Open a new current account just to switch

Trudles

Hello,

I often switch my current account to make good use of the cash incentives.
I am currently with Natwest and like them but wish to switch for a cash incentive.

Can I open a current account (let's say with nationwide as I have a savings account there already) just to immediately switch it to HSBC? 

Or would I have to wait to switch?

I want to keep my Natwest account essentially but have another current account I can use to switch and get the incentives. 

Thanks for any help! 

penners324

Yes you can.

grumbler

Or even with the same Natwest - a second one.

PRAISETHESUN

As above, yes you can - just keep in mind that this will require you to undertake 2 credit searches in rapid succession, which may cause issues for a few months if you need to apply for further credit. Additionally, the banks may get wise and prevent you from opening further accounts with them in future.

@grumbler makes a very good point as well - it'll be quicker and easier to open a second account with a bank you already bank with. Won't help if you're aiming to take advantage of an incentive from that particular bank but apart from that that'll usually be the preferred option.

[Deleted User]

You'd just need to make sure that the account was setup with whatever criteria they need e.g. 2 direct debits would have to be moved to the new account, with funds in them, then have a month payment or so to show they were active, then yes switch away.

Katiehound

My thought would be open a donor account anyway and have it 'groomed' ready to go for when you see a switch deal that you like. Switch deals seem to be regularly around now so be prepared.  I still have a/cs that I want to get rid of!

 It is usually easiest to open a no-frills a/c with a bank that you already use. In the days when I had TSB Classic Plus a/cs I generally had a spare Classic sitting twiddling its thumbs with say £100 just sitting... waiting!

Trudles

Thanks for all your help on this everyone.
I opened another account with my current provider.

Do you think it's best to wait 1 month before switching this account?

The current offer for First Direct doesn't say you need any direct debits on the account but I'm assuming it will be flagged if I'm switching an account with no money, no direct debits and no activity of any kind?

Thanks again!

cx6

Although you probably don't have to, I would put something in it, even if it's only £10 so that there is something to switch.

mab3000

My other half has just received their switching bonus from first direct. They switched a starling account that had a £0 balance on it and had no direct debits set up. 

However its been reported in a recent thread, and I have just checked on their website, First Direct have pulled the switching offer. No doubt a similar or identical switch offer will be offered by them at some point in the future. 

It’s a shame you haven’t opened a second account with a different bank, as you could potentially have used that to switch into your existing NatWest account and get their current switch incentive offer (Nothing stopping you from still opening an account elsewhere and doing this). 

northwalesd

But thankfully (for the OP) has been replaced with an even more generous offer https://forums.moneysavingexpert.com/discussion/6331466/first-direct-150-improved-switch-bonus