Opening just to switch

robfranklin

Hi all,

Just curious about this: if I were to open a starling bank (zero hard credit checks), is there any reason why I couldn’t just switch that immediately to an account to take advantage of the switching bonus?

Thanks!

tempus_fugit

None whatsoever. I have done this myself in the past and as long as there are no terms requiring you to keep the account for a certain period (and I don't know of any that do) then you are good to go.

etienneg

I never understand why people seem to be concerned about a single (or even a very few) hard credit check(s). However, as the OP seems to be, I will point out that the bank to which he intends to switch will almost certainly do such a check in the process of opening the account there.

falcieri

I'm just about to start my third cashback switch this year. Making more money than on the interest rates alone. Tesco have just announced they're dropping the interest on their bank account to 1% so I'm off.

tsb

I have also opened an account with the sole intention of switching to take advantage of the Santander Refer a Friend promotion. I would be grateful if someone who has already done an 'immediate' switch would say how long between the opening of the donor account to applying for the switch is a suitable length of time. Is it once the Debit card on the account has been received?

robfranklin

I’m not particularly fussed about a hard credit check. However, where possible, I will keep them as low as possible!

latinaid

tsb wrote: »

I have also opened an account with the sole intention of switching to take advantage of the Santander Refer a Friend promotion. I would be grateful if someone who has already done an 'immediate' switch would say how long between the opening of the donor account to applying for the switch is a suitable length of time. Is it once the Debit card on the account has been received?

I'd also like to know this. I assume that as soon as you have been given the sort code and account number of the donor account, its technically open, whether or not you've actually received a debit card.

tsb

latinaid wrote: »

I'd also like to know this. I assume that as soon as you have been given the sort code and account number of the donor account, its technically open, whether or not you've actually received a debit card.

I never received any advice from anyone on this but I went ahead with the switch when the donor account had been opened about a week. The debit card came within a few days but I knew the information from the card was needed to complete the switch online. Hope this helps.

Mummy2cheekymonkeys

I opened a tesco account last Monday. On the Wednesday morning I received my card and account details, Wednesday evening found out tesco were dropping the interest rate so on Thursday I started a switch to first direct. Received my account details from first direct Saturday and the switch is scheduled to complete on the 12th.

swindiff

You need the debit card number as well as the sort code and account number to be able to switch.

soulsaver

swindiff wrote: »

You need the debit card number as well as the sort code and account number to be able to switch.

I've switched several times without debit card details.

You can't switch on line to Santander without card details because their process doesn't allow it.. but you can switch by phone or in branch without a card.