Minimum duration before current account switch

MASmith1979

Is anyone aware of any minimum durations before switching bank current accounts? I'd like to take advantage of a switching bonus, but don't want to leave my current bank, so I was thinking if I opened a current account with a bank that doesn't offer much, and then switch to say the M&S current account to get the switching bonus as well as the other perks.

So, do banks impose a minimum duration before allowing a switch? Or, do banks refuse to pay the switching bonus if the account the customer is coming from hasn't been open for long?

I'm guessing there is a restriction, otherwise everyone would be doing this?

MARTYM8`

I have opened accounts and switched within a week or so.

I find RBS/Natwest has a very quick and efficient process. I applied for a current account with them on a Thursday lunchtime and my debit card was delivered on the Saturday morning.

This assumes no ID/address verification issues of course.

Of course many switching offers now require at least two direct debits - so you will need time to set those up. That can delay the process depending on what your source is for the DD.

First Direct, HSBC and the Halifax don't require DDs for their switching offers - but Nationwide (refer a friend) and M&S do I believe. With NW and sometimes others like the Coop you can also add to your cashback by using cashback sites.

rogue999

I've done the same as above - opened an extra Nationwide current account and immediately switched it to M&S.

I'm sure the whole switching process is very automated and banks wouldn't be able/interested to check how long your account has been opened.

I've left a period of a few months in between switching that donor account 4 times now, but only due to not getting round to it sooner and waiting for the good deals to come around.

MASmith1979

Thank you for your quick replies.

It's good to know that there isnt really a minimum duration, other than when transferring active direct debits is required (at least one payment from both).

I'll take a look at my options and check the guides on the website for best switching rewards.

Thanks for your help.

tg99

MASmith1979 wrote: »

Is anyone aware of any minimum durations before switching bank current accounts? I'd like to take advantage of a switching bonus, but don't want to leave my current bank, so I was thinking if I opened a current account with a bank that doesn't offer much, and then switch to say the M&S current account to get the switching bonus as well as the other perks.

So, do banks impose a minimum duration before allowing a switch? Or, do banks refuse to pay the switching bonus if the account the customer is coming from hasn't been open for long?

I'm guessing there is a restriction, otherwise everyone would be doing this?

There are no such restrictions (well certainly not that I have ever come across and I've done pretty much all the current / recent switching offers). Everyone isn't doing it because for starters a lot of people won't be aware of it and will still think you can only have one current account and others probably think it takes more effort than it actually does.

tg99

MASmith1979 wrote: »

Thank you for your quick replies.

It's good to know that there isnt really a minimum duration, other than when transferring active direct debits is required (at least one payment from both).

I'll take a look at my options and check the guides on the website for best switching rewards.

Thanks for your help.

For info all the switch incentives that I have come across that require DD only require them to be active and not actually have paid out yet (though you may want to play safe and have first payment come out before switching if you are in no rush).