Being paid to switch - 2 accounts?

girlinabox

Hello.  I am wondering if it is possible to use the new bank incentive of switching and being paid on more than one account?

I currently have several Natwest accounts: my regular current account where my personal incomings/outgoings are, a couple of savings accounts, and a second current account where my partner and I transfer money for our shared bills such as rent etc. Whilst it has been handy seeing all of my accounts in 1 place, I do wonder if it's a bit daft not to take advantage of the offers of being paid to switch. I was thinking HSBC as I do meet their criteria (but not First Direct as I had an account with them many years ago).

Is it possible to open 2 new bank accounts under this incentive does anyone know, or would that be more hassle than it's worth? Am probably just being greedy 

Thank you in advance!

Zanderman

It's not clear which 'new bank incentive' you mean.

But generally it will be one incentive per customer, sometimes two if you switch a joint account too.

You mention HSBC - their current switch offer terms are here:  https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/terms-and-conditions-cass-offer.pdf    Note the wording there implies only one per person.  And also note the First Direct exclusion.

But other banks also have offers.  Nothing to stop you switching accounts to more than one bank.

Edited to add:  I see you refer to savings accounts - which are irrelevant, switch offers are for current accounts only.

PRAISETHESUN

Switching 2 accounts to the same bank - not likely to qualify for two incentives (sometimes an exception if 2nd account is joint)
Switching 2 accounts to 2 different banks - usually no issues with doing do (sometimes an exception for related banks - eg. HSBC/FD, NatWest/RBS/Ulster, etc)

Only real downside is multiple current account  applications would mean multiple hard credit searches on your file - this is only really an issue in the short term and the effect (if any) will be minimal in a few months. In any case, have a close read of the T&Cs of any offer you're looking to take advantage off to satisfy yourself you meet all the required terms.

girlinabox

Thank you both for your replies.  I was thinking two different banks, however didn't really consider the impact this would have on my credit file.

I also just noticed that HSBC ask for 2 standing orders or DD, and I only have 1 of each on my current account so I wouldn't meet that criteria as it doesn't say 'or 1 of each'. 

PRAISETHESUN

girlinabox said:

Thank you both for your replies.  I was thinking two different banks, however didn't really consider the impact this would have on my credit file.

I also just noticed that HSBC ask for 2 standing orders or DD, and I only have 1 of each on my current account so I wouldn't meet that criteria as it doesn't say 'or 1 of each'. 

Set up 2x standing orders to one of your own bank accounts - very easy and this will qualify you for the HSBC incentive.

girlinabox

PRAISETHESUN said:

girlinabox said:

Thank you both for your replies.  I was thinking two different banks, however didn't really consider the impact this would have on my credit file.

I also just noticed that HSBC ask for 2 standing orders or DD, and I only have 1 of each on my current account so I wouldn't meet that criteria as it doesn't say 'or 1 of each'. 

Set up 2x standing orders to one of your own bank accounts - very easy and this will qualify you for the HSBC incentive.

Does it matter how much the standing order is for, do you know?  I could do that but it would have to be a nominal amount as the account I was going to switch to the HSBC one is the one we use for our rent.  It currently has 2 standing orders coming into the account, but then only one going out, and one DD.  I suppose I could just increase the amount for my incoming standing order to the account and then add one for the extra amount going back out. If that makes sense!?

PRAISETHESUN

girlinabox said:

PRAISETHESUN said:

girlinabox said:

Thank you both for your replies.  I was thinking two different banks, however didn't really consider the impact this would have on my credit file.

I also just noticed that HSBC ask for 2 standing orders or DD, and I only have 1 of each on my current account so I wouldn't meet that criteria as it doesn't say 'or 1 of each'. 

Set up 2x standing orders to one of your own bank accounts - very easy and this will qualify you for the HSBC incentive.

Does it matter how much the standing order is for, do you know?  I could do that but it would have to be a nominal amount as the account I was going to switch to the HSBC one is the one we use for our rent.  It currently has 2 standing orders coming into the account, but then only one going out, and one DD.  I suppose I could just increase the amount for my incoming standing order to the account and then add one for the extra amount going back out. If that makes sense!?

No limit on how big (or small) the SOs need to be. Easy way could be to just split your existing SO in half and set up 2 of them (eg. 2 x £50 instead of 1 x £100), otherwise increasing the SO in to allow for a second SO out would also work.