Opening multiple accounts for switching bonuses

lambert91

Morning,

I am looking to open multiple accounts to take advantage of the switching bonuses many are offering.

The accounts i'm interested in switching to are:
Yorkshire bank (250 bonus, 2DD's)
HSBC (150 bonus, 2DD's)
First direct (125 bonus, 2 DD's)
M and S (125 bonus, 2DD's)
Halifax (125 bonus,)


Is the best method to open 5 different accounts today and do the 5 switches? I will be looking to buy a house towards the end of 2018 so will be applying for a mortgage in 12 months time. Will opening 5 accounts on the same day and switching them all affect my credit rating?

Can the money be cycled in and out? HSBC requires 1750 a month to be paid in, which is fine, but can it be cycled out the day after or has it got to stay in the account to received the bonus?

Altogether i need 8 direct debits.

Thanks

soulsaver

Have you got 5 current accounts with 2 paying DDs each to switch from?

lambert91

I currently have 2 accounts (halifax and nationwide) but not willing to switch them, so I will need to open 5 new accounts (maybe 6, see below)...

For direct debits, I have seen people mention using Tesco. Does this still work? This would mean me opening 6 new accounts in the matter of days..

Katiehound

DDs from Tesco were available but that feature is ending in April 18 (boohoo) so may not now be an option.

I have several charity DDs for £2 or £3 (plus they get Giftaid)
I'm not involved with mortgages etc but suspect that all that activity in a short space of time may have repercussions.

The money can be 'recycled'. It only needs to touch base and then can be moved.
I set up SOs with a day or 2 in between, some folk do it all online and move money that day (manually)

The best deal currently is the Yorks Clydesdale one so maybe that is the one to go for first and then do the others over the next few weeks

meer53

You need 5 accounts to switch to the 5 banks you've listed above. You need to open accounts with the 5 banks you want to switch to. Have you thought this through ?

lambert91

Would you be able to tell me which charities you can set direct debits up for £2? That sounds the cheapest option...

Thanks for your help.

lambert91

meer53 wrote: »

You need 5 accounts to switch to the 5 banks you've listed above. You need to open accounts with the 5 banks you want to switch to. Have you thought this through ?

Yes I was going to open 5 accounts and then as soon as they're setup, do the switching process? Is this wrong?

Thanks for your help in advance!

YorkshireBoy

Don't you need to open 9 current accounts?

Why do you (think you) need 10 DDs? Is it because you haven't read or understood the respective incentive T&Cs?

As to your specific Halifax question, that's answered in their incentive T&Cs.

lambert91

YorkshireBoy wrote: »

Don't you need to open 9 current accounts?

Why do you (think you) need 10 DDs? Is it because you haven't read or understood the respective incentive T&Cs?

As to your specific Halifax question, that's answered in their incentive T&Cs.

Why 9 current accounts? Would it not be 5? 1 account to switch to each 1 of the 5 accounts above?

Edited, 8 direct debits. I have just checked I can switch to halifax even though I'm an existing customer, and no direct debits are required from the account I'm switching from.

Thanks

eskbanker

lambert91 wrote: »

Why 9 current accounts? Would it not be 5? 1 account to switch to each 1 of the 5 accounts above?

I strongly suspect that YorkshireBoy's point is that (as pointed out by meer53) each switch needs an account to switch from and an account to switch to, so if you don't have any of these in place yet then you need to open twice as many new accounts as planned switches....

lambert91 wrote: »

Would you be able to tell me which charities you can set direct debits up for £2? That sounds the cheapest option...

See this thread on the savings board for DD ideas: https://forums.moneysavingexpert.com/discussion/5126573

lambert91

eskbanker wrote: »

I strongly suspect that YorkshireBoy's point is that (as pointed out by meer53) each switch needs an account to switch from and an account to switch to, so if you don't have any of these in place yet then you need to open twice as many new accounts as planned switches....

See this thread on the savings board for DD ideas: https://forums.moneysavingexpert.com/discussion/5126573

Oh yes I understand now! Will opening 9 accounts in the space of less than a month have an impact on mortgage applications 12 months down the line or should it be OK?