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Current Account Switch Question

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I have a second Current Account, which pays no bills and is treated exclusively as a Savings Account.
I'm considering a switch to one of the latest Switch Bonus incentives, but it would mean moving money back and forth each month to meet the criteria. 
I looked over the Terms and Conditions of each offer and can't seem to see a minimum timeframe I would need to hold the account for. 
What's to stop me from closing the Current Account as soon as the Bonus is paid (or even switching again)? I'm not intending to change immediately, as I do like having two Current Accounts, more curious really. 

Comments

  • eskbanker
    eskbanker Posts: 37,037 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If there's nothing mentioned in the Ts & Cs about incentive clawback up to n months, then you can close it whenever you like after receipt of the bonus.  From memory, the only such clause in recent times was with Nationwide's referral offer....
  • Absolutely nothing stopping you, so go for it if you are so inclined. The only thing to watch for in my mind are the fact that you'll have a few hard credit searches in rapid succession if you do it multiple times, but that won't matter too much in a few months anyway
  • I feel scared changing banks in case something goes wrong.
  • gsmh
    gsmh Posts: 640 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    I feel scared changing banks in case something goes wrong.
    It won't, and if it does the new bank will cover you. I've switched many times and have not had a single problem.
  • Eco_Miser
    Eco_Miser Posts: 4,848 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I feel scared changing banks in case something goes wrong.
    Do it in two steps:
    1.   first open an account with the new bank, and make sure you've got your card, and online/app access to the account.  Only then
    2. Use the switch service to transfer all the debits and credits, and close the old account.
    That way there's no chance of being stuck in the middle without access to a working account.


    Eco Miser
    Saving money for well over half a century
  • Halifax are paying a bonus for switching at the mo and mines been paid into the account quite quickly...but is there a rule over how long i need to keep the account open for..or is there a penalty for closing it or switching to another bank within the next couple of weeks 
  • Katiehound
    Katiehound Posts: 8,125 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Halifax are paying a bonus for switching at the mo and mines been paid into the account quite quickly...but is there a rule over how long i need to keep the account open for..or is there a penalty for closing it or switching to another bank within the next couple of weeks 
    I don't know the answer to that- generally the answer is 'as soon as the bonus is paid' - and you have the debit card in your hand, as you will need to quote that number in the switch paperwork.
    BUT, you do need to check the T&Cs
    (I might have known the answer but could not apply for this switch bonus as I did not qualify!)
    Being polite and pleasant doesn't cost anything!
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82

    2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
    Knits:6covers,4hats,10mitts,2 bootees.
    Crotchet:61angels, 229cards=453 £158.55profit!!!
    2025 3dduvets
  • Katiehound
    Katiehound Posts: 8,125 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I feel scared changing banks in case something goes wrong.
    Open a 'donor' account and then switch that. If you do that you 'main' account stays intact .

     It is usually easy to open a second account with your existing bank, keep it for a short while and 'groom it' so that you comply with the switch deal t&cs  (such as minimum payment / DDs/SOs, whatever) You can then 'continually' switch that account....
    Being polite and pleasant doesn't cost anything!
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82

    2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
    Knits:6covers,4hats,10mitts,2 bootees.
    Crotchet:61angels, 229cards=453 £158.55profit!!!
    2025 3dduvets
  • badger09
    badger09 Posts: 11,575 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Halifax are paying a bonus for switching at the mo and mines been paid into the account quite quickly...but is there a rule over how long i need to keep the account open for..or is there a penalty for closing it or switching to another bank within the next couple of weeks 
    I don't know the answer to that- generally the answer is 'as soon as the bonus is paid' - and you have the debit card in your hand, as you will need to quote that number in the switch paperwork.
    BUT, you do need to check the T&Cs
    (I might have known the answer but could not apply for this switch bonus as I did not qualify!)
    Unless the bank (Halifax) forgets to send you a debit card, in which case, you can switch away without it ;)
  • badger09 said:
    Halifax are paying a bonus for switching at the mo and mines been paid into the account quite quickly...but is there a rule over how long i need to keep the account open for..or is there a penalty for closing it or switching to another bank within the next couple of weeks 
    I don't know the answer to that- generally the answer is 'as soon as the bonus is paid' - and you have the debit card in your hand, as you will need to quote that number in the switch paperwork.
    BUT, you do need to check the T&Cs
    (I might have known the answer but could not apply for this switch bonus as I did not qualify!)
    Unless the bank (Halifax) forgets to send you a debit card, in which case, you can switch away without it ;)
    yes, I agree because I once had an account where I had requested no cheque book and no debit card. Switching was a doddle then.
    However when I tried to switch an account where I had not activated the debit card that caused a delay! all these inactive debit cards can cause problems!!
    Being polite and pleasant doesn't cost anything!
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82

    2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
    Knits:6covers,4hats,10mitts,2 bootees.
    Crotchet:61angels, 229cards=453 £158.55profit!!!
    2025 3dduvets
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