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Current Account Switch Question
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ReaderJ
Posts: 14 Forumite

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.
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.
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Comments
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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....1
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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 anyway0
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I feel scared changing banks in case something goes wrong.0
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dragonbellpink728 said:I feel scared changing banks in case something goes wrong.0
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dragonbellpink728 said:I feel scared changing banks in case something goes wrong.
- 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
- Use the switch service to transfer all the debits and credits, and close the old account.
Eco Miser
Saving money for well over half a century1 - 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
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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 weeks0
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averageguy11 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
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 3dduvets0 -
dragonbellpink728 said:I feel scared changing banks in case something goes wrong.
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 3dduvets0 -
Katiehound said:averageguy11 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
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!)1 -
badger09 said:Katiehound said:averageguy11 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
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!)
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 3dduvets0
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