Last week’s show - Sally

Grichardallen

Hi all, I watched about Sally who switched accounts and earned quite a bit of money from it.
My question is how does it work? It mentioned she opened a “Mule Account” with NatWest, does she keep this account to use to transfer money to and from to keep up paying in money obligations to another account or was this the start bank account to switch to the next?

And which bank accounts do I switch to after the first?

Kind Regards, Richard  

eskbanker

I don't watch Martin Lewis's TV show if that's what you're referring to but presumably he/they were talking about the use of temporary donor accounts set up specifically for switching, although if the term 'mule' was used, that's not a particularly bright idea, as it's typically used to refer to those whose accounts are used for illegal purposes.

The principle is straightforward: open a temporary account, ensure that it satisfies the relevant criteria for any switching offer you're interested in (e.g. having several direct debits, etc) and then, after opening the account with the target bank (i.e. the one offering an incentive), specify the donor account details when initiating the current account switching service.

In terms of which bank(s) to switch to, read up on current offers at https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#switch

colsten

Grichardallen said:

 It mentioned she opened a “Mule Account” with NatWest

Never, ever, not in your life, ever open a mule account. Unless you are a criminal, or would-be criminal.

If they actually recommended this, this would be negligent. But I reckon they mentioned a donor account? A donor account is simply a second (/ third / fourth etc) current account that you only open / keep for the purposes of switching when an appropriate offer comes up.

Grichardallen

Thanks both, I had never heard of a Mule account before so after the show that evening I Googled Mule account and did find it rather strange that term was used - No doubt a correction will be made this week.

Thanks for the info / link and will look further into it tomorrow 🙂

RG2015

Grichardallen said:

Thanks both, I had never heard of a Mule account before so after the show that evening I Googled Mule account and did find it rather strange that term was used - No doubt a correction will be made this week.

Thanks for the info / link and will look further into it tomorrow 🙂

Don't expect a correction. See the MSE article on the link below from 2018. Plenty of mules and tarts on this page. See the section headed "The secrets to becoming a bank tart" for four mentions of the word mule.

https://www.moneysavingexpert.com/news/2018/01/how-to-play-the-bank-bribe-bonanza-game-and-earn-1000/

colsten

2 years on, MSE surely would not still recommend fraudster accounts to their trusting audience?

RG2015

Careless semantics.

Strange how they can ban long standing helpful forumites for fear of litigation and yet let this go on in their name. And not just 3 years ago in print but a few days ago on national television.

colsten

RG2015 said:

Careless semantics.

Strange how they can ban long standing helpful forumites for fear of litigation and yet let this go on in their name. And not just 3 years ago in print but a few days ago on national television.

You are joking, surely

How can MSE promote mule accounts?!?!?!

colsten

I can find just about not one single reference to mule accounts on the internet that does not point out the criminal connections of mule accounts. Here's what MAS say about it.

RG2015

colsten said:

RG2015 said:

Careless semantics.

Strange how they can ban long standing helpful forumites for fear of litigation and yet let this go on in their name. And not just 3 years ago in print but a few days ago on national television.

You are joking, surely

How can MSE promote mule accounts?!?!?!

Have you read the MSE article on my link, and surely the OP must have got the term from the Martin Lewis television programme?

RG2015

colsten said:

I can find just about not one single reference to mule accounts on the internet that does not point out the criminal connections of mule accounts.

You are absolutely right but Martin Lewis and his staff appear to us the term as synonymous with "donor". 

Clearly regrettable, but they must know that this is what they are doing.

As an afterthought, I have heard that criticising MSE will result in a ban. Am I now sailing close to the wind?