Account that pays to switch

SouthUKMan

This is a two part question

1) As much as I like the idea of receiving a payment to switch bank accounts, is it really that easy to do? I have 14 direct debits / standing orders coming out of my current account along with my wage going in, and I am terrified that something will go wrong and that I will end up with a strike on my credit rating. Is the hassle / potential worry REALLY worth it for £100?

2) Thanks to an unexpected bonus payment from work I have about £500 that I wasn't expecting to have. This is great for me as I don't have any other savings (but nor do I have debt either). Is there an account that would reward me for simply opening it in the first place?

xylophone

You could open a 'sacrificial" account with your existing bank (or indeed another bank) and use that for switching.

You might open a current account with Tesco and deposit your £500 in that. You could add to it and earn 3% up to £3000.

Nebulous2

You can have - indeed most people here would recommend - more than one account. Open another, move two of your direct debits across if necessary for the new account you are opening and then switch it. A bit of work and it would be quite possible to add another £500 to your savings in the next year from switching bonuses.

Katiehound

If you want a bonus then you need to switch- think around £100 for most of the deals. However as said above there is nothing to stop you opening a 'donor' a/c with your existing bank and switching that at a later date.

If you simply 'open' an account and then don't switch no bonus. However, of course you could be earning interest in that Tesco a/c which does not require a regular pay in or any DDs going out.....