Using Metro Bank as a means of getting switching deals

hmc279

I have recently opened an account with Metro Bank with the sole purpose of switching straight to a Santander account to get a £150 switching bonus. This has now completed and am just waiting for the bonus.

I would like to be able to open another account with them in order to switch straight to another deal. Normally would just wait for the Santander bonus to be paid and then switch that account, but I'm being impatient

Does anybody have any experience of Metro Bank and whether there is a limit on the number of new account applications you can make in a short period of time ?

grumbler

Why Metro? What other account(s) do you have? You can apply for a second account with the same bank and then switch it.

Zanderman

As Grumbler says, why Metro? If you've switched your account from them then you may be treated, effectively, as a new customer. Seems to be making life overly difficult.  

It's much easier to open a second current account with an existing bank.

So, in your case (but not knowing where you have accounts, other than at Santander), I'd just open a second one with Santander and then switch that one.

PaulBrighton2021

wouldn't switching so quick, affect OP's credit rating? 

hmc279

Quite a few of the deals I have seen say something like 'can't have opened an account since 2019' or similar, so given Metro don't seem to ever offer switching deals I thought they were a safe bet in terms of not voiding myself for future deals.

Although having done a bit more research, it sounds as though people seem to get away with this anyway I.e. Banks don't seem to be checking comprehensively.

And thanks - I wasn't aware I could just open a 2nd account with an existing bank and switch that... Will give it a try

hmc279

And also to say - currently have accounts at first direct, santander and natwest

eskbanker

PaulBrighton2021 said:

wouldn't switching so quick, affect OP's credit rating? 

There are a number of permutations of switches and credit checks, but, assuming OP is looking to open two new accounts (a sacrificial donor one and a new one offering an incentive) then that'll involve a pair of credit checks, regardless of which banks are used and how long between them.  If your question is whether a short gap between two credit checks is an issue, it's unlikely IMHO, unless OP's credit history is already fragile....

Daliah

j.p said:

You could try Cynergy Bank's current account:

https://www.cynergybank.co.uk/personal-savings/current-accounts/

Cynergy could be a bad choice for the OP as they are not listed as a CASS participant. There'll be much easier options for the OP, such as Santander, where they already hold an account.

hmc279 said:

And also to say - currently have accounts at first direct, santander and natwest

FD is impossible to get a 2nd account with (unless it's a joint account), Natwest probably difficult, and Santander a doddle.

eskbanker

Daliah said:

j.p said:

You could try Cynergy Bank's current account:

https://www.cynergybank.co.uk/personal-savings/current-accounts/

Cynergy could be a bad choice for the OP as they are not listed as a CASS participant.

Agreed - they do seem to have some sort of bespoke service but it's clear that it isn't the full CASS one that's generally a precondition of switching incentives offered by other banks....

https://www.cynergybank.co.uk/personal-savings/current-accounts/account-switching-with-cynergy-bank-how-it-works/

It is important to note that Account Switching with Cynergy Bank is not an automated service and therefore the switching of payments can be dependent on when your existing bank and payers respond to Cynergy Bank; and also does not involve automated re-direction of payments.

hmc279

Sounds like I need to give santander a go then. Thanks all for your responses.