Current Account Hopping

JDC14

Hi Guys,

Has anyone successfully switched to current accounts through all of the banks offering switching incentives?

I've just switched my main current a/c to First Direct for the £125, but with several banks offering the incentives and a redundant TSB account in my possession - is there a way I could switch these through all the banks offering the incentives without any problems?

Thanks,

karlie88

JDC14 wrote: »

Hi Guys,

Has anyone successfully switched to current accounts through all of the banks offering switching incentives?

I've just switched my main current a/c to First Direct for the £125, but with several banks offering the incentives and a redundant TSB account in my possession - is there a way I could switch these through all the banks offering the incentives without any problems?

Thanks,

Yes, many of us on here do it/have done it.

Just keep an eye on your credit score and beware of T&Cs re: funding, DDs etc.

Archi_Bald

As long as your applications are accepted, it's just a matter of patiently working through them all. You would definitely not be the first person who has done so.

JDC14

Do no banks look to reclaim it if you switch your account immediately after receiving the money?

As I'd like to keep my First Direct a/c now I have that, but I'd move 2 DDs over to the unused TSB account and keep switching - then just transfer my salary in and back out to meet the funding requirements.

Fruit_and_Nut_Case

JDC14 wrote: »

Do no banks look to reclaim it if you switch your account immediately after receiving the money?

I've yet to read anything in any of their T&Cs which would permit them to try that.

inspireme247

Or do a donor account with FD.

JDC14

By donor account, do you mean use that as the account that funds the others?

badger09

JDC14 wrote: »

By donor account, do you mean use that as the account that funds the others?

No. The usual meaning of a donor account is one which is opened specifically for the purpose of switching it elsewhere

JDC14

That is what will become of TSB account then.

Will look into which banks I am eligible to switch to then!

stevec59

I'm looking at doing this, I have several Accounts, but I like all of them, am I best off just to open another current account with someone and use that account to switch to FD? Do I need to keep the New Current account open a certain amount of time before switching?
When I get my FD account I plan to keep it and get the regular saver acct, it's a shame that they don't do £125 for new customers to save you opening an account just to switch to them