Account Switching Limitations

RG2015

This is just a hypothetical question about switching bank accounts to get the switching fee.

Are there any limitations on the bank account that is being switched from? What if it doesn't have any direct debits or salary payments set up or if it has had very few or zero transactions?

It does seem like a bit of a cheek to do this but if the new bank is willing to pay you to do this why not do it.

meer53

The new bank has to be willing to open you an account first. Different banks have different switching criteria, check before you apply.

EarthBoy

RG2015 wrote: »

Are there any limitations on the bank account that is being switched from? What if it doesn't have any direct debits or salary payments set up or if it has had very few or zero transactions?

There are no limitations on switching as such, but there will be on the joining incentive at the new bank. Most banks will insist on you transferring at least 2 direct debits to get the incentive payment. If you don't have any direct debits to transfer the account will still be switched, you just won't get the payment.

You'll need to check the conditions specified by the new bank.