Switching a brand new account!

lufc7

Hello all, I usually read these forums and pick up various advice and info. Though whether it's nerves of the audacity of opening a brand new account (opened this week) I have put only a small amount into it <£20 and activated and used my debit card once today. The purpose of me opening this account was to do a switch to the Halifax. New sole account (this week again) already opened, just waiting to initiate the switch. My question is this have many other people been this obvious when opening accounts to switch and done it as this quick (was planning on initiating switch in next few days)? Thanks again for any advice.
PS I haven't set any DD or SO, didn't see the point.The account I'm switching to isn't a reward account, and if I want to upgrade that I can do it at a later date, I hope

Futuristic

That's fine, a lot of people open accounts just to switch again few days later after activation.

Why not switch to reward account straight away? There is no fee and if you don't meet the £5/mo requirements then they don't charge you anything and they pay you on the months you do meet the requirement.

lufc7

Futuristic wrote: »

That's fine, a lot of people open accounts just to switch again few days later after activation.

Why not switch to reward account straight away? There is no fee and if you don't meet the £5/mo requirements then they don't charge you anything and they pay you on the months you do meet the requirement.

To be honest that was my original intention but opening it online it sem to think I already had 1. I have but it's joint with my wife. So I just proceeded to open the normal account with the intention to upgrade it soon. I was confused it wouldn't allow me to select the reward account because the way I understand it i can have 1x joint and 1 x sole. I appreciate your input, thank you

Carnival789

I know what you mean about feeling audacious with regards to switching a brand new account. I've always wondered if the new bank can tell that the account I'm intending to switch is brand new, so I have always opted to switch my genuine main bank in the past (shock horror to some, I'm sure!).

However judging by the numerous posts on here it does seem common place for brand new accounts to be switched in order to gain switching incentives. If you do switch a brand new account I guess you may sometimes have to tell a white lie to your new bank about what you are doing. to switch to some banks, such as M&S (I think), you have to call them up as part of the switch process. I'm pretty sure they will ask how long you have the held the account that you are switching and I don't suppose it would be wise to say something like "about a week, I opened it specially just so I can switch it to you and claim your £ xxx switching inventive"!!!

colsten

Carnival789 wrote: »

I don't suppose it would be wise to say something like "about a week, I opened it specially just so I can switch it to you and claim your £ xxx switching inventive"!!!

To get yourself out of that awkward spot, having a constant supply of half a handful or so of 'seasoned' current accounts could be a good idea. I know this doesn't help the complete newcomer but it's never too late to make provisions for the future, and it's a recommendation to those who plan to switch and - mindlessly - close at their earliest opportunity. :cool:

lufc7

Thanks everyone for your replies, suppose I just wanted the reassurance that it does happen with regarding to switching, as quickly as I plan or hoped on switching my new <1 wk old account. I just don't want to either miss something out that's obvious and shoot myself in the foot with the switch

Kernel_Sanders

lufc7 wrote: »

1x joint and 1 x sole.

colsten wrote: »

half a handful or so of 'seasoned' current accounts

The currents have to be seasoned? Is this all part of giving the banks a whipping, then a beating?

lufc7

Just updating a few of my threads I have started. I applied for the switch using the donor account that was <1 wk old when I applied for the switch and had less than £20 in it. It went through fine and I have received my £100 switching bonus. So thanks again for people's advice.

Ballard

I recently opened a second First Direct account and switched it immediately. Does anyone have any experience of opening another FD account after a few weeks just to switch it?

I'm just wondering whether FD will have left a marker and disallow this.