Do any banks offer money to open an account (not switching a current account)

creativegenius

I see a lot of discussion around banks that offer money if you switch. I don't want to switch, I just want to open another account which I'll use for a while to keep some separate money in (I need to budget for a car);

Do any banks give you money just for opening an account?

Molehusband

creativegenius said:

I see a lot of discussion around banks that offer money if you switch. I don't want to switch, I just want to open another account which I'll use for a while to keep some separate money in (I need to budget for a car);

Do any banks give you money just for opening an account?

I agree that this forum is often filled with discussions about "switching" accounts. However I have opened many current accounts over the years and never indulged in the switching game. You can find information on incentives given here:
https://www.moneysavingexpert.com/bank-accounts

PRAISETHESUN

The only banks I'm aware of with offers at the moment just for opening are First Direct (£20 for opening, or £150 if you switch) and TSB (£40 via Quidco for opening, https://www.quidco.com/tsb-spend-save-plus-current-account/). Typically most offers require you to switch using the CASS.

eskbanker

The simple workaround to qualify for a switching incentive without closing your existing account is to open a second current account with your current bank and use that for switching, making sure that the account has any prerequisite DDs, etc, before doing so.

Westie983

Open up a donor account with your current bank and use that to switch, make sure you comply with the switching T&Cs

Westie983

phillw

creativegenius said:

Do any banks give you money just for opening an account?

No, but some give you money every month for having the account.

Halifax/Natwest/Rbs/Ulster will give you £5 a month, for meeting certain conditions.
Club Lloyds will give you 6 cinema tickets.

I've used Barclays as a mule account before. Open it, setup some direct debits (if the switch requires them) and then switch (Barclays were ok for a while with blue rewards but not worth keeping now).

Some banks will only offer you switching cash if you've never had an account with them before, be careful opening one of those (first direct springs to mind). Others will even give you money switching to an existing account, it's safe to open any of these for whatever perks they are offering.

If you go all in then soon you'll have 9 current accounts. 

Daliah

phillw said:

I've used Barclays as a mule account before.

I hope you didn't. I think you might mean a donor account.

https://www.actionfraud.police.uk/a-z-of-fraud/money-muling

RG2015

Daliah said:

phillw said:

I've used Barclays as a mule account before.

I hope you didn't. I think you might mean a donor account.

https://www.actionfraud.police.uk/a-z-of-fraud/money-muling

Plenty of mules on the MSE article on the link below. It may be from 2018, but it is still there on the paragraph titled " Consider setting up a second account as a switching mule"

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

creditavenger

phillw said:

Halifax/Natwest/Rbs/Ulster will give you £5 a month, for meeting certain conditions.
 

I don't think Ulster Bank do the £5 a month thing.

Daliah

RG2015 said:

Daliah said:

phillw said:

I've used Barclays as a mule account before.

I hope you didn't. I think you might mean a donor account.

https://www.actionfraud.police.uk/a-z-of-fraud/money-muling

Plenty of mules on the MSE article on the link below. It may be from 2018, but it is still there on the paragraph titled " Consider setting up a second account as a switching mule"

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

Not even an MSE article makes mule accounts legal.

Daliah

creditavenger said:

phillw said:

Halifax/Natwest/Rbs/Ulster will give you £5 a month, for meeting certain conditions.
 

I don't think Ulster Bank do the £5 a month thing.

I don't think so, either.

Also, the Natwest and RBS accounts have an unavoidable monthly charge of £2, so the best you can make from them is £3 a month. The current accounts do, however, give you access to their 3.25% Digital Saver, which is nice to have up to £1,000. They have also been doing regular switch offers.