Questions on the account switch bonus?

techno79

I need to open a new bank account and just noticed the various bonuses that are on offer for opening a new account. Seems like an easy way to make a lot of money. I'd like to keep my existing current account.

Firstly to avoid confusion, let's refer to thing as:
Bank A - where my existing current account is
Bank B - the bank offering a switching bonus
Bank C - some other bank (does not offer a switching bonus)

1. Because I want to retain my account with Bank A, can I open a new account with Bank C, manually move the required number of direct debits from Bank A to Bank C and then carry out the bank switching process with Bank B using Bank C as the source? (my intention is for me to get the switching bonus while keeping my account with Bank A.

2. With regards to the minimum monthly deposit amount, can I do this myself by making a transfer from Bank A to Bank B each month?

3. If I used to be a customer of Bank B but a long time ago (say over 8 years ago), am I still eligible for the switching bonus?

4. Can I initiate another bank account switch bonus at the same time as the minimum period required for the Bank B? (this would require me to setup another account with Bank C or a similar Bank D)

Are there any issues or downsides with me doing this collecting all these switching bonuses?

Thanks in advance

Zanderman

Re 1. You're over-complicating it. Just open a second account with Bank A. Switch that.
Re 2. Yes
Re 3. Depends - read the T&C of the offer.
RE 4.Yes

techno79

Zanderman wrote: »

Re 1. You're over-complicating it. Just open a second account with Bank A. Switch that.
Re 2. Yes
Re 3. Depends - read the T&C of the offer.
RE 4.Yes

LOL it did not even occur to me that I could open up a 2nd account with the same branch. I will take a look. Many thanks.

18cc

Yes you can of course open a second account with your existing bank A - the one you want to keep but maybe it's just me I prefer to keep bank A completely separate and not open a second account with them and then switch it the next day if you see what I mean

just me being overly cautious. I have switched many many times over the years and earned quite a lot of money but have never let it touch the bank account which I consider to be my main bank account

techno79

18cc wrote: »

I prefer to keep bank A completely separate and not open a second account with them and then switch it the next day if you see what I mean

What do you mean switch it the next day? If the source account for the switch isn't with Bank A, then you create a source account with Bank C?

PRAISETHESUN

As above, you can simplify things by opening a second account with Bank A. Just keep in mind that the bank might get wise to you if you do this a few times - I tried this with Nationwide and although they were more than happy to give me a generous credit card recently, they still won't let me open a fourth current account with them. Set up matching standing orders to automate monthly pay ins (eg. Bank A --> Bank B, and then on the same day Bank B --> Bank A).

As for eligibility, you will need to closely read the T&Cs - some banks exclude you completely if you've ever had an incentive whilst others only if you've received an incentive within a certain date range that they specify. As long as you meet the T&Cs of any given offer once you are paid for it the money is yours to keep and generally there is no longer any obligation to keep the account open (Nationwide is the only exception to this I know, but it is clearly stated in their T&Cs), although some banks may offer an additional incentive after 6/12 months if you keep the account open longer. There is nothing stopping you chaining account switches if you want (eg. Bank A --> Bank B --> Bank C --> Bank D, etc) as long as you meet all the T&Cs of the individual offers, although some banks offer good reasons to keep an account open with them so you might need to generate a few donor accounts depending on how many you want to keep open at the end.