Opening an account to open an account.....

AnotherJoe

I see quite a lot of "switch current account and get paid £xxx" type of deals.
However, I don't want to switch my current account, because I like it.

So, is there any downside or catch to opening an "ordinary" current account purely with the intent to then take say the M&S deal a few months later using that new account ? For example, do these type of switch deals typically have a condition that you must have held your current account for so many months ? Or any other downsides / catches?

Ps I've no objection to switching a few direct debits into the new "temporary" account, I have quite a lot of those.

Thanks.

colsten

If you read about on the forum, you'll find answers to all of your questions as people have been opening 'donor' accounts for quite some time now.

The conditions of the individual switch offers are detailed in the respective offer T&Cs.

AnotherJoe

Yes, I was hoping someone could do a quick summary since they'd know anyway, thats the point of these forums surely, not just to tell people "oh its all in the multiple thousand posts just havea trawl through". Then there woudl be no point asking any questions at all unless they were brand new !

And I have looked through the threads and havent found anything about catches other than direct debits. But I haven't also found threads about opening what you might call a "dummy" account either.

colsten

Perhaps you are looking on the wrong board. You are posting on the savings board. Switch offers are for current accounts which are discussed on the Budgeting & Bank Accounts board. Have you discovered the Forum Search yet?

System

Don't know if it shows on credit rating? Maybe if you're changing your main current account

AnotherJoe

Have you discovered the Forum Search yet?
====

haha. yes thats how I looked, no point just trawling posts at random in any forum.


More to the point though, I take your point about being in the wrong board, as I thought bank accounts were discussed in here (savings=bank accounts?) so thats why I'm in here but i see they could also be covered under Budgeting & Bank Accounts board which I seem to have missed entirely, so i'll head off over there :-)