Tarting - standing orders with mule

anewman

Have a spare Current Account I intend to use as a Mule, which I haven't used in many years. (I have a separate current account with the same bank I've held over 5 years which I use as my main account).

The HSBC one says "To get the bonus, you must open the account and start a full switch using HSBC's official switching service, including at least two direct debits or standing orders, within 30 days."

Can I simply setup a standing order of 1p to two different accounts on the Mule account to meet that requirement?

Many thanks.

cardi_b

If the spare current account age is younger than the one you actually use then good, use that one for switching as it'll look better on your credit file with regards to time with bank.

From what I understand, only HSBC's Advance account has a switch bonus, and that requires you to pay in £1,750 per month (do-able by moving money between banks via Faster Payments). In this case I don't think a 1p SO will cut it.

anewman

I mean 1p from the account simply to satisfy the requirement to switch 2 standing orders. Obviously I'd have the £1,750 bit worked out too.

The spare current account is much older than the main one I use. Perhaps I need to setup a separate Mule account?

YorkshireBoy

I would imagine the difference in 'points' (on a lender's credit scoring sheet) between a 5 year-old account and a, say, 10 year-old account would be negligible. So if speed is of the essence I wouldn't have any issue in switching the long held account.

Are you seriously considering 1p SOs? Is that because you're absolutely skint?...or just intent on taking the mick?

The minimum I've ever done on a donor is a £50 credit and a pair of circa £10-15 SOs.

anewman

Intent on taking the mick covers it I figure if it meets their requirements.... The other option I considered was £1 DD to charity.

Just logged in to credit score check and noticed a third account with the same bank is on my credit score, even though it isn't a current account. I imagine that will maintain my long-standing status with the bank.

1. 21 years old
2. 12 years old (one I intend to use as mule)
3. 6 years old

colsten

A mule account is an account used for money laundering.

A mule account doesn't become a legit tool just because people on MSE use the term in the wrong context.

EachPenny

anewman wrote: »

Have a spare Current Account I intend to use as a Mule...
....
Can I simply setup a standing order of 1p to two different accounts on the Mule account to meet that requirement?

My first suggestion is you don't call any of your accounts 'mules' regardless of what the MSE email says.

My second suggestion is if the standing order (preferable if it meets the T&C's) is being paid to yourself then it doesn't matter how much you transfer because you keep the money. Setting up 1p SO's to yourself is not a sensible way to conduct your account and could result in you having your banking facilities withdrawn. Make it £10 or even £50, so it looks like part of 'normal' banking rather than a scam.

ceredigion

anewman wrote: »

Your stated location is apt.

anewman

ceredigion wrote: »

Your stated location is apt.

Constructive.

anewman

EachPenny wrote: »

My first suggestion is you don't call any of your accounts 'mules' regardless of what the MSE email says.

My second suggestion is if the standing order (preferable if it meets the T&C's) is being paid to yourself then it doesn't matter how much you transfer because you keep the money. Setting up 1p SO's to yourself is not a sensible way to conduct your account and could result in you having your banking facilities withdrawn. Make it £10 or even £50, so it looks like part of 'normal' banking rather than a scam.

I'm sure tarting in itself is not a sensible way to conduct banking, but it goes on

EachPenny

anewman wrote: »

I'm sure tarting in itself is not a sensible way to conduct banking, but it goes on

Of course it does, although I wouldn't call it 'tarting' either But there's a difference between managing switches between banks to harvest bonuses efficiently, and taking the proverbial and messing things up for yourself and/or other people.

Also, from time to time banks offer special deals to selected customers - last year it was HSBC giving very generous cashback on debit card use - so there's no point doing something that potentially marks you down as a bad customer (e.g. 1p SO's) if there are alternative ways of achieving the same objective.