Opened a mule account, how long before I can switch it?

sm0114

I just opened a new current account (Barcalys) with the sole purpose of switching it to a cash incentive switching account.

How long do I need to wait before I can do so?

eskbanker

Unless there's anything specifically mentioned in the account Ts & Cs then there's no minimum time as such, but you obviously need to ensure that the account satisfies any prerequisites for the switch you have in mind (e.g. direct debits in place and perhaps even executed at least once each to be on the safe side).

It's also a good idea to wait until you have online banking access set up (to verify the above easily) and the debit card for the account (typically asked for in a switch).

sm0114

I'm currently looking at the First Direct £125 incentive account, which doesn't seem to have any prerequisites, besides paying £1000 in once opened to get the bonus.

I might just put £20 in the Barclays account so something is in there, attempt to switch and see what happens!

Zanderman

As Eskbanker says, wait until you've got full access to the account and have the debit card. Access so you can see what's going on and debit card because it's usually needed as part of the switch process. They may not accept you for switching otherwise.

And yes, definitely put some money in it! It would be odd to switch an account with zero balance. And anyway having a balance enables you to be sure the switch has happened correctly as you'll see it appear in the new account.

sm0114

Thanks for the advice, I'll pop £20 in and wait till the debit card arrives before going ahead.

colsten

A mule account is an account used for money laundering.

I think you mean a donor account, for switching purposes.

moneyfoolish

sm0114 wrote: »

Thanks for the advice, I'll pop £20 in and wait till the debit card arrives before going ahead.

I switched an account with no money in it and without a debit card to First Direct a few months ago and was given the money.

eskbanker

colsten wrote: »

A mule account is an account used for money laundering.

I think you mean a donor account, for switching purposes.

Regardless of accuracy or not, this week's MSE email makes repeated references to mule accounts when meaning donor accounts so expect the same usage to be prevalent for a while to come yet!

Consider setting up a 2nd account as a switching mule. You could just keep switching your main account, yet that can be annoying. A mule account is a 2nd account you set up just so you can switch it. Just open it without the switching service, so it doesn't close down your existing account.

For the first mule account, best to avoid any accounts that may offer you free switching cash, so you don't disqualify yourself from using them. Then just open your bonus account by switching this mule account.

EachPenny

eskbanker wrote: »

Regardless of accuracy or not, this week's MSE email makes repeated references to mule accounts when meaning donor accounts so expect the same usage to be prevalent for a while to come yet!

A very unfortunate choice of terminology, it could cause some people problems. Let's hope they don't start asking their bank about their 'mule account'

colsten

eskbanker wrote: »

regardless of accuracy or not, this week's mse email makes repeated references to mule accounts when meaning donor accounts so expect the same usage to be prevalent for a while to come yet!

o.m.g.

....................

colsten

EachPenny wrote: »

A very unfortunate choice of terminology, it could cause some people problems. Let's hope they don't start asking their bank about their 'mule account'

I'd bet that some will.