Bonus for opening a New Bank Account

vivvov

Hello All

I've sold my house and need to open 2 new accounts..so not switching as such, keeping my account open but spreading out the large amount to be FSCS protected....not bothered about the banks and seems silly not to get any bonus on offer...but just opening and depositing into new accounts (no DD switching etc).
Do any banks give out bonuses for this type of switch?

Thanks

Zanderman

vivvov wrote: »

Hello All

I've sold my house and need to open 2 new accounts..so not switching as such, keeping my account open but spreading out the large amount to be FSCS protected....not bothered about the banks and seems silly not to get any bonus on offer...but just opening and depositing into new accounts (no DD switching etc).
Do any banks give out bonuses for this type of switch?

Thanks

Opening a new account and depositing money isn't a 'type of switch'. It's just opening an account.

There used to be one or two offers for simple account opening (e.g. Santander used to do one through a cashback site) but I'm not aware of any others, as far as i can remember, that aren't actual switches.

The point, from the bank's point of view, is that they are gaining another bank's business. They are prepared to give money for that - i.e for switches. Just opening an account from scratch isn't as valuable to them.

You could, of course, open additional new accounts with your existing bank and switch those...

agrinnall

Unless you intend to keep the cash from your house sale long term, rather than use it to buy another property, you don't need to open another account at all as you will have FSCS Temporary High Balance protection.


https://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/

xylophone

Or you could hold the whole sum safely in NS&I.

Income Bonds would give you 1%.

Or you could use a couple of savings accounts.

http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html