New bank account insentives without switching

_Larry_

I'm looking to set up a new bank account without switching from my old account.
However, I'd like an insentive like the £175 being offered by one bank & 5% intrest in the first 12 months.
I don't mind paying my salary into the new account & setting up DD's & SO's.
I'd just like to keep my old account open as well, because I know all the details of the account by memory and I've had it for about 40 years. I don't want to lose the old account.
Are there any banks offering such deals without closing my old account?
Thank you in advance.

colsten

There are no offers for just opening an account. You need to switch an account, using CASS, which closes the old account. The account you switch doesn't have to be the account you have always used and that you would like to keep. You can set up what's called a donor account, specifically for switching. It's often easiest to just apply for a second account at your existing provider.

It's critical that you understand the switching terms as if you don't comply with them, you won't get your switch incentive. same applies to any other T&Cs that apply to the account(s) you have in mind. Out of interest, who is offering £175 and 5% interest in the first 12 months?

_Larry_

Thank you for responding.
HSBC is offering £175
.moneysavingexpert. com/banking/compare-best-bank-accounts/

djpailo

You can open as many current accounts and savings accounts from different banks as you want, provided you adhere to their terms and conditions. You can switch any current account which is covered by CASS* to obtain any incentive, again provided you read carefully and adhere to the terms and conditions.


* Link:

https://www.currentaccountswitch.co.uk/Pages/Home.aspx

colsten

_Larry_ wrote: »

Thank you for responding.
HSBC is offering £175
.moneysavingexpert. com/banking/compare-best-bank-accounts/

HSBC would expect you to have your salary or pension of at least £1,750/mth paid into the Advance account, or deposit a minimum of £10,500 every 6 months.

HSBC Advance account holders qualify for their 5% Regular Saver, which runs for 12 months and can be renewed at the end of the 12 months.

I would strongly recommend you familiarise yourself with the T&Cs available on the HSBC website.

18cc

Without switching you are probably looking at incentives like 5% on the first year plus a 5% Regular Saver with Nationwide or perhaps interest on your current account and a free magazine each month with club Lloyds or money back on your bills like NatWest they are other examples

PRAISETHESUN

As far as I am aware, there are no accounts that offer any incentives without also requiring you switching using CASS, which will require your old account to be closed.

However if you were to open a second account with your main bank, you could then switch this account independently of your main account and be eligible for any switch incentives. Just make sure to read and T&Cs closely and set up enough DDs, etc to qualify for any bonuses.

Accounts currently offering incentives can be found here: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

SlovakianGuy

If you don't plan to take out a major loan this year, you can open loads of new accounts (donor accounts) while keeping your old account. Then you can switch all those new accounts elsewhere and bag yourself multiple switch incentives. Your credit score will drop significantly because of that, but only for a couple months. That's why I said, if you don't plan to take out a major loan in the near future.

Good donor accounts are, for example, Metro bank - you can open 2 current accounts with them on the same day. They will do a hard search on your credit report though.
Other good accounts are Monzo ans Starling. These don't do hard search on your report, but still, you will have new accounts, so the average age of all your accounts will drop temporarily. But like I said, this is not a big problem.