Switching bank accounts

PaulMurphy

Hi. I am interested in switching bank accounts to benefit from the bonus money. I currently have accounts with Halifax which I want to keep and a Nationwide account which I use for 2 direct debits and is suitable for switching. With all the offers currently, is there a best order to complete them in to maximise the bonuses and could my wife do the same if they were sole accounts? TIA

Rob5342

I'd do Lloyds first as they were the fastest paying when I did a round of switching, check the conditions of the others and do the ones that pay quickest first. Your wife can get switching bonuses too if you switch sole accounts. 

MikeJXE

When I started switching I kept my regular account and opened multiple burner accounts, ones that don't offer incentives to switch like Metro, Starling, Monzo and a few others, wait for the debit cards to arrive before you switch.

Make a note of all passwords and any other relevant information for login purposes.

Once you find an incentive be sure to read the full terms and condition, some do not require direct debits, some have more hoops to jump throw than others, 

There are plenty of cheap direct debits with charities and such like 

Follow instructions to the letter

There is not really a which is best first if you have enough burner accounts, I did several at a time, they are not available for ever. 

Yes your partner can do the same as long as you both do sole accounts 

PRAISETHESUN

LBG (Lloyds, Halifax, Bank of Scotland) don't do hard credit checks if you open a second current account - so you could open a second Halifax current account and then use it as a donor account for further switches (just don't do this too often or else they might not like it!). There's been a few new incentives launch yesterday/today, including one from Nationwide, so take those into account.

Usually I would focus on the ones that pay out fastest and then the ones ending soonest. As long as both you and your wife each do switches with sole accounts, you can both take advantage of the incentives for twice the reward. Nationwide even lets you double dip by offering a second incentive for a joint switch!

PaulMurphy

Should i set up a burner "joint account" to take advantage of the nationwide offer rather than move my actual joint account? 

Rob5342

PaulMurphy said:

Should i set up a burner "joint account" to take advantage of the nationwide offer rather than move my actual joint account? 

I always suggest moving your main account to a bank you want to stick with long term, and having burner accounts you switch round other banks to get the bonuses. If you each got individual burner accounts then you could each swap those around to get double the bonus.

WillPS

MikeJXE said:

When I started switching I kept my regular account and opened multiple burner accounts, ones that don't offer incentives to switch like Metro, Starling, Monzo and a few others, wait for the debit cards to arrive before you switch.

Make a note of all passwords and any other relevant information for login purposes.

Once you find an incentive be sure to read the full terms and condition, some do not require direct debits, some have more hoops to jump throw than others, 

There are plenty of cheap direct debits with charities and such like 

Follow instructions to the letter

There is not really a which is best first if you have enough burner accounts, I did several at a time, they are not available for ever. 

Yes your partner can do the same as long as you both do sole accounts 

Metro have offered a switch/referral incentive in the past. If using Monzo as a burner expect that they won't allow you back anytime soon (some have managed but it's far from certain).

If you have accounts with Lloyds, Bank of Scotland or Halifax I'd recommend opening an additional burner here, as they (normally!) do not run a credit check for existing customers (YMMV). Do not be tempted to open loads at once as this is highly likely to result in an LBG-wide ban.

Katiehound

Generally the easiest way to create a donor account is to open one with an existing bank.
I have certainly done that in the past but only one now and again- not as a regular event. It looks less 'suspicious' if you keep it for a month or two and then groom it before switching.
 Assuming switch deals will continue for the foreseeable future it is worth having a couple of donor accounts ready. After a while you do need to check the t&c date constraints: no LBG handouts for me yet......
 At one time I had one account that did quite a few rounds picking up bonuses as it went!

I usually have one account that has small DDs already set up which can be used if a good offer comes along. This particular account has a small charity DD & one for credit card which I try to use once a month for small spends. It is now off to Nationwide by the end of next week.

2catsandcounting

WillPS said:

MikeJXE said:

When I started switching I kept my regular account and opened multiple burner accounts, ones that don't offer incentives to switch like Metro, Starling, Monzo and a few others, wait for the debit cards to arrive before you switch.

Make a note of all passwords and any other relevant information for login purposes.

Once you find an incentive be sure to read the full terms and condition, some do not require direct debits, some have more hoops to jump throw than others, 

There are plenty of cheap direct debits with charities and such like 

Follow instructions to the letter

There is not really a which is best first if you have enough burner accounts, I did several at a time, they are not available for ever. 

Yes your partner can do the same as long as you both do sole accounts 

Metro have offered a switch/referral incentive in the past. If using Monzo as a burner expect that they won't allow you back anytime soon (some have managed but it's far from certain).

If you have accounts with Lloyds, Bank of Scotland or Halifax I'd recommend opening an additional burner here, as they (normally!) do not run a credit check for existing customers (YMMV). Do not be tempted to open loads at once as this is highly likely to result in an LBG-wide ban.

Can you explain a little bit more of what you mean by an LGB-wide ban? 

We currently have our mortgage with Halifax, and I have a CC with them - £1.5K balance, but at 0% 
I had a Halifax current account which recently switched to NatWest for the switch incentive,  but looking to switch this on again to Lloyds for their incentive, and then probably stay for the 12months Disney plus. 

On the side, I’ve recently switched my main account from RBS to TSB and I’ve also recently opened a Kroo account and in the process of switching my Starling account to FD

is LBG likely to red flag this if I apply for a Lloyds current account? I certainly don’t want a LBG bank, especially with my mortgage being with them! 

Thanks 

PRAISETHESUN

2catsandcounting said:

WillPS said:

MikeJXE said:

When I started switching I kept my regular account and opened multiple burner accounts, ones that don't offer incentives to switch like Metro, Starling, Monzo and a few others, wait for the debit cards to arrive before you switch.

Make a note of all passwords and any other relevant information for login purposes.

Once you find an incentive be sure to read the full terms and condition, some do not require direct debits, some have more hoops to jump throw than others, 

There are plenty of cheap direct debits with charities and such like 

Follow instructions to the letter

There is not really a which is best first if you have enough burner accounts, I did several at a time, they are not available for ever. 

Yes your partner can do the same as long as you both do sole accounts 

Metro have offered a switch/referral incentive in the past. If using Monzo as a burner expect that they won't allow you back anytime soon (some have managed but it's far from certain).

If you have accounts with Lloyds, Bank of Scotland or Halifax I'd recommend opening an additional burner here, as they (normally!) do not run a credit check for existing customers (YMMV). Do not be tempted to open loads at once as this is highly likely to result in an LBG-wide ban.

Can you explain a little bit more of what you mean by an LGB-wide ban? 

We currently have our mortgage with Halifax, and I have a CC with them - £1.5K balance, but at 0% 
I had a Halifax current account which recently switched to NatWest for the switch incentive,  but looking to switch this on again to Lloyds for their incentive, and then probably stay for the 12months Disney plus. 

On the side, I’ve recently switched my main account from RBS to TSB and I’ve also recently opened a Kroo account and in the process of switching my Starling account to FD

is LBG likely to red flag this if I apply for a Lloyds current account? I certainly don’t want a LBG bank, especially with my mortgage being with them! 

Thanks 

Think it's less likely of an issue if you have your main day-to-day banking with them, but see here for a story of what could happen if you push it too far and get on their bad side...

https://forums.moneysavingexpert.com/discussion/6433933/lbg-closing-all-my-accounts-on-18th-may/p1