Switching for bonus money

cheekchulk

I am wondering about if my plan is going to work. I want to get the £150 from Clydesdale Bank for switching to them.
But as i've read their terms and conditions I saw they require me to perform a FULL switch which includes closing my old account.

Well at the moment I dont have any accounts which I'd be OK with closing it.
So my plan is to open a simple current account with any bank, then straight away switch to Clydesdale Bank so I can get the £150 and I dont regret closing a useless brand new "old account".

Would it work? Or the Clysedale would be able to see that the account i'm trying to switch from is only few days/weeks old and it would decline my application??
Would it affect my credit rating in a very bad way?

Any suggestions? :money:

Fruit_and_Nut_Case

What you are planning to do is often recommended by contributors here. Enjoy spending your £150

irm

Fruit_and_Nut_Case wrote: »

What you are planning to do is often recommended by contributors here. Enjoy spending your £150

Enjoying "earning" your £150 is perhaps more apt...

Fruit_and_Nut_Case

irm wrote: »

Enjoying "earning" your £150 is perhaps more apt...

Agreed. The path is sometimes not the smoothest to travel :mad:

castle96

A full switch is not a problem. Leave your existing/only/main a/c where it is. Open a second a/c at your existing Bank. If asked why (do it on line and you won't be), say eg. "for Company expenses".

I have 5 Plus a/cs with Clydesdale/Yorkshire and one Direct a/c (earns interest.) 6 x £150. Lovely jubbly. Others have more. YB/CB are still really 2 different banks.

(See the longer/other thread)

I opened 5 a/cs this week for possible switching/bonus. Topcashback do a Nationwide a/c (if switching one of your 'spare' a/cs, for £80 cashback.

Don't worry, the receiving Bank is ignorant of the real reason you are doing this. They do not know there is zilch in the a/c you are switching.
Tesco Bank (open a/cs with them,, too), allow multiple direct debits (to yourself), so here is your source of dd's.
Look at the other a/cs that you can switch to and earn... First Direct, CooP, Halifax,, etc.
Other/same Banks pay interest at 2/3/4/5% on the first £n.
Got Santander ?
They obviously make a credit check so beware if applying for a mortgage or loan.
£00s of £s to be 'earned',, and great fun for little paper/work.
Good luck

MARTYM8`

OP - what you suggest is fine as YB/CB seem very relaxed on this point if you apply over the phone generally although occassionally some people seem to have had a grilling when applying in branch. They have no idea if the switched account has been open for a week or ten years either - other banks can be fussier!

When you apply on the phone they just seem to want to know the name of the bank you are switching from - you don't need the details/debit card number until you get the switching forms (normally a week later).

Clearly if you are a first time buyer about to apply for a large mortgage I would be nervous about opening lots of current accounts at once - as the searches might affect your application - but otherwise it has little real adverse effect.

scattersong

MARTYM8` wrote: »

Clearly if you are a first time buyer about to apply for a large mortgage I would be nervous about opening lots of current accounts at once - as the searches might affect your application - but otherwise it has little real adverse effect.

Does this have any effect on the current bank then? i.e internal score etc.

e.g - If I opened up more current accounts with my current bank purely to switch them after a week or so, would that not damage my internal score? I mean it's not against the T&Cs, but equally banks don't have to offer you there services.
Is there not a chance that they could close your account if they see you keep opening accounts to switch?

YorkshireBoy

scattersong wrote: »

Is there not a chance that they could close your account if they see you keep opening accounts to switch?

There's always a chance, but you'd minimise the risk by not going silly! There are enough banks around to mean you don't need to take the mick (by opening 3 or 4 to switch away) with a bank you want to stay with.