Switching current account , Get Intro cash but keep original ACC open

pat_2009

Hi ,

Looking for some advice please good people .

I have a NatWest current account for a very long time and I am happy with the service.

Currently in the process of remortgaging to HSBC and if I take out a HSBC advance current account I get 250 off the arrangement of the mortgage and by using HSBC switching service a further 150 new customer and 50 for staying 12 months ..

Been advised by HSBC call handler I can only get 150 + 50 new customer bonus by using their switching service and CLOSING the NatWest account....something I don't want to do...I can meet the HSBC advance account requirement of transferring in 1750 monthly and transferring minimum two direct debits over to HSBC ....by moving cash and debits ...but I would prefer to keep the NatWest account for other reasons ...


Anyone done this ?

MyOnlyPost

Just open up an account at any other bank with the sole intention of switching it

pat_2009

Thanks MyOnlyPost ...I am looking at doing that ...but seems a bit daft ...ultimately they get 1750 and 2 direct debits if I open a new account ...making me close the other one smells a bit of wanting the whole cake and eating it

WillPS

pat_2009 wrote: »

Thanks MyOnlyPost ...I am looking at doing that ...but seems a bit daft ...ultimately they get 1750 and 2 direct debits if I open a new account ...making me close the other one smells a bit of wanting the whole cake and eating it

Thems the rules.

MyOnlyPost

Loads of posts on the boards about people opening accounts just to switch.

I personally have opened at least 4 TSB basic accounts over 2-3 years and then switched them within a few days of opening to avail of an offer elsewhere

Katiehound

That's part of the switching deal- it automatically closes the old account. Just be quick and open a donor a/c!

No_6

@ p....9
nothing wrong with having a long relationship with a bank
just don't let them use you.
keep the long one, open a new one with them, should only take a FEW weeks,
then switch....need to read t&c with new bank though.

phillw

pat_2009 wrote: »

Thanks MyOnlyPost ...I am looking at doing that ...but seems a bit daft ...ultimately they get 1750 and 2 direct debits if I open a new account ...making me close the other one smells a bit of wanting the whole cake and eating it

They are paying for the cake, why shouldn't they eat it?

I've used NatWest and Barclays for switch mules when I've not had an account I wanted to close. You need the long card number to switch, so it will take a week to open an account and get the card.!I think with Barclays I had the account details immediately and could!switch the direct debits.

Unless there is a benefit to keeping the NatWest account open then I wouldn't bother.

xylophone

direct debits.

HSBC will allow SOs as well as/instead of DDs so even easier to set up sacrificial account with Natwest or Barclays, fund it, set up a couple of standing orders and switch as soon as debit card for sacrificial account arrives.

http://www.hsbc.co.uk/1/2/current-accounts/hsbc-advance