Open a current account and use Switch service to gain free £100's?

MDolphin

Is it possible to open a new current account with any bank. Deposit £1 and then go to another bank and do the 7 day switch to get the free switching bonuses some banks are offering?

ratechaser

You forgot the part about ensuring that you have the requisite amount of direct debits set up on that new account before you switch it over, and that there are generally other requirements, e.g. minimum regular deposits into the target account, in order to secure the bonus.

And of course you need to have an ok credit file to be able to open up multiple accounts in a short space of time.

But yes, that's pretty much the deal...

MDolphin

ratechaser wrote: »

You forgot the part about ensuring that you have the requisite amount of direct debits set up on that new account before you switch it over, and that there are generally other requirements, e.g. minimum regular deposits into the target account, in order to secure the bonus.

And of course you need to have an ok credit file to be able to open up multiple accounts in a short space of time.

But yes, that's pretty much the deal...

Is this a universal thing? i.e. All banks require you to have so many direct debits in order to qualify for a switching bonus and paid regular deposits in there. (Also what defines a regular deposit, could that be £1 deposit a week?)

I've opened a select current account with NATWEST. I'm planning on doing the switch service too...

The TSB Classic Plus*

Need-to-knows
This account has one of the lower minimum monthly pay-ins at £500/month.
Unusually, you don't need to have any direct debits going out of the account if it's just the interest you want.
You'll need to pay in £500/mth, register for internet banking & opt for paperless statements to get the interest.

I'm confused as to what you mean by target account do you mean I have to make regular deposits to my NATWEST account before switching or do you mean after I've switched I need to meet the criteria of my TSB Classic Plus which is no direct debits but £500 pay in monthly?.

ratechaser

TSB is indeed a bit unusual in that if you only want the interest, you dont need to maintain DDs, but you do have to have them on the switched account if you want the bonus. Its laid out in the MSE guide, suggest you have a read?

Target account in this case means the TSB one you want to open. And as you quoted, it's 500 per month with them...

MDolphin

Thanks buddy really appreciate the help!:beer: