Banks closing accounts

ForumUser7

Context: I want to switch into an existing RBS and NatWest account, and possibly open an ulster one, to get the £600 of switching bonuses. 

If I was to apply for a Santander basic account, and switch it out as soon as it was opened, this would be a red flag for the bank right? I've been with Santander 6 years, so don't want to lose my main account by switching it. There are not any providers (excl groups) with which I hold more than one account, so not really sure what to do. I was considering metro bank for switching accounts, as I have no other accounts with them, but apparently they do a hard search for each new current account. I note the thread says they don't, but I called them just now and the agent checked and said they do, even for existing customers.

I don't think it is wise to do 3 switches out of one provider, so I'll need to look around this thread https://forums.moneysavingexpert.com/discussion/6422051/list-of-banks-with-hard-vs-soft-searches-for-current-accounts#latest to find some other providers to use too.

[Deleted User]

You can’t open a basic bank account if you have any UK current accounts as they are designed for people who aren’t eligible for a current account. You opening one (if you somehow succeeded) might be an even bigger red flag than switching out instantly. 

You’ll have to suck up a hard search unless you switch from Starling or Monzo, I’m afraid. I wrecked my imaginary scores in pursuit of the £2k free money. Worth it after all. 

WillPS

[Deleted User] said:

You can’t open a basic bank account if you have any UK current accounts as they are designed for people who aren’t eligible for a current account. You opening one (if you somehow succeeded) might be an even bigger red flag than switching out instantly. 

You’ll have to suck up a hard search unless you switch from Starling or Monzo, I’m afraid. I wrecked my imaginary scores in pursuit of the £2k free money. Worth it after all. 

Santander have been known to accept applications for Basic accounts from current customers, despite the notice that they're not intended for them.

grumbler

ndrw said:

You can’t open a basic bank account if you have any UK current accounts as they are designed for people who aren’t eligible for a current account.

I used to have a basic account (with a cash card) with Nationwide when already having a normal current accounts with them and other banks.

dealyboy

ForumUser7 said:

Context: I want to switch into an existing RBS and NatWest account, and possibly open an ulster one, to get the £600 of switching bonuses. 

If I was to apply for a Santander basic account, and switch it out as soon as it was opened, this would be a red flag for the bank right? I've been with Santander 6 years, so don't want to lose my main account by switching it. There are not any providers (excl groups) with which I hold more than one account, so not really sure what to do. I was considering metro bank for switching accounts, as I have no other accounts with them, but apparently they do a hard search for each new current account. I note the thread says they don't, but I called them just now and the agent checked and said they do, even for existing customers.

I don't think it is wise to do 3 switches out of one provider, so I'll need to look around this thread https://forums.moneysavingexpert.com/discussion/6422051/list-of-banks-with-hard-vs-soft-searches-for-current-accounts#latest to find some other providers to use too.

Hi @ForumUser7 ...
I have had all three of the switch incentives from NatWest group in the last couple of months, plus three others. I used two newly created Santander Everyday Banking Accounts and four Nationwide FlexAccounts, I have also opened another one of each. I have had no problems.

I do not ask for overdraft arrangements when I'm applying for donors and generally not when I'm switching, but I do have authorised overdrafts with a couple of the new accounts ... First Direct and NatWest, neither of which I use for everyday banking at the moment.

I am a long standing Santander customer, although I switched my 123 lite about 6 months ago, but opened the e-saver limited edition issue 1 ... so I have a continuing history. I have had a Nationwide FlexDirect account only since last October and this is my everyday account ... as I say I have opened 5 additional current accounts with them and switched 4 of them.

I am personally not bothered by soft/hard searches and have high thousands available credit with two credit cards I've had for years and three current accounts with overdraft facilities. I obey the rules of the banks and the spirit of the rules, to have multiple accounts with the banks I've mentioned is clearly permitted and within the rules and of course I'm free to switch them.

ForumUser7

dealyboy said:

ForumUser7 said:

Context: I want to switch into an existing RBS and NatWest account, and possibly open an ulster one, to get the £600 of switching bonuses. 

If I was to apply for a Santander basic account, and switch it out as soon as it was opened, this would be a red flag for the bank right? I've been with Santander 6 years, so don't want to lose my main account by switching it. There are not any providers (excl groups) with which I hold more than one account, so not really sure what to do. I was considering metro bank for switching accounts, as I have no other accounts with them, but apparently they do a hard search for each new current account. I note the thread says they don't, but I called them just now and the agent checked and said they do, even for existing customers.

I don't think it is wise to do 3 switches out of one provider, so I'll need to look around this thread https://forums.moneysavingexpert.com/discussion/6422051/list-of-banks-with-hard-vs-soft-searches-for-current-accounts#latest to find some other providers to use too.

Hi @ForumUser7 ...
I have had all three of the switch incentives from NatWest group in the last couple of months, plus three others. I used two newly created Santander Everyday Banking Accounts and four Nationwide FlexAccounts, I have also opened another one of each. I have had no problems.

I do not ask for overdraft arrangements when I'm applying for donors and generally not when I'm switching, but I do have authorised overdrafts with a couple of the new accounts ... First Direct and NatWest, neither of which I use for everyday banking at the moment.

I am a long standing Santander customer, although I switched my 123 lite about 6 months ago, but opened the e-saver limited edition issue 1 ... so I have a continuing history. I have had a Nationwide FlexDirect account only since last October and this is my everyday account ... as I say I have opened 5 additional current accounts with them and switched 4 of them.

I am personally not bothered by soft/hard searches and have high thousands available credit with two credit cards I've had for years and three current accounts with overdraft facilities. I obey the rules of the banks and the spirit of the rules, to have multiple accounts with the banks I've mentioned is clearly permitted and within the rules and of course I'm free to switch them.

Thanks for the amount of detail you've gone into here

I've probably been overthinking it.

What I'll do is switch into my existing RBS and NatWest - and fulfil the pay in/mobile app checking requirement etc.

For the switching accounts, I think I'll open one Santander everyday, and one BoS classic.

This should incur 1 credit checks all in all.

I think I should avoid Ulster for now, because of the hassle I've read about with them.

Anyone see any immediate problems with this plan please?

Reg_Smeeton

[Deleted User] said:

You can’t open a basic bank account if you have any UK current accounts as they are designed for people who aren’t eligible for a current account. You opening one (if you somehow succeeded) might be an even bigger red flag than switching out instantly. 

At least as recently as 2018 you could open a basic bank account in branch at Co-operative Bank “no questions asked”… I did it myself to segregate my matched betting money. I held the account until January this year when I used it as a donor to pick up a switching bonus on a standard current account elsewhere, I must have applied for a dozen current accounts and two mortgages during this time and never encountered any issues.

dealyboy

ForumUser7 said:

dealyboy said:

ForumUser7 said:

Context: I want to switch into an existing RBS and NatWest account, and possibly open an ulster one, to get the £600 of switching bonuses. 

If I was to apply for a Santander basic account, and switch it out as soon as it was opened, this would be a red flag for the bank right? I've been with Santander 6 years, so don't want to lose my main account by switching it. There are not any providers (excl groups) with which I hold more than one account, so not really sure what to do. I was considering metro bank for switching accounts, as I have no other accounts with them, but apparently they do a hard search for each new current account. I note the thread says they don't, but I called them just now and the agent checked and said they do, even for existing customers.

I don't think it is wise to do 3 switches out of one provider, so I'll need to look around this thread https://forums.moneysavingexpert.com/discussion/6422051/list-of-banks-with-hard-vs-soft-searches-for-current-accounts#latest to find some other providers to use too.

Hi @ForumUser7 ...
I have had all three of the switch incentives from NatWest group in the last couple of months, plus three others. I used two newly created Santander Everyday Banking Accounts and four Nationwide FlexAccounts, I have also opened another one of each. I have had no problems.

I do not ask for overdraft arrangements when I'm applying for donors and generally not when I'm switching, but I do have authorised overdrafts with a couple of the new accounts ... First Direct and NatWest, neither of which I use for everyday banking at the moment.

I am a long standing Santander customer, although I switched my 123 lite about 6 months ago, but opened the e-saver limited edition issue 1 ... so I have a continuing history. I have had a Nationwide FlexDirect account only since last October and this is my everyday account ... as I say I have opened 5 additional current accounts with them and switched 4 of them.

I am personally not bothered by soft/hard searches and have high thousands available credit with two credit cards I've had for years and three current accounts with overdraft facilities. I obey the rules of the banks and the spirit of the rules, to have multiple accounts with the banks I've mentioned is clearly permitted and within the rules and of course I'm free to switch them.

Thanks for the amount of detail you've gone into here

I've probably been overthinking it.

What I'll do is switch into my existing RBS and NatWest - and fulfil the pay in/mobile app checking requirement etc.

For the switching accounts, I think I'll open one Santander everyday, and one BoS classic.

This should incur 1 credit checks all in all.

I think I should avoid Ulster for now, because of the hassle I've read about with them.

Anyone see any immediate problems with this plan please?

