Multiple bank accounts

byeo

I'm currently in the process of looking for a new bank account, I'm with HSBC and have been ever since I opened it when I was in school. Thanks to poor interest rates and little in the way of a thank you as a long term customer, I feel I should move elsewhere to make the most of my money.

After doing some research I see that all bank accounts (unless I've missed the odd one) require a full switch to get the "offers" which means my HSBC account would be closed down. I don't have an issue with this but I see people on this forum saying they have multiple accounts with X,Y and Z. How is this possible if they all require you use their switching service ? Am I missing something obvious or can you open a new bank account without fully switching, not get the £120 bonus (for example) yet still take advantage of their savings accounts.

Hope this makes sense

Nebulous2

You can open a second bank account as a 'donor' account. Move the required number of DDs over (often 2) then switch that one, keeping your main account in place. Make sure you meet any minimum funding requirements to get any ongoing benefits.

Rinse and repeat.

binaryuniverse

Of course you can. Just open another bank account. You don't have to do a switch. You just don't get any cash for doing so.

Banks do the bonus offers for switching as, for most, it probably means transferring everything over (salary, debits, payments). So the bank would be getting your business.

On this forum, however, it's an opportunity to make an easy £100+.

byeo

Nebulous2 wrote: »

You can open a second bank account as a 'donor' account. Move the required number of DDs over (often 2) then switch that one, keeping your main account in place. Make sure you meet any minimum funding requirements to get any ongoing benefits.

Rinse and repeat.

Ah ok, that makes sense now. Thank you Is there a limit to how many "donor accounts" you can open ?

[Deleted User]

byeo wrote: »

Ah ok, that makes sense now. Thank you Is there a limit to how many "donor accounts" you can open ?

Limited by how many banks there are I'm afraid. :rotfl:

[Deleted User]

Actually that's not true, you can have at least two bank accounts with several providers.

Katiehound

and just to add it is the easiest thing to open another a/c with your current provider.

You then just 'groom' that new a/c - pay in some money (maybe set up SO for a minimum monthly amount in, and then out), set up direct debits (whatever is required for your new provider) check the DDs are working and then start the switch process........
Once you have a new provider you can then usually get another 2nd account to be a 'donor'

byeo

Thanks for everyone responses. I looked into setting up another account with HSBC but they only allow current customers to open new accounts up in store and to be perfectly honest, I can't be bothered to do that after banking online for years.