Switching accounts with a burner: which bank doesn't do offers

sgebbie

Hi

I read on the main site that one idea to start to switch is to have a burner account opened with a bank which doesn't do any offers (so that you don't waste an offer), but it didn't mention any starter banks.

Who did you open your 1st accounts with?

thanks

Band7

Metro, Monzo, Starling

Middle_of_the_Road

sgebbie said:

Hi

I read on the main site that one idea to start to switch is to have a burner account opened with a bank which doesn't do any offers (so that you don't waste an offer), but it didn't mention any starter banks.

Who did you open your 1st accounts with?

thanks

Opening an account and then switching it will not prevent you from an offer providing you've not been paid an incentive previously from that bank.

Easiest way is to open another current account with your present bank, and use that for the switch.
Not that i've used them, but Metro, one of these modern banks often gets used for this purpose.
They won't do a hard credit search, the same applies to Lloyds banking group.

Myself I started by opening a Lloyds classic, then a Lloyds club
I then switched the Lloyds classic to a Nationwide Flex for the £200
Then opened a Nationwide Flex Direct account
Then switched the Flex to a Santander Everyday account for £200

Will soon open a Santander Edge account, and switch the Santander Everyday to the next bank.

Rob5342

If you have had a burner account with a bank then they might be less likely to give you anotuer account when you want to open one for the switching bonus. It might not bother them at all but you can minimize the risk by opening a burner account somewhere else.

I'd suggest Metro Bank, Barclays or The Cooperative back as burner accounts as they don't offer switching bonuses very often as far as I can see. I wouldn't recommend Monzo or Starling as they have by far the best apps and you might want to use them for your normal account.

WillPS

Danske might be a decent shout if you're in NI, otherwise all the high street banks have some recent history with switching bonuses.

Bank of Scotland haven't offered a switching bonus in many years as far as I know - possibly ever? But they're part of LBG, which includes Halifax and Lloyds which often offer switching bonuses. 

For what it's worth - I don't think 'avoid opening burner accounts with banks who offer switching bonuses' is particularly great advice. Rule out the ones which require that you haven't held an account with them since x is better advice.

Lloyds, Halifax, RBS, Natwest, Santander and Ulster Bank offers have not excluded existing customers when they have offered one. Nothing to stop that changing in future but you can be relatively confident that you won't be ruling yourself out of a future switching bonus by opening an account with one of these now.

Band7 said:

Metro, Monzo, Starling

Metro have done an offer, think it was a £50 referral based offer in late 2020.

Rob5342 said:

I'd suggest Metro Bank, Barclays or The Cooperative back as burner accounts as they don't offer switching bonuses very often as far as I can see. I wouldn't recommend Monzo or Starling as they have by far the best apps and you might want to use them for your normal account.

Metro did one in 2020.
Barclays have one on right now (Premier eligibility only tho), last did a mass market one in 2019.
Co-op Bank have a £125 referral based offer now.

flaneurs_lobster

WillPS said:

Metro did one in 2020.
Barclays have one on right now (Premier eligibility only tho), last did a mass market one in 2019.
Co-op Bank have a £125 referral based offer now.

Don't think Barclay's are bribing at the moment, do you mean Lloyd's premium accounts?

k_man

Middle_of_the_Road said:

sgebbie said:

Hi

I read on the main site that one idea to start to switch is to have a burner account opened with a bank which doesn't do any offers (so that you don't waste an offer), but it didn't mention any starter banks.

Who did you open your 1st accounts with?

thanks

Opening an account and then switching it will not prevent you from an offer providing you've not been paid an incentive previously from that bank.

....

This is not correct for HSBC/first direct, as just having opened an account in the last few years can be enough to exclude from cashback

Zanderman

Easiest to open another one (or two) with your current bank - no precedents set or broken then.

ITL89

A second for Monzo or Starling as they're easy to open an account with and pretty fast too.

sgebbie

thanks all

i'll get the wife an extra natwest & then we've both got NW to start from. It didn't even register with me to start where we already have accounts

PRAISETHESUN

As far as I'm aware, HSBC/FD are the only banks who restrict your ability to take advantage of switch offers if you already hold an account with them. Most other banks have offers which are available to existing customers, as long as you haven't taken advantage of a previous incentive within a given timeframe.

I personally like Lloyds/Halifax/BoS as they don't do hard credit checks for opening additional accounts as an existing customer. Monzo/Starling are another good choice if you need an account in a hurry.