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

35har1old

WillPS said:

WLewer98 said:

I switched from Monzo to First Direct on 16/01/23 for First Direct's switch offer. Does anyone know if I can reopen my Monzo account after 30 days and then use that account as a burner to switch from again? I'm just trying to avoid a hard credit search by opening an account with a different bank. TIA

It shouldn't be possible to reopen an account after CASS, not least because the losing bank is duty bound to forward BACS payments for a few years/indefinitely.

Monzo are not keen on having customers back who have CASSed out regardless.

After confirming the switch date of your choosing, your new bank or building society will contact you to let you know that the process has begun, a minimum of 7 working days before the date agreed.

You can continue using your old current account right up until your switch date, so you won’t be stuck in limbo.

All of your incoming and outgoing payments will be moved to your new account, but if there are any issues, your bank or building society will get in touch.

Any money in your old account will also be transferred to the new current account. For 36 months after the switch, your old current account provider will arrange for any payments accidentally made to them to be automatically redirected to the new account. Your old bank will contact the sender of the incorrect payment and provide them with your new account details.

35har1old

Middle_of_the_Road said:

35har1old said:

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.

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.

Why would you want to open a Edge account ?

Would put £4000 in the linked 4% savings account was my thinking.  

If  you could make it a joint account It would be better £4000 x 2 = 26.66 per mth Minus fee £3 + cash back on debit card & direct debits. But if there is 2 people involved in making switches a joint account is bad idea. 

Just another thought as you can now get a 1 year fix 4.17% with out having to pay a fee

Middle_of_the_Road

35har1old said:

Middle_of_the_Road said:

35har1old said:

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.

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.

Why would you want to open a Edge account ?

Would put £4000 in the linked 4% savings account was my thinking.  

If  you could make it a joint account It would be better £4000 x 2 = 26.66 per mth Minus fee £3 + cash back on debit card & direct debits. But if there is 2 people involved in making switches a joint account is bad idea. 

Thanks, had not considered a joint account, as missed the bit allowing two edge savers.

35har1old

Middle_of_the_Road said:

35har1old said:

Middle_of_the_Road said:

35har1old said:

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.

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.

Why would you want to open a Edge account ?

Would put £4000 in the linked 4% savings account was my thinking.  

If  you could make it a joint account It would be better £4000 x 2 = 26.66 per mth Minus fee £3 + cash back on debit card & direct debits. But if there is 2 people involved in making switches a joint account is bad idea. 

Thanks, had not considered a joint account, as missed the bit allowing two edge savers.

Not like Barclays

ryaneberry

flaneurs_lobster said:

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?

Premier offer was 25,000 Avios (£250 of Avios / £167 Nectar points. 

Tied in with the Barclaycard 100,000 Avios offer made it a VERY rewarding 3 / 4 months - Albeit with 2 x £20 monthly fee = c. £1k profit

WillPS

ryaneberry said:

flaneurs_lobster said:

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?

Premier offer was 25,000 Avios (£250 of Avios / £167 Nectar points. 

Tied in with the Barclaycard 100,000 Avios offer made it a VERY rewarding 3 / 4 months - Albeit with 2 x £20 monthly fee = c. £1k profit

4 x £20 fees for the Barclaycard and 4 x £12 fees for Barclays Premier Rewards, minus £5 each month as a rebate for having both, at least.

Still a stonking offer.