How long to wait before switching

WelshBathGuy

Is there a minimum time an account needs to be open before switching? Can't leave current account, however could I open another current account with a second bank, then switch that one to get the switching bonus?? If so, how long would I have to wait?

badger09

WelshBathGuy wrote: »

Is there a minimum time an account needs to be open before switching?
No Can't leave current account, however could I open another current account with a second bank, then switch that one to get the switching bonus?? Yes If so, how long would I have to wait? Same answer as to your 1st question, however, many switch incentives require that the account to be switched has DDs on it, so you would have to wait for them to be fully set up before you could switch

Red

Don80

WelshBathGuy wrote: »

Is there a minimum time an account needs to be open before switching?

No - Unless you received a switching bonus for the account you are going to switch from. Some T&Cs require you to have the account for a fixed period of time, or they claw back the switching bonus.

WelshBathGuy wrote: »

Can't leave current account, however could I open another current account with a second bank, then switch that one to get the switching bonus?? If so, how long would I have to wait?

Why not? The whole point of the CASS is to make it easy.

If you are thinking about switching, consider moving your account anyway. You can open a new account to switch but as someone said, be aware you may have to switch a given number of DDs. If you are doing that, consider opening a basic account with a bank you can apply directly to as that would not affect your credit history. Santander, Barclays and Nationwide allow you to apply directly. Other banks have you apply for their full account, and offer the basic account if you don't meet their criteria.

WelshBathGuy

Don80 wrote: »

No - Unless you received a switching bonus for the account you are going to switch from. Some T&Cs require you to have the account for a fixed period of time, or they claw back the switching bonus.



Why not? The whole point of the CASS is to make it easy.

If you are thinking about switching, consider moving your account anyway. You can open a new account to switch but as someone said, be aware you may have to switch a given number of DDs. If you are doing that, consider opening a basic account with a bank you can apply directly to as that would not affect your credit history. Santander, Barclays and Nationwide allow you to apply directly. Other banks have you apply for their full account, and offer the basic account if you don't meet their criteria.

Thanks for the info. Can I ask though about the highlighted- how would my credit rating be affected by not applying directly? Or does applying for a normal as opposed to a basic account affect my credit rating? Or is it affected by me being refused opening an account?

Don80

WelshBathGuy wrote: »

Thanks for the info. Can I ask though about the highlighted- how would my credit rating be affected by not applying directly? Or does applying for a normal as opposed to a basic account affect my credit rating? Or is it affected by me being refused opening an account?

If you apply through most banks, you need to apply for a normal account (therefore, full credit check which other lenders can see), and are offered a basic account if you do not meet the criteria for a full account.

If you apply directly for a basic account there should be no credit check, just an ID check - so your credit "rating" isn't affected. That would mean when you apply for your actual account when you switch, there is no recent credit check.