Any serial switchers?

gele

Thanks to both who suggested ways to find out when an account was opened. 
 I found out that I opened a First Direct account in October 2018 and so I think I am eligible again as the details state you mustn't have opened one after Jan  2019 I think. 
My account was still open throughout 2019 though. Can anyone clarify if that would prevent me reapplying?
Not intending to do so immediately but in the next couple of months if the switching offer is still available.
Thanks

Daliah

gele said:

Thanks to both who suggested ways to find out when an account was opened. 
 I found out that I opened a First Direct account in October 2018 and so I think I am eligible again as the details state you mustn't have opened one after Jan  2019 I think. 
My account was still open throughout 2019 though. Can anyone clarify if that would prevent me reapplying?
Not intending to do so immediately but in the next couple of months if the switching offer is still available.
Thanks

Nothing prevents you from re-applying but you cannot get a second switch bonus at First Direct. You might be entitled to switch offers at other banks.

DaisyFoil

I am impressed with those who have made money through switching banks frequently. I've never done it and didn't know where to start, but may be starting to get a glimmer of understanding now. Do people tend to keep their original account (Bank 1); open a second bank account with Bank 2; move some direct debits to there, and make a bank transfer over from Bank 1 to 2 every month (to show the required amount has been paid in); then switch from Bank 2 to Bank 3 etc.? Am I getting it, or am I way off?! Thank you. 

NoMore

DaisyFoil said:

I am impressed with those who have made money through switching banks frequently. I've never done it and didn't know where to start, but may be starting to get a glimmer of understanding now. Do people tend to keep their original account (Bank 1); open a second bank account with Bank 2; move some direct debits to there, and make a bank transfer over from Bank 1 to 2 every month (to show the required amount has been paid in); then switch from Bank 2 to Bank 3 etc.? Am I getting it, or am I way off?! Thank you. 

Pretty much, although you have to check the exact conditions required for each switch they aren't all the same. So its usually open a 'donor' account then set that up for the first switch, switch, complete the conditions for the switch then set it up for the next switch etc.

Daliah

DaisyFoil said:

.....move some direct debits to there......

Rathere than moving DDs about, just add a couple of tiny DDs to a charity and/or to the lottery. You'll probably get away with annual DDs, so for £2 a year, you have two perfectly good DDs on your donor account.

DaisyFoil said:

...... make a bank transfer over from Bank 1 to 2 every month ....

Very few, if any, require you to have regular monthly going into the account. A one-off deposit is usually enough, though you can break this down into smaller chunks. E.g. a £1,000 deposit can be achieved with 4 x £250 etc. 

Increasingly, you find it a condition that you use the bank's app - meaning you need a smartphone or tablet. I am just mentioning this as some people don't have / don't want to use one.

Just check the offer T&Cs what is required - -  these are different from offer to offer.

DaisyFoil said:

 Am I getting it, or am I way off?

You are pretty much there

Alex9384

where_are_we said:

I wished I`d kept a list of my switch dates. Eventually I will be able to join in again.

You can find out by checking your credit report(s).

Any account you opened or closed in the last 6 years will be there, except accounts like Chase or Revolut who don't report to any CRA, but they don't participate in the switching scheme anyway. Your credit reports will show you exactly when were your accounts open and when were they closed.

Bridlington1

DaisyFoil said:

I am impressed with those who have made money through switching banks frequently. I've never done it and didn't know where to start, but may be starting to get a glimmer of understanding now. Do people tend to keep their original account (Bank 1); open a second bank account with Bank 2; move some direct debits to there, and make a bank transfer over from Bank 1 to 2 every month (to show the required amount has been paid in); then switch from Bank 2 to Bank 3 etc.? Am I getting it, or am I way off?! Thank you. 

You don't even have to open an account with bank 2. You can just open a second account with bank 1, set up a couple of DDs on it and switch that to bank 3. Whilst you're at it you can also get a bit of extra money/freebies out of the reward accounts, e.g. Halifax reward (£5/mth), Club Lloyds (free magazine), Natwest/RBS reward (£3/mth after fee) etc. Just open a donor account for each switch and keep the reward accounts. You can get a few hundred out of reward accounts each year.

Daliah

Bridlington1 said: 

You don't even have to open an account with bank 2. You can just open a second account with bank 1

That's if Bank 1 allow it. Many do, some don't, e.g. First Direct, Monzo, Starling, Metro

[Deleted User]

Calidad said:

Bridlington1 said:

JMZ555 said:

I have only recently started switching. But it has been very easy with no issues yet.

Natwest--->HSBC---->Santander
Plus made a nice £300 from Chase Referrals in between. 

I quite like the Cash back on bills that Santander do. I will maybe switch again if a good offer comes up.

You could open a Santander everyday account and switch that. Then you can keep the cashback on the bills and simultaneously hoover up any more switching incentives.

I’m in the same situations.

So open it, move two DD’s over to it, then switch? How long do you think you need to have the account open for before switching?

I assume it would involve two hard searches in a short space of time? 

Who cares about a couple of searches unless you have something major like a mortgage coming up, may not even get a hard search if you are not applying for an OD.

I set up a Monzo account, as soon as the direct debits were shifted I moved it to Nationwide and they paid out within 3 days

[Deleted User]

DaisyFoil said:

I am impressed with those who have made money through switching banks frequently. I've never done it and didn't know where to start, but may be starting to get a glimmer of understanding now. Do people tend to keep their original account (Bank 1); open a second bank account with Bank 2; move some direct debits to there, and make a bank transfer over from Bank 1 to 2 every month (to show the required amount has been paid in); then switch from Bank 2 to Bank 3 etc.? Am I getting it, or am I way off?! Thank you. 

Some, like first direct, don't even need DDs - just check the terms carefully. If they need the money to go in, you can pay it in, get the bonus, then take it out, some say you can even just pay it in and take it out again immediately as it is recorded as credited.

The ones you have to watch for are the ones that want you to move your main account e.g. an expectation of paying in £1500 a month or whatever - you can do this cycling through standing orders to yourself of course if you have the cash spare. At the moment though the likes of FD, Satander, Nationwide etc don't have those sort of requirements