Switching Bonus Questions

a1234555

Hello, I am thinking to start switching (multiple times) to cash in on the bonuses but have some questions. I.e.:

1) Does it need to be my main current account or just one of my current accounts?

2) Can it be a brand new account I opened lets say 2 days ago?

3) Would I be eligible for the bonus if both are true (brand new account that's not my main but has a couple of direct debits?).

4) Can the new bank withdraw the bonus if they realise it's just a new account that doesn't have much going on (I think I read that they can withdraw the offer at any time)?

5) and lastly, they often require that you pay in £800-£1200 monthly for example; can this money just be transferred manually from another current account of mine (i.e. not paid salary/earnings)?

flaneurs_lobster

Have you read the MSE article on Switching for Fun and Profit?

https://www.moneysavingexpert.com/banking/multiple-bank-switching/

MikeJXE

1) It is not advisable to switch your main account 

2) Yes but wait till you get the debit card

3) Yes

4) I have done many and not had that problem 

5) Yes pay it in then withdraw it it doesn't have to be salary 

Also for switching it is much easier on the banks app rather than on a laptop, photo etc need to be uploaded for ID 

Zanderman

a1234555 said:

Hello, I am thinking to start switching (multiple times) to cash in on the bonuses but have some questions. I.e.:

1) Does it need to be my main current account or just one of my current accounts?
Any current account will do - as long as the bank is part of the CASS switching scheme (most are).

2) Can it be a brand new account I opened lets say 2 days ago?
Yes, if you have the debit card already as you often need it.

3) Would I be eligible for the bonus if both are true (brand new account that's not my main but has a couple of direct debits?).
Every offer is different, DDs may not even be necessary. Read the guidance and the terms of each offer. DDs, if needed, don't need to be your 'main' account (the bank you're switching to has no idea what your 'main' account looks like or which bank it's with)

4) Can the new bank withdraw the bonus if they realise it's just a new account that doesn't have much going on (I think I read that they can withdraw the offer at any time)?
No. Not for that reason anyway.

5) and lastly, they often require that you pay in £800-£1200 monthly for example; can this money just be transferred manually from another current account of mine (i.e. not paid salary/earnings)?
Yes, you can transfer in manually. And no it doesn't have to be earnings. Transfers from another account are fine - though sometimes not an internal transfer in the same bank.  Again read the terms of each offer.  

Your questions suggest you haven't read this up yet very thoroughly.  Read the multiple sources of guidance online before beginning - e.g the MSE advice in flaneurs' link.