Opening a new account to use the switching service

James_J

Hi all,

I have a question regarding the Current Account Switching Service and monetary incentives for switching. Does an account you're looking to switch from have to have been open for a certain period of time before you can switch is to another account? The main reason I'm asking is that, if there isn't a minimum period of time, there appears to be nothing stopping anyone opening any bank account and then immediately using the switching service to get a switching bonus from another bank?

What are the rules surrounding this?
Many thanks in advance

Mogley

The account doesn't have to be open for a certain period. You need an account number, sort code and debit card number to carry out a switch. There are of course sometimes hoops you have to jump through to receive the bonus (eg. two direct debits). You just need to check and comply with the terms and conditions of the bank you would like to switch into to receive incentive.


I opened a Barclays C/A to start my switching journey.

radoslaff

James_J wrote: »

The main reason I'm asking is that, if there isn't a minimum period of time, there appears to be nothing stopping anyone opening any bank account and then immediately using the switching service to get a switching bonus from another bank?

And that's what many people (including me) do. You just need to wait for the debit card to arrive and the first round of DDs to go out. As simple as that. After that you need to wait for a couple of months until you get the incentive and then fly over to the next beautiful flower.

Katiehound

Or you just open another basic account with your current provider.
You do not need a debit card.
When you see an offer appear, hopefully with a bit of time on it! (unlike the recent Yorks/Clydesdale) groom the account with whatever is required for switch t&cs, check the in payment /DDs do work and then switch.