Current account switch offer

Peggy0628

Hi, 
just after a bit of advice.
I have 2 current accounts, one is used for pretty much everything (wages, bills, etc), the other just has a bit of emergency money (not much in there at the moment, maybe £10). I don't want to switch the main account but was thinking of switching the other one to a different bank to get the switching bonus (I could do with free £100 or whatever the offer is at the moment). Is it possible to switch the spare account and qualify? Obviously, I'd transfer some money into the new account as needed (some accounts have minimum pay-in limits etc) and then transfer it back to the main account... Is this possible? I've looked at some of the offers, all say something like 'switch using the switching service and pay in £xy a month to get the bonus'. So is it possible to keep the existing main account and get the bonus for switching the extra account with no 'real' transactions? Thanks! Never done this before so all tips are welcome.

cymruchris

Each account has its own requirements - most have a minimum pay-in over a certain period, and the transfer of some active direct debits.

So - you'd need to put some money in your 'spare account' - then change two direct debits from your main account to your spare account. Once confirmed as active - then you can go ahead and switch.

Nationwide have a £100 offer at the moment - but if you open a savings account today - pop a pound or two in it - by the time you get to switching you'll qualify for £125 as you're already a Nationwide member. 

That might be one worth looking at.

Peggy0628

First direct are offering £150 for switching so better than nationwide. Plus, I don't have any direct debits so can't switch them. I'm just wondering if they will pay the bonus even if it's obvious that the account that was switched to them was not my main account (I'll pay in the minimum stated etc) as there will be no wages paid in, no rent coming out etc?

cymruchris

Looking at the FD offer - the only stipulation is to deposit a £1000 and move your everyday banking - so if they've got your £1000 then that's all you need - and you can then argue that in your case your everyday banking doesn't involve many transactions if ever questioned - but unlikely it ever would be. I seem to recall you can also run an eligibility checker with FD to see what overdraft they can offer you. (You might not need one or particularly want one - but if you've got one, and you don't use it - it can be a positive mark on your good credit history). And of course - you can't have an existing account with HSBC - as they are under the same umbrella. 

Rob5342

They will state the terms for getting the reward somewhere, all you need to do is make sure you meet those. I switched a spare account around 3 times recently and never had any problems, as soon as I got paid the reward I switched again.

Katiehound

cymruchris said:

  And of course - you can't have an existing account with HSBC - as they are under the same umbrella. 

Not quite accurate
From their t & cs:
"Sorry, we can only offer this to people who haven’t previously held an account with us, and/or has not opened a HSBC current account on or after 1 January 2019. You may hold a HSBC account and still qualify for the offer, as long as the current account was opened before 1 January 2019."

Just to point out that any bank may state that it wants you to move your 'main account'- but that is rather like 'how long is a piece of string?' For one person a main account may have very little happening, or may have multiple transactions each month. Only the account holder knows!

You may want to open a third donor account (probably with your existing bank) and then move that one at will.

RN61

Not true that you have to have two direct Debits to benefit from a bank switch reward, they are all different.

For instance, Co-op run a switch referral offer requiring no direct Debits and no need for cash to be paid in either. And the reward pays out in a couple of days. It's only £50 for the referrer and another £50 for the switcher, but once you've done it you can then do same for your spouse and adult children. My household made £350 that way very easily and we've still got five referrals left between us! Here's the link, just follow the instructions carefully.

https://www.co-operativebank.co.uk/products/bank-accounts/refer-a-friend/ 

SiliconChip

Peggy0628 said:

I'm just wondering if they will pay the bonus even if it's obvious that the account that was switched to them was not my main account (I'll pay in the minimum stated etc) as there will be no wages paid in, no rent coming out etc?

I imagine they could, in theory, check and refuse the switch for that reason, but I've been using my main account for many years without switching it while also switching quite a few donor accounts most of which had very little activity on them, so it's extremely likely that you'll have no problem at all.

Daliah

SiliconChip said:

Peggy0628 said:

I'm just wondering if they will pay the bonus even if it's obvious that the account that was switched to them was not my main account (I'll pay in the minimum stated etc) as there will be no wages paid in, no rent coming out etc?

I imagine they could, in theory, check and refuse the switch for that reason, but I've been using my main account for many years without switching it while also switching quite a few donor accounts most of which had very little activity on them, so it's extremely likely that you'll have no problem at all.

As there is no general definition, and not normally one in the actual offer, of what a "main account" is, there is no chance that you get turned away for not meeting the criteria. I have switched numerous accounts with just the bare minimum required by the switch offer, and usually with just a single digit account balance. 

cymruchris

cymruchris said:

Each account has its own requirements - most have a minimum pay-in over a certain period, and the transfer of some active direct debits.

RN61 said:

Not true that you have to have two direct Debits to benefit from a bank switch reward, they are all different.

I did say most....  and did say each account has its own requirements

Katiehound said:

cymruchris said:

  And of course - you can't have an existing account with HSBC - as they are under the same umbrella. 

Not quite accurate
From their t & cs:
"Sorry, we can only offer this to people who haven’t previously held an account with us, and/or has not opened a HSBC current account on or after 1 January 2019. You may hold a HSBC account and still qualify for the offer, as long as the current account was opened before 1 January 2019."

Very true - if you're a long term account holder, as you rightly point out, you certainly can. 

cymruchris

Daliah said:

SiliconChip said:

Peggy0628 said:

I'm just wondering if they will pay the bonus even if it's obvious that the account that was switched to them was not my main account (I'll pay in the minimum stated etc) as there will be no wages paid in, no rent coming out etc?

I imagine they could, in theory, check and refuse the switch for that reason, but I've been using my main account for many years without switching it while also switching quite a few donor accounts most of which had very little activity on them, so it's extremely likely that you'll have no problem at all.

As there is no general definition, and not normally one in the actual offer, of what a "main account" is, there is no chance that you get turned away for not meeting the criteria. I have switched numerous accounts with just the bare minimum required by the switch offer, and usually with just a single digit account balance. 

Yes - from experience when I switched into Virgin - the balance initially was just a few pounds - then topped it up to the minimum specified - and the reward paid out shortly after. It had virtually no use in my day to day banking. On the one occasion I did try to make a transfer to buy a second hand bike, they blocked it, which wasn't useful standing on someone's drive trying to pay for it, and ended up with a £75 goodwill payment to cover the inconvenience. So all in all I did well out of that one, as I switched out a few months later. I don't think you'll have any trouble getting the FD reward as long as you pop the relevant balance in.