Opening multiple accounts for switching bonuses

YorkshireBoy

lambert91 wrote: »

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.

Do you now fancy checking the other offer T&Cs? See if you can get it down to 4 DDs.

meer53

lambert91 wrote: »

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?

9 searches in less than a month won't help things. Get the accounts opened first, then worry about the switches. You may not get one account opened, let alone 5.

MABLE

lambert91 wrote: »

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

In theory a great idea. However I honestly cannot see 5 different banks on all the same day offering you a bank account. I think they will review your applications with great suspicion.

They may even suspect you are money laundering hence the reason for bulk applications.

surreysaver

MABLE wrote: »

In theory a great idea. However I honestly cannot see 5 different banks on all the same day offering you a bank account. I think they will review your applications with great suspicion.

They may even suspect you are money laundering hence the reason for bulk applications.

On the contrary, 5 applications on the same day is probably the best idea, as it takes time for the searches to show up on your credit report. If you spread the searches out, not only will the searches be visible, but so will the resulting current accounts.

Katiehound

lambert91 wrote: »

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.

On the link provided above the following don't appear:
Arthritis Research UK- minimum £2 per month
Christian Aid min £2
and I think Save the Children fund

Looks like you can also do 1x Post Office savings a/c

Summer_Dreams

You say you already have a halifax bank account, does this not bar you from getting the switching reward??

MABLE

surreysaver wrote: »

On the contrary, 5 applications on the same day is probably the best idea, as it takes time for the searches to show up on your credit report. If you spread the searches out, not only will the searches be visible, but so will the resulting current accounts.

I applied for a bank account only a few days ago and the search appeared immediately on my Exp. report. Also this was confirmed by James Joyce of the said company. The days of one day later is long gone. At least with Experian it is.

lambert91

You can receive the switch incentive if you already have a halifax account ( I currently have their reward account and have no intention of getting rid). No direct debits needed, but the offer ends 13th November so be quick....

takman

MABLE wrote: »

I applied for a bank account only a few days ago and the search appeared immediately on my Exp. report. Also this was confirmed by James Joyce of the said company. The days of one day later is long gone. At least with Experian it is.

I hope your not paying for Experian and your just in the free trial because it's a waste of money. There is no need to subscribe when you can get monthly updates for free from the MSE credit club.

bigadaj

MABLE wrote: »

I applied for a bank account only a few days ago and the search appeared immediately on my Exp. report. Also this was confirmed by James Joyce of the said company. The days of one day later is long gone. At least with Experian it is.

I think that might be James Jones, even if Experians's magic number generator for their credit score is more complicated than Finnegans Wake.