Downside of Account Switching Chain?

Ryan6

Yes I'm aware that the switch cannot be from a basic account. I hold a current acc and I just opened a Nationwide FlexDirect acc today so I guess I can still try my luck with opening new current accounts and by opting out of overdrafts when I'm given the option as I wont need it anyways.

jonesMUFCforever

Ryan6 wrote: »

Yes I'm aware that the switch cannot be from a basic account. I hold a current acc and I just opened a Nationwide FlexDirect acc today so I guess I can still try my luck with opening new current accounts and by opting out of overdrafts when I'm given the option as I wont need it anyways.

I think you have misunderstood me - you can switch FROM a basic but the switch must be to a full current acount to get any reward.
Basis to Basic gives you nothing. Full current account to Basic will give you nothing.

eskbanker

Ryan6 wrote: »

I've just been in the UK from June...
Umm may I ask how is starting 2 shorter chains be better than 1 long chain? I'm asking this cuz I have some constraints in spending time to open bank accs, thanks!

Because of the time taken to satisfy the conditions on a donor account (setting up DDs), open a new account, switch to it, keep it open long enough to receive the incentive payment - this can be several months each, so if you run parallel chains you have more chance of getting to the end of each in a finite time period.

Ryan6

jonesMUFCforever wrote: »

I think you have misunderstood me - you can switch FROM a basic but the switch must be to a full current acount to get any reward.
Basis to Basic gives you nothing. Full current account to Basic will give you nothing.

Yes I am aware the target acc must be a current acc, and most banks specify which current accounts are eligible for the incentive.

Just to confirm though, I can open an account at the target bank 1st, and then switch a donor account to it at a later date right?
If I successfully opened a current account with the target bank does that mean the later switch will be successful too?

Ryan6

eskbanker wrote: »

Because of the time taken to satisfy the conditions on a donor account (setting up DDs), open a new account, switch to it, keep it open long enough to receive the incentive payment - this can be several months each, so if you run parallel chains you have more chance of getting to the end of each in a finite time period.

I see, thanks!
Previously you said it's better to open donor accounts in the same bank before, but if I were to keep a few donor accounts open in the same bank would they allow it? As in would my second/third application be likely to get thru if I were to open a few new accounts in the same bank?

TheShape

Ryan6 wrote: »

May I ask if all 9 of your current accounts are opened by switching to them using "donor accounts" you set up just for switching? And are these "donor accounts" from the same bank?

For the regular savers the interests are usually paid on full term (usually a year) and sadly after a year I would no longer be in the UK so that's not an option. I do hold one that matures before I leave, and also I dun have that much money to need >1 regular saver account, :rotfl:

Sorry, I missed this post from a couple of days ago.

I set up a TSB Classic Plus, 2 x Tesco, a Club Lloyds, a Bank of Scotland, a First Direct and an M&S because I wanted access to their interest and or regular saver accounts.

I already had an unused Natwest Account which I switched to First Direct for the switching incentive which has recently paid out.

I opened a new Nationwide Flexaccount (I already have a FlexDirect), setup 2 DDs on it and have initiated a switch to M&S for the switching incentive. The switch is due to complete 25/10/16.

I am in the process of opening (waiting for the card etc) a RBS account on which I will setup two DDs and then attempt to open a HSBC account into which I will switch the RBS account for the switching incentive and will make use of the regular saver. If I can't open the HSBC account (I only just earn their required pay in amount although I do already hold a mortgage with them), I will switch the RBS into Tesco for their 2500 Clubcard point incentive.

If HSBC do open me an account I'll probably set up another Current account (perhaps with Santander) and switch that to Tesco.