new to switching questions

defstar

So I have open a new current account today with the sole intention of switching it to another bank for the free cash on offer

so my question is , can I do the switch on Monday or is there a certain length of time I got to hold onto this account for

Also I open another current account recently, so I have 3 total, im a little worried about the amount of credit checks being done on me, The idea is i will have one main account, and use the other 2 to switch around. I dont know if i am hurting my credit ratings by doing this so would like some opinions, cheers

Willing2Learn

I always wait for the debit card and online access to the donor account before I consider it ready for a switch.

If you are not looking to borrow soon, ie for a mortgage, then having the credit application searches will not have an impact. Yes, it will mean your score goes down. But since lenders neither see nor use your score, it does not matter. I have had a over a dozen applications recorded over the past year, but have no problem getting credit.

N1ckS

Agreed, unless your looking to take out a loan or mortgage sometime soon it should have a minimal short-term impact on your credit score.

defstar

thanks for the reply, i opened with metro today and they already printed my debit card there and then so I might just do the switch on Monday, sorry one last question.. I was thinking of switching to HSBC, but I already have a mortgage with them, so Im hoping that I will still qualify for the cash bonus

Willing2Learn

I did a switch to HSBC for the cash incentive too (plus access to their high interest Regular Saver account). The terms only specify that you "are not an existing HSBC current account holder on the date of application (and have not been on or after 1 January 2016)".


But I would recommend checking the switch t&c's for yourself, rather than trusting a total stranger on the internet

d2nash

I was also considering doing this - we use a Nationwide account as our main account and don't want to switch away from this due to the benefits but it seems to make sense to have other accounts to move around. Any suggestions on a quick new account to take out to then switch from and do we need to move direct debits to this?

Thanks in advance

colsten

d2nash wrote: »

Any suggestions on a quick new account to take out to then switch from

another Nationwide one? Natwest? Metro? Monzo?

d2nash wrote: »

and do we need to move direct debits to this?

It totally depends on the T&Cs of the switch offer you are planning to do.

YorkshireBoy

d2nash wrote: »

do we need to move direct debits to this?

Yes you do. (I've assumed you're starting out your venture with a £400 Nationwide payday?)

One tip: Don't ever switch a joint account, always switch sole accounts to maximise the benefits.

d2nash

£400 Nationwide payday?

YorkshireBoy

d2nash wrote: »

£400 Nationwide payday?

You said you were considering switching accounts for incentives. You went on to say you didn't want to switch away from Nationwide. So it would make sense to see what Nationwide have to offer if you switch to them? If you bank online surely you've seen the adverts for their Refer a Friend promotion? And if you don't bank online you must have see the TV adverts?