Switching Account - general question on frequency

LightKnow

Mm does it not look bad or suspicious even if you switch multiple burner accounts ?

If I have 3 burner accounts and switch all 3 to different banks at same time ( does this not raise loyalty concerns?? Or impact what services there willing to provide? ) Would this falg up as fraudulent activity? 

Usually I switch one at a time due to requirements but Lloyd and NatWest are so simple that I wanna switch 2 of my burner accounts/ less active account but would they both withdraw switch bouns ? 

flaneurs_lobster

LightKnow said:

Mm does it not look bad or suspicious even if you switch multiple burner accounts ?

If I have 3 burner accounts and switch all 3 to different banks at same time ( does this not raise loyalty concerns?? Or impact what services there willing to provide? ) Would this falg up as fraudulent activity? 

Usually I switch one at a time due to requirements but Lloyd and NatWest are so simple that I wanna switch 2 of my burner accounts/ less active account but would they both withdraw switch bouns ? 

I started this switch malarkey in October last year. I've completed (as in received a bonus) on five, I'm waiting for payment on one and I have four switches currently underway. I'm waiting on another current account to finish opening before switching to it.

At no time has my main bank account, held for over 30 years, been anywhere near this activity. 

My credit report is showing over a dozen hard searches in the last six months but I have no foreseeable need for credit at the moment so it doesn't concern me. 

I don't expect any of these switches to be revoked or for sanctions to be applied to the accounts I now have open but if it were to happen then c'est la vie. I don't regard my activity as abusive or suspicious but the banks may disagree and that's their prorogative.

If the loss of, or sanctions being applied to, an account that you are switching from or to would cause you problems then don't do it. You might want avoid a bank where you hold main accounts or have a long relationship with too.

 

saintscouple

I´m a first time switcher, and have a question about the minimum deposit. 
I read if for say the minimum deposit is £1500 you can deposit £500, withdraw it, and re-deposit, etc, etc until the £1500 has been deposited. 

MY question is how long should you wait between withdrawing, and redepositing?

Thank you 

Middle_of_the_Road

saintscouple said:

I´m a first time switcher, and have a question about the minimum deposit. 
I read if for say the minimum deposit is £1500 you can deposit £500, withdraw it, and re-deposit, etc, etc until the £1500 has been deposited. 

MY question is how long should you wait between withdrawing, and redepositing?

Thank you 

Can be as soon as the funds are seen as cleared in the account.

flaneurs_lobster

saintscouple said:

MY question is how long should you wait between withdrawing, and redepositing?

Thank you 

It can be done as soon as the previous action has registered on the account. For decency's sake I normally space it out over an hour or so.

Zanderman

saintscouple said:

I´m a first time switcher, and have a question about the minimum deposit. 
I read if for say the minimum deposit is £1500 you can deposit £500, withdraw it, and re-deposit, etc, etc until the £1500 has been deposited. 

MY question is how long should you wait between withdrawing, and redepositing?

Thank you 

No time at all in principle. You could take 500 out to another account by FP, then, when it arrives a few minutes alter (though FP can take longer), transfer it straight back again. And then repeat.

Zanderman

Back to the OP's topic I have not ever heard of a bank taking action for the processes described.

And I've been a seasoned switcher for many years.

Opening multiple burner accounts at the same bank and switching them away at the same time as each other (if that was what is being suggested) does seem a little provocative though.  I wouldn't do that.

I only tend to have one or two current accounts at any one bank at a time.  And, once you have such accounts at multiple banks, there's no need to open more 'burner' accounts - you have a load of them already.. 

LightKnow

Thanks Good to know, let's hope everything runs smoothly to getting the bonus 🙂