Can you open a current account and switch it straightaway ?

kuepper

I've run out of accounts to switch to get a bonus for switching, so I was thinking of opening a simple account with a bank I've not used before and switching straightaway to one of the current offers to get the switching bonus. I wasn't planning to pay any money in the bank so the balance would be zero.Can you do this?

jonesMUFCforever

Yes - but from memory you will need the physical debit card to do the switch - the 16 digit PAN number will be required.

surreysaver

Unless you've opened up an account without a debit card, you need to wait for the debit card to turn up 

hgt

I've done this many times before, maybe consider opening a new current account with a bank you already Bank with... in most cases it's simple to open another account online as they already have all your details. 

GlennTheBaker

I had an RBS account which I'd not touched for ages. When the Halifax switching offer came along I requested a new debit card (no idea where the old one was) and then switched. Once the £100 was paid, I then switched to Lloyds for another £100. Mrs Baker did the same so in the space of a month we're £400 better off 🙂

kuepper

Opened 2 accounts

hgt said:

I've done this many times before, maybe consider opening a new current account with a bank you already Bank with... in most cases it's simple to open another account online as they already have all your details. 

good suggestion, easy as pie and now I've got 2 to switch so should be covered for switching for a while once debit cards are delivered. The moving money about is a nuisance to get min pay-in where applicable but at the end of the day worth it to get money for nothing.Do you have to pay a nominal amount in eg £1 or ? to  a new a/c to legitimise it as an a/c as I'm not sure if a zero balance is technically "in credit" which is a condition of the a/cs I've opened?

PRAISETHESUN

kuepper said:

Opened 2 accounts

hgt said:

I've done this many times before, maybe consider opening a new current account with a bank you already Bank with... in most cases it's simple to open another account online as they already have all your details. 

good suggestion, easy as pie and now I've got 2 to switch so should be covered for switching for a while once debit cards are delivered. The moving money about is a nuisance to get min pay-in where applicable but at the end of the day worth it to get money for nothing.Do you have to pay a nominal amount in eg £1 or ? to  a new a/c to legitimise it as an a/c as I'm not sure if a zero balance is technically "in credit" which is a condition of the a/cs I've opened?

Most people recommend having a few quid in the account when switching to help visualise when the switch actually happens (ie. you can see the deposit from your old account being paid into your new account), although this is not strictly required unless stated in the particular banks T&Cs. Generally from my experience, "in credit" just means "not in overdraft" - I keep plenty of my unused accounts with a zero balance without issue. For the ones with funding requirements, I just automate all this with standing orders as there is no effort required after the initial set up. "Easy money" as the kids say!

cjmerritt7

Hi, sounds like there are some regular account switchers on this thread. I’ve posed a question on another thread regarding opening up multiple accounts with the same bank (HSBC Advance in this case) to get 3x bonus for switching mine, the wife’s and our joint account.

Is this still possible? Would appreciate some insight. Cheers, Chris.

https://forums.moneysavingexpert.com/discussion/6194590/can-we-apply-for-multiple-hsbc-advance-accounts#latest

Catplan

cjmerritt7 said:

Hi, sounds like there are some regular account switchers on this thread. I’ve posed a question on another thread regarding opening up multiple accounts with the same bank (HSBC Advance in this case) to get 3x bonus for switching mine, the wife’s and our joint account.

Is this still possible? Would appreciate some insight. Cheers, Chris.

https://forums.moneysavingexpert.com/discussion/6194590/can-we-apply-for-multiple-hsbc-advance-accounts#latest

Think you can only do 2, but check t&c’s. if you both do solo switch you will both get the switch incentives but then you won’t when doing a joint account as you have both already received the incentive.