account, switch to M&S, then switch to the cooperative. If possible that is.

Any advice on the matter (or any other advice relevant to now or in the future for getting the best value for money out of my banking) would be greatly appreciated, thanks.

meer53

You can have as many accounts as you like as long as the banks will open them for you. You will only get one switching bonus per bank and the credits usually have to come from an external source, not internal transfers.

Expect your credit file to show all the searches for all the accounts you're wanting to open.

grumbler

beatski wrote: »

... it looks like people may have multiple accounts ..., so would it be possible to open a second account to get two bonuses at once?

You seem to have answered your question.

To do the above, I'm guessing the T&C would have to allow the min payment to come from any source (i.e. savings rather than wage) is this possible?

Yes, but it's worth checking the T&C instead of guessing.

Are you able to swap out from the remaining deals as soon as the payment comes through?

:huh:

And would it be advisable to keep a spare account open to quickly take advantage of any future deals, to keep your preferred account open, assuming payment from any source.

It is advisable to have at least two accounts with different banks regardless - just because temporary 'meltdowns' are not uncommon - as well as frozen accounts because of the AML paranoia spreading around like the plague.

So anyway, I was going to move from FD to Clydesdale, then have that account switch to Halifax (probably keep as my current account long term for the extra £5).

FD account is worth keeping at least because of the best regular saving account that they offer.

Open an account, switch to M&S, then switch to the cooperative. If possible that is.

Any advice on the matter (or any other advice relevant to now or in the future for getting the best value for money out of my banking) would be greatly appreciated, thanks.

For the best value you have to abandon the idea of having no more than two accounts.

Archi_Bald

grumbler wrote: »

FD account is worth keeping at least because of the best regular saving account that they offer.

So will the M&S account from tomorrow.

beatski

meer53 wrote: »

Expect your credit file to show all the searches for all the accounts you're wanting to open.

i don't understand what you mean. I'm pretty amateurish when it comes to banking, trying to improve on that, hence why i'm on here.

Grumbler:
there's a difference between having two accounts and being able to get bonuses on all of your accounts (vs only being able to get the bonus on the one your employer pays in to for instance). I was looking for confirmation, is that a yes? i want to make sure so i am not forfeiting my only chance at a new cutomer bonus. Of course i will be checking the T&Cs myself as well, i thought i'd ask advice from people who have done the same/similar first.

e.g.: once i've gotten the switching bonus, am i free to switch again move on to the next account?

I would need to get rid of the FD account to get the £100 leaving fee (and i thought i would also need to close it to switch to qualify for the new one's deal too, i did while switching to FD). Could i re-join to get the regular savings account at a later point?

In your opinion, what would be my best course of action?


Archi Bald, why will the M&S account be worth keeping after tomorrow?

meer53

Every time you apply for an account a search is logged on your credit file. Too many searches can affect whether you are given an account.

Archi_Bald

beatski wrote: »

Archi Bald, why will the M&S account be worth keeping after tomorrow?

For the same reason you would want to keep an FD account.

You could, as you suggested, gamble and apply again but there is no guarantee they will accept you again.

SuperHan

beatski wrote: »

I would need to get rid of the FD account to get the £100 leaving fee (and i thought i would also need to close it to switch to qualify for the new one's deal too, i did while switching to FD). Could i re-join to get the regular savings account at a later point?

Unlikely they will ever let you join again if you've claimed the leaving fee for bad service or similar. You've essentially said you don't like their offering, hence claiming the money. I'd imagine they prevent you coming back later to stop people thinking 'FD is great, but I could get another £100 and then come back'.

There is a possibility though, but only worth chancing if you think the £100 leaving bonus is better than a 6% saver.

beatski

At the minute I've got an FD account, that's the only account I've got. what should I do? Open another account (or more? and with who?), then use them to switch to get opening bonuses? which accounts should I be looking to keep/end up at? Don't want to burn bridges as to the best long term deals

I'm more confused as to what to do than ever.

Archi_Bald

Easiest/fastest is to open a 2nd account with FD, and then use that to start switching.

meer53

Archi_Bald wrote: »

Easiest/fastest is to open a 2nd account with FD, and then use that to start switching.

As the OP said they want the £100 leaving bonus from First Direct, i don't think that will be an option !