Repeat Switching - recommend a second/burner account

balsingh

Having read the MSE article on repeat switching, I want to set up a second/burner account. Any recommendations on one that is easy to set up online, gets set up quick and it easy to set up a few direct debits for so I can start the switching process?

Thx

boingy

Metro, Starling or Monzo. You often don't need direct debits.

jbrassy

I would second Monzo. It never has any switching offers, doesn't do a hard credit check, and is an inferior product to Starling (which is worth opening and keeping imo).

If you need to set up some direct debits, there are charities which will allow you to set up £1 a month direct debits. 

Katiehound

or set up a second account with your existing bank, that's usually very easy

you can then use that for successive switching

balsingh

boingy said:

Metro, Starling or Monzo. You often don't need direct debits.

I thought most switch deals require you to have 2 Direct Debits set up?

PRAISETHESUN

I'd reccomend a second account with someone you already bank with, otherwise Monzo/Starling/Metro are all fairly easy to open new accounts with. I personally use Halifax/Lloyds/BoS as they don't require additional hard credit searches for existing customers when you open additional accounts.

boingy

balsingh said:

boingy said:

Metro, Starling or Monzo. You often don't need direct debits.

I thought most switch deals require you to have 2 Direct Debits set up?

At present only the HSBC switch requires DDs unless you want to squeeze an extra few quid out of NatWest but all current accounts will allow DDs anyway. There is a thread somewhere on these forums with a list of ways to do cheap DDs. I think I used Plum and Moneybox but I might be remembering wrongly.

Switching info:
Best bank accounts: Up to £200 to switch or up to 7% interest - MSE (moneysavingexpert.com)

And don't worry about hard credit searches unless you are planning to open lots of accounts in a short time frame. 

balsingh

Thanks all. Some useful advice. Going to open a Monzo for me and the missus and get this rolling!!! Hopefully, we'll be over a grand better off within a year!

Bridlington1

If you're looking for DD ideas this thread may be of use:
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

[Deleted User]

Katiehound said:

or set up a second account with your existing bank, that's usually very easy

you can then use that for successive switching

Yes but your 'real' bank might take a dislike to being (ab)used and close all your accounts.

Using a Monzo or Starling is lower risk.

eskbanker

[Deleted User] said:

Katiehound said:

or set up a second account with your existing bank, that's usually very easy

you can then use that for successive switching

Yes but your 'real' bank might take a dislike to being (ab)used and close all your accounts.

Are you aware of any verifiable examples of a bank doing this to someone who opened one additional account and switched it away?