Would this trick work?

bp5678

So from this thread (plus some research I've done), I've seen the following banks popping up as potential donor accounts. Which out of these would you recommend as the third account I'm happy to use purely for the switch and not to be with?
Bank of Scotland
TSB Classic
Santander
Barclays

I'm currently banking with Nationwide (FlexDirect account) which I'd like to keep as the interest rates are good. I could always open up another account with Nationwide as the donor account as I read it gets approved faster. The other option is to use one of the banks I listed above as the donor account.

EachPenny

bp5678 wrote: »

Interestingly you say Barclays was a good starting point as they rarely have switching incentives. I notice you used past tense. Is this no longer the case?

Barclays had offered no switching incentives for ages, we were even discussing it here on the forum because each quarter they were coming in near the bottom of the CASS league table losing customers hand over fist. Then out of the blue (no pun intended ) they decided to introduce a very attractive switch offer.

Santander's 123 account used to be very attractive, now far less so. If customers are drifting away in significant numbers then they'll either need to up the benefits for existing customers, or else have their own switching incentives to get some new blood in. I would think new customers represent greater profit potential than keeping existing customers happy.

bp5678 wrote: »

I'm currently banking with Nationwide (FlexDirect account) which I'd like to keep as the interest rates are good. I could always open up another account with Nationwide as the donor account as I read it gets approved faster. The other option is to use one of the banks I listed above as the donor account.

I would start with opening a second Nationwide account and switch that one away once it is up and running. Make sure it is the new one, not the old, that you switch.

Zanderman

bp5678 wrote: »

So from this thread (plus some research I've done), I've seen the following banks popping up as potential donor accounts. Which out of these would you recommend as the third account I'm happy to use purely for the switch and not to be with?
Bank of Scotland
TSB Classic
Santander
Barclays

I'm currently banking with Nationwide (FlexDirect account) which I'd like to keep as the interest rates are good. I could always open up another account with Nationwide as the donor account as I read it gets approved faster. The other option is to use one of the banks I listed above as the donor account.

As others have said, and you say yourself in your second para above, you don't need to try a new bank for a donor account at all - just open another account with one of your current banks.

It's much much much simpler.

bp5678

Ok thanks all! I'll open another account with nationwide for a switch.

If I need to do another switch, I'll see if there are any more Nationwide accounts avaialble and if not I'll move on to Bank of Scotland. Failing that TSB Classic is my last resort.

binaryuniverse

bp5678 wrote: »

Ok thanks all! I'll open another account with nationwide for a switch.

If I need to do another switch, I'll see if there are any more Nationwide accounts avaialble and if not I'll move on to Bank of Scotland. Failing that TSB Classic is my last resort.

Once TSB finally sort themselves out, they may offer a switch bonus again.
For all TSBs problems, it's very quick/easy to spin up extra accounts with them, for donar purposes, without a credit search made.

bp5678

Potential slight problem.

I opened accounts with M&S, First Direct and HSBC with the intention of getting their sign up perks. I then faffed around for a while (as in about 6 weeks) not really doing much. Now I'm going to set up these 'donor' accounts. I've already set up one with my existing bank - Nationwide.

HOWEVER, I'm worried that since I have left it so long with M&S, HSBC and First Direct, I won't get the joining perks. Have I messed up?

YorkshireBoy

bp5678 wrote: »

Potential slight problem.

I opened accounts with M&S, First Direct and HSBC with the intention of getting their sign up perks. I then faffed around for a while (as in about 6 weeks) not really doing much. Now I'm going to set up these 'donor' accounts. I've already set up one with my existing bank - Nationwide.

HOWEVER, I'm worried that since I have left it so long with M&S, HSBC and First Direct, I won't get the joining perks. Have I messed up?

Any time restrictions will be specified in the respective switching incentive T&Cs.

bp5678

Bumping an old thread - I've successfully completed a switch. I used Nationwide Flex Account as my donor account as I'm currently banking with Nationwide anyway so it made the registration process faster.

I'm now looking to do another switch. Can I just set up this Nationwide Flex Account all over again to use as the donor account? Also, would this cause any problems if I keep opening this Flex Account then leaving as part of (several) switches?

EachPenny

bp5678 wrote: »

I'm now looking to do another switch. Can I just set up this Nationwide Flex Account all over again to use as the donor account? Also, would this cause any problems if I keep opening this Flex Account then leaving as part of (several) switches?

What would you do if you were Nationwide and a customer kept on setting up new accounts which they immediately switched away? How many times would you let the customer do that before you politely told them to go elsewhere?

That would be the answer you are looking for.

bp5678

EachPenny wrote: »

What would you do if you were Nationwide and a customer kept on setting up new accounts which they immediately switched away? How many times would you let the customer do that before you politely told them to go elsewhere?

That would be the answer you are looking for.

True lol. I know they do rigourous checks on accounts but I didn't think they'd check if you keep opening and closing the account to be honest.