Set up a new bank account but keep my old one

kazcooke

Hi all

new to the site and tried to look for this question but didn't see it so here goes.

I'm looking at changing bank accounts so I can get the £150 bonus for joining etc but what I want to do it join up for the account but keep my old one and then every month pay in to the new account from my old account the £1,000 (or what ever it is) to qualify for the bonus.

I know this sounds long and more work then needed but would it work?

Thanks

YorkshireBoy

If you read any of the switching incentive T&Cs you'll see your old account has to be closed.

However, there are ways round it...switch an account you don't mind closing. Haven't got one?...get one!

kazcooke

Sorry one more question too, what if I have a floating £1,000 that I just keep transferring backwards and forwards from the two accounts?

So I use the same £1,000 each month to hit the quota but i take it all out after 3 days and then back in the following month?

kazcooke

Cheers YorkshireBoy

YorkshireBoy

kazcooke wrote: »

Sorry one more question too, what if I have a floating £1,000 that I just keep transferring backwards and forwards from the two accounts?

So I use the same £1,000 each month to hit the quota but i take it all out after 3 days and then back in the following month?

As far as I know they don't mark the notes, so you should be ok.

Why are you leaving 3 days? Do you leave your salary alone for 3 days before starting to spend it?

kazcooke

YorkshireBoy wrote: »

As far as I know they don't mark the notes, so you should be ok.

Why are you leaving 3 days? Do you leave your salary alone for 3 days before starting to spend it?

3 Days is my golden rule before I can spend, I like to remind myself that the money in there wont go anywhere (apart from bills) and i'm responsible for if it does

agrinnall

kazcooke wrote: »

Sorry one more question too, what if I have a floating £1,000 that I just keep transferring backwards and forwards from the two accounts?

So I use the same £1,000 each month to hit the quota but i take it all out after 3 days and then back in the following month?

It's what the majority of us on here do. But unless you are using Standing Orders to transfer the money leaving it for 3 days is a very odd thing to do, if you have done the transfer manually then once it has arrived simply transfer it back straight away. If both banks are full members of FPS then the whole thing should be done and dusted in under 10 minutes in most months.

kazcooke

thanks agrinnall