First time bank switching

chilly1

I have known about bank switching offers but never done them. So have been missing out on some easy free money over the years. 

So far i have just opened two dummy accounts a monzo and starling, £1 direct debits also, now getting ready to do some bank switching.

Just some questions

What way should I go about switching banks in what order with my 2 dummy bank accounts to get the max money? 

E.g. Monzo to lloyds to Nationwide and get the 5% interest

Starling to Lloyds pay in £1500 per month plus cinema tickets. 


When Monzo/Starling accounts fully switch over to another bank. Can i open a new account with Monzo/Starling straight after and do a different bank switch? 


Which of the banks allow me to open a second current account easily? Then I can use that as a dummy acount to get the rest of the offers. 


Anyone other banks recommend for dummy accounts? 


What is better natwest or rbs or ulster ? If any?


I am also looking to do the same with a family member so friend referrals will bring in extra cash. So far have only see monzo £5 each reward. Any others? 

[Deleted User]

There is a post on here somewhere about Monzo refusing to open a second account for someone who switched away - given their costs of opening account and you immediately switching away, it's understandable.

You can open a basic account with many providers though often with your own bank is easiest

The "best" route is up to you, I would suggest doing them in date order to get them all completed before they are pulled but if you wanted to stick with accounts like Lloyds for the tickets or Nationwide for the interest then plan it that way.

Remember too that some banks take longer to pay out, Nationwide, First Direct and I think Natwest paid me almost immediately, Santander quote 60 days then 30 to pay (but people are reporting getting the cash earlier)

Personally I did Monzo to Nationwide, Starling to Santander. I will do Nationwide to Lloyds once my mobile DD is sorted as I moved the DD back to my main bank account and want to make sure it doesn't bounce