Setting up a current account just to quickly switch elsewhere

hugger

I'd like to perform a current account switch to take advantage of the current MSE First Direct incentive.

I currently have a basic RBS account that I've had for as long as I can remember that's doing nothing much for my money. I've also just opening a Nationwide FlexDirect to utilise the 5% interest on £2500 for a year.

My question is whether it would be best to simply switch from my RBS account to First Direct or if I should perhaps open up a new basic current account with RBS (if possible?) or elsewhere from which I can then switch as soon as the account is up and running?

I've read various threads on the forum where this topic is touched upon, but am still not sure what the best option would be in my personal circumstances.

I have no real loyalty to RBS in terms of their service or the basic products they provide me with, so I'm not precious about keeping the account open. However, I have read that if you have a long-standing account that you've used sensibly, that this can work in your favour should you require a credit check, etc. I have no short-term mortgage/loan plans, so perhaps this isn't something I should be concerning myself with, but I'd appreciate some clarification.

If it is recommended that I keep my existing RBS account, would the best option be to try to open a second basic current account with RBS or to do so elsewhere? If elsewhere, is there a kind of best/worst account/bank so to speak that I should consider? I mean this in the sense that they'll do the job but I'd be unlikely to want to bank with them in future. My thinking here is that if I'm getting into the habit of switching, I want to keep my options open with other banks who have a history of providing decent incentives for my future switches.

I appreciate there are a few separate questions in here and I hope what I'm asking makes sense. I'll be happy to clarify any points if anyone is able to assist.

Zanderman

It is easy to open new accounts with RBS, so why not just do that? There's nothing to lose and if, as I think you'll find, it's easy you'll have a proper 'spare' account quite quickly.. Keep the original one for now if you're keen to keep the long relationship.

I assume your FlexDirect was opened without switching? You could still, I think, get a £100 switch bonus for that if you switch into it (via the Refer a Friend scheme). Details of the referral scheme are here http://www.nationwide.co.uk/products/current-accounts/service/raf-conditions .

You need to have two DDs on the account being switched - and a referer of course. There's a thread full of those on the referrals board - you can find that by searching (I'm not allowed to post links to that from here)

(Edited to remove the original link to the referrals thread - in line with MSE rules)

takman

I've opened a couple of current accounts with Natwest just to immediately switch them to get the reward bonus. But the only reason I chose Natwest was because I already had an account with them so it was the easiest option. So for you RBS sounds like the best bet.

Also like Zanderman said don't forget to also do the Natiowide referral Switch and get the £100 bonus. So you might aswell open two new accounts and do both at once!.

[Text Removed]

Zanderman

takman wrote: »

I've opened a couple of current accounts with Natwest just to immediately switch them to get the reward bonus. But the only reason I chose Natwest was because I already had an account with them so it was the easiest option. So for you RBS sounds like the best bet.

Also like Zanderman said don't forget to also do the Natiowide referral Switch and get the £100 bonus. So you might aswell open two new accounts and do both at once!.

[your link was here until I removed it from the quote, Z-man]

That's surely not a direct link to your own referral post is it takman????!!!

takman

Zanderman wrote: »

That's surely not a direct link to your own referral post is it takman????!!!

I just thought would help the OP by posting a link to the most recent poster in that thread , to save them messaging people from the beginning who may not be active or who have already reffered lots of people and hit the limit.

I would never break the rules by offering to refer people in this thread

colsten

takman wrote: »

I just thought would help the OP by posting a link to the most recent poster in that thread , to save them messaging people from the beginning who may not be active or who have already reffered lots of people and hit the limit.

I would never break the rules by offering to refer people in this thread

Then why do you break the rules by advertising your own referral link?

takman

colsten wrote: »

Then why do you break the rules by advertising your own referral link?

It's not a Refferal link it's a link to my post in the thread about Refferals. The rule is that you cannot offer to refer someone in any other thread apart from that one. I simply posted a link to my post in that thread which isn't breaking the rules.

Also I was slightly joking in my post because I happen to be the last person to post in that thread!.

NoMore

Technically your not breaking the rules but your stretching them to breaking point and you know it!


There was already a link to the thread, there was no need for a link to your single post within the thread. That is simply the same as you offering to refer within this thread, except your hiding behind a hyperlink.


EDIT: After checking the rules you have broken them!!

Any referrals on any other forum boards will be removed when reported, as will links to the Referrers Board from the main MoneySaving boards.
This also includes members saying "Please PM me for the code" or "check my post on the Referrers Board". The overriding rule is that no advertising is allowed.

takman

NoMore wrote: »

Technically your not breaking the rules but your stretching them to breaking point and you know it!


There was already a link to the thread, there was no need for a link to your single post within the thread. That is simply the same as you offering to refer within this thread, except your hiding behind a hyperlink.


EDIT: After checking the rules you have broken them!!

Yes your right!, I haven't actually read that rule!.

Looks like me and Zanderman have both broken the rules by posting links. But the irony is that I wouldn't have even posted in the referral thread if someone else on another post hadn't provided the link!.

So as per the rules it says the links will be removed when reported. So as I beleive in a democratic forum i won't remove the link myself but await to see if people think my infraction is unacceptable enough to be reported.

Zanderman

takman wrote: »

Yes your right!, I haven't actually read that rule!.

Looks like me and Zanderman have both broken the rules by posting links. But the irony is that I wouldn't have even posted in the referral thread if someone else on another post hadn't provided the link!.

So as per the rules it says the links will be removed when reported. So as I beleive in a democratic forum i won't remove the link myself but await to see if people think my infraction is unacceptable enough to be reported.

Well I'm decent enough to voluntarily remove my link to the whole thread... and my quotation of your link to your personal post.

takman

Zanderman wrote: »

Well I'm decent enough to voluntarily remove my link to the whole thread... and my quotation of your link to your personal post.

Well the rule states that "Any referrals on any other forum boards will be removed when reported, as will links to the Referrers Board from the main MoneySaving boards."

So technically it doesn't say that I can't post the link, it just says what will happen to it. Taking advantage of the rules to make some money is what bank account switching is all about and all the ways around the restrictions such as monthly pay ins and direct debits are regularly discussed on this board.

So I think my stretching of the rules fits in well on this forum