Switching Questions

Players4you

Hi All,

I am new to account switching and was just wondering about a few points that I cant see the answer to, any help would be much appreciated:

1. I would like to keep my current (Joint) account for ongoing finances/bill payments etc. I understand a burner account is a good idea. Any suggestions on a quick online account that I can set up for both myself and wife so that we can both get bonuses. I understand that I may have to set up some low value DD's on the burner account (depending on which account we choose first)

2. We both have an excellent credit history. If we hit most bonuses is this likely to affect (sp?) this much. We dont have any big things we need to be doing but nonethless would want it trashed. If so, how long does it last for?

I am going to set up a spreadsheet of current offers, criteria etc, dates etc and can share if anyone can point me to a good way of doing this (ala the matched betting - if anyone remembers that )

Many thanks for anyone replies and guidance, will continue reading in the meantime

[Deleted User]

1) Monzo, Starling, Metro are easy to setup, the first 2 you can have up and running in a day and the card usually arrives in 2-5 working days

2) You'll get a search for a current account (particularly with OD) but don't worry about the fake numbers/rating, opening a current account won't have any sort of long term impact. Ignore any drops in the gimmick score, nobody but you ever sees that and it's never used for lending decisions

It's really not worth doing a spreadsheet, all the details are on the forum or the MSE newsletter and they change regularly depending on the offer and the bank

Daliah

1. If you did switch a joint account, you'd only get one bonus in most cases.  For both of you to get a switch bonus, each of you will have to switch a sole account. Once you have done this, you might still try your luck with joint accounts. 
   
   You can set up accounts for yourself, but not for your wife, particularly not at banks which require upload of ID documents and accompanying selfies. She will have to apply for her accounts herself. 
   
   The usual responses are to set up the donor/burner at your existing bank(s). Metro, Starling or Monzo are generally also quick.
   
   
   
2. as you are not expecting to need any big credit applications, you don't need to worry about the impact on your credit reference files at all. Yes, any hard searches will be recorded, but they disappear within 6-12 months. Your "average time accounts held" will go down a bit, as will the meaningless credit score, but none of this really matters in your case. Multiple applications for current accounts in a short time period don't appear to have any effect on current account applications, particularly if you are not applying for overdrafts.
   
   
   

I wouldn't bother with a spreadsheet of current offers as they are easily found on MSE already.

Players4you

Thanks both for such helpful replies. Much appreciated

Bridlington1

For burner accounts I tend to open a spare account with one of my existing banks, mostly Bank of Scotland or Lloyds. Lloyds banking group only do a hard search on the first account you open with them, with every additional account they don't bother so if you're worried about your credit report this minimises the hard searches (though they drop off within a year anyway). Plus they're very quick at opening accounts in my experience.

For low value DDs, credit cards are good options. Also there are a few savings accounts that let you pay in by DD, Ecology BS's easy access account (minimum DD £10) is a good one. You have to fill in a form and post it to them to set up the DD, but after you've opened your first account they send you a customer feedback survey with a prepaid envelope so you can send the DD mandate with that. 

Players4you

Thanks for all the information. Just thinking, would it be a good idea to have multiple burner accounts to apply for multiple offers or is it best just to stick to one and wait for that to complete and then switch that one for another offer?

Bridlington1

Players4you said:

Thanks for all the information. Just thinking, would it be a good idea to have multiple burner accounts to apply for multiple offers or is it best just to stick to one and wait for that to complete and then switch that one for another offer?

Open as many burner accounts as you want. I've had a couple of switches on the go at once before. Natwest/RBS require no DDs so you can easily have that on the go as well as one or 2 of the others.

If you wanted to, there's onepounddd.com that does cheap DDs, though you don't get the money back from them if they're paid. I've found that for banks that pay the switching offer quickly, i.e. Halifax, Lloyds, Nationwide you can set up a couple of £1 DDs on the donor account, switch to them, receive the incentive and then cancel the DDs before the first payments are taken. Just get your burner accounts open, then set up the £1 DDs with the latest possible date for first payment and switch as soon as the DDs appear on your burner account. If you use this method do not use Natwest or RBS as donor accounts as the DDs do not show until you've paid your first DD for some reason.

Players4you

Bridlington1 said:

Players4you said:

Thanks for all the information. Just thinking, would it be a good idea to have multiple burner accounts to apply for multiple offers or is it best just to stick to one and wait for that to complete and then switch that one for another offer?

Open as many burner accounts as you want. I've had a couple of switches on the go at once before. Natwest/RBS require no DDs so you can easily have that on the go as well as one or 2 of the others.

If you wanted to, there's onepounddd.com that does cheap DDs, though you don't get the money back from them if they're paid. I've found that for banks that pay the switching offer quickly, i.e. Halifax, Lloyds, Nationwide you can set up a couple of £1 DDs on the donor account, switch to them, receive the incentive and then cancel the DDs before the first payments are taken. Just get your burner accounts open, then set up the £1 DDs with the latest possible date for first payment and switch as soon as the DDs appear on your burner account. If you use this method do not use Natwest or RBS as donor accounts as the DDs do not show until you've paid your first DD for some reason.

Fantastic information, thanks.

What's the difference between a Burner and a Donor account?

Bridlington1

There is no difference, a burner account is just another name for a donor account, i.e. an account you are opening purely to switch to another account for the switching incentive.

Players4you

Apologies, have some more q's re my first switch

Have a new burner account(own bank, halifax).

Looking at the Nat west offer it looks like I need to deposit 1250, although it also says not necessary for the Select account, although looking at the T&C's that does not seem to be the case. Assuming it is a requirement is that when the Natwest account is opened or does that need to come across from the Burner account?

I can see that no DD's need to be set up on the burner but do I need to have a card? Does it need to be funded in addition to the 1250 above?

I also note for anyone doing this that the expiry date seems to have come forward to 20th October

changearound1

You can pay in the £1250 from anywhere. It doesn't have to come via the switch and it doesn't have to be in go - e.g. 5 x £250 will suffice.

Ongoing funding of a Select account is not required.

The Switch process will ask you for the debit card number from your donor account, so wait until it arrives before you do the switch.