Multiple Current Accounts

pollyanna24

Or should there be some kind of activity on the Barclays account before I attempt to switch?

MONEYTREE_2

I am doing just this, having just "twigged" that it's possible.

I have a dormant 2nd current account with one of my banks, and I just switched two DD's to that account, plus a monthly transfer into it, to cover those two DD's.

My next move, once each DD has paid out once, is to use this account as a "switcher" to a bank that is going to pay me £125 or £130 incentive to change to them.

These incentives are worth far more than any interest we can get on any savings or bank account.

MONEYTREE_2

Does a yearly DD to pay TV licence count as a DD for switching purposes?

badger09

MONEYTREE wrote: »

Does a yearly DD to pay TV licence count as a DD for switching purposes?

You would have to check the T&Cs of the particular switching incentive you're after. Some of them just say 'active' whereas others specify DD must pay out every month.

bigadaj

In terms of opening accounts for switching I've successfully used Santander a couple of times. I still have a 123 account with them, though question whether it's worth retaining, but have several times opened everyday accounts with them, near instantaneously and switched for incentives. On two occasions now I've opened the everyday account using the link on the imutual website and have received cashback for the opening as well, I think it's £31 and pays out in around 6 weeks. It's one of the few offers still around for opening accounts rather than switching.

castle96

My first Imutual cashback/Santander a/c did not 'track'/payout. Have just opened another and will wait and see. £31 cashback and some shares (in Imutual). Not sure what that's all about.

datlex

One warning about direct debits make sure they are not due between 28th and 31st of the month as these can fall on a weekend/at Easter/ on a bank holiday and not get paid until 1st Month. For some banks this means you don't meet their reward criteria that month.