Thanks for your comments @ForumUser7 ... if I were you I'd go for Ulster Bank as well ... it's £200 after all. Although it's not as slick as the other two, UB should get there after 3 or 4 weeks and the only couple of things to bear in mind are that the application confirmation is sent in the post for you to sign together with a page of your application details (they don't require id) and when you apply online choose a branch in NI like I did (Castlewellan). What's the worst that can happen ?

You have several people on this board who've been through the process and can guide you if necessary.

ForumUser7

dealyboy said:

ForumUser7 said:

dealyboy said:

ForumUser7 said:

Context: I want to switch into an existing RBS and NatWest account, and possibly open an ulster one, to get the £600 of switching bonuses. 

If I was to apply for a Santander basic account, and switch it out as soon as it was opened, this would be a red flag for the bank right? I've been with Santander 6 years, so don't want to lose my main account by switching it. There are not any providers (excl groups) with which I hold more than one account, so not really sure what to do. I was considering metro bank for switching accounts, as I have no other accounts with them, but apparently they do a hard search for each new current account. I note the thread says they don't, but I called them just now and the agent checked and said they do, even for existing customers.

I don't think it is wise to do 3 switches out of one provider, so I'll need to look around this thread https://forums.moneysavingexpert.com/discussion/6422051/list-of-banks-with-hard-vs-soft-searches-for-current-accounts#latest to find some other providers to use too.

Hi @ForumUser7 ...
I have had all three of the switch incentives from NatWest group in the last couple of months, plus three others. I used two newly created Santander Everyday Banking Accounts and four Nationwide FlexAccounts, I have also opened another one of each. I have had no problems.

I do not ask for overdraft arrangements when I'm applying for donors and generally not when I'm switching, but I do have authorised overdrafts with a couple of the new accounts ... First Direct and NatWest, neither of which I use for everyday banking at the moment.

I am a long standing Santander customer, although I switched my 123 lite about 6 months ago, but opened the e-saver limited edition issue 1 ... so I have a continuing history. I have had a Nationwide FlexDirect account only since last October and this is my everyday account ... as I say I have opened 5 additional current accounts with them and switched 4 of them.

I am personally not bothered by soft/hard searches and have high thousands available credit with two credit cards I've had for years and three current accounts with overdraft facilities. I obey the rules of the banks and the spirit of the rules, to have multiple accounts with the banks I've mentioned is clearly permitted and within the rules and of course I'm free to switch them.

Thanks for the amount of detail you've gone into here

I've probably been overthinking it.

What I'll do is switch into my existing RBS and NatWest - and fulfil the pay in/mobile app checking requirement etc.

For the switching accounts, I think I'll open one Santander everyday, and one BoS classic.

This should incur 1 credit checks all in all.

I think I should avoid Ulster for now, because of the hassle I've read about with them.

Anyone see any immediate problems with this plan please?

Thanks for your comments @ForumUser7 ... if I were you I'd go for Ulster Bank as well ... it's £200 after all. Although it's not as slick as the other two, UB should get there after 3 or 4 weeks and the only couple of things to bear in mind are that the application confirmation is sent in the post for you to sign together with a page of your application details (they don't require id) and when you apply online choose a branch in NI like I did (Castlewellan). What's the worst that can happen ?

You have several people on this board who've been through the process and can guide you if necessary.

Yeah good point, I'll give it a go - in the end, so far, I've opened an additional account with Lloyds and BoS which will likely give card details tomorrow, or so. I think I'll then open a flex account with nationwide, but I'll have to wait for that card to come through. I really hope I don't miss the offer - I thought it would've gone by now, but I've just become eligible in the past few days due to my age.

I'm hoping by doing one at the Halifax part of LBG and one at the Lloyds part, I'm minimising my risk of account closure. I know they all communicate, but it seems less likely to cause problems somehow.

Do you lot think I should ask RBS and NW to switch into a new account rather than an existing account? I guess that would retain 2 donors (I'll keep the 1 ulster) - but would cause 2 further credit checks, meaning 1 Santander, 1 ulster, 1 rbs, 1 NatWest.

gary1312

[Deleted User] said:

You can’t open a basic bank account if you have any UK current accounts as they are designed for people who aren’t eligible for a current account. You opening one (if you somehow succeeded) might be an even bigger red flag than switching out instantly. 

You’ll have to suck up a hard search unless you switch from Starling or Monzo, I’m afraid. I wrecked my imaginary scores in pursuit of the £2k free money. Worth it after all. 

It's not a problem with Santander. Their T&Cs for the Basic Account state that you can't have "more than one other current account with Santander". I have a Basic Account which was opened after the Everyday I'd opened for the switch bung. They are, however, an outlier. Very few banks even allow you to apply directly for their basic offerings, only Santander, TSB (who also allow customers to hold a Cash account as well as a mainstream one) and Co-op iirc.