First time bank switcher/tart suggestions

sandro10

Hi!

My new year's resolution was to make a bit of money switching banks this year.
However, I currently have 2 current accounts, one with Barclays into which I get paid as my employer seems to pay in early with Barclays compared to any other bank, and my second account is a 123 with Santander.

I have no intention of switching from any of these two accounts as they are utilised to gain the most amount of interest in the case of Santander, and in the case of Barclays, I utilise this to get my payslip asap.

I would like to open a third current account and use this to switch from bank to bank gaining the greatest switch incentives every few months.

Any suggestions for a standalone bank account to open to get the ball rolling?? I know there doesn't tend to be any incentives for opening a new currrent account as opposed to switching!

Thanks!

YorkshireBoy

You could at least double, and possibly treble, your interest rate by NOT using Santander 123 and using other providers instead. 1.5% AER is a terrible rate.

To answer your question (with another question), why not open another Santander or Barclays account and switch that?

TheShape

As well as considering the switching incentives, you might also consider the ongoing benefits associated with some accounts. If you switch into an account for an incentive you should consider keeping the account if it offers, for example, credit balance interest or access to a high interest regular saver account.

You might then not switch away from such an account but start another, separate switching chain.

Mannanan

I think you just need a desperate bank who want you, but of course, you don't want them. Therefore try RBS. I opened an account online in early October and set up four DD's. It was extremely easy and painlesss. I Switched the whole thing to Coop on 1st November and pocketed the Coop switching bonus 43 days later.

amanita

Barclays has the fastest account opening procedure. This is possibly why fraudsters love them.

I may have annoyed them however, as my third and fourth accounts came without contactless cards

HBOS/Lloyds are also slick, but the ID check is easier with Barclays if you are already with them. First Direct is only quick and online for your first application; subsequent ones have to be on the 'phone.

Smile messed me around for weeks, Co-op, HSBC, M&S, RBS all needed weeks of postal signatures and returns. Perhaps sole accounts are easier.