Best "burner" account?

GoodCredit

Hi,
I have looked through the posts but can't see anyone that has asked a similar question.
I'm looking to create a "burner" account so I can then do some switching between banks to get the incentives.
I'm looking for an account that isn't with the banks that gives incentives (not Lloyd's, nationwide etc) 
I also looked on quidco and it seems revolut is giving £7.50 for opening an account with them. Is this the best deal for opening a brand new current account? 
I have 2 current accounts already with Santander and 1 with Starling but I use both Santanders as main accounts and starling for saving pots so I don't really want to use them to do the switching.

So my questions are:
What accounts do you all use as a beginning burner?
Does the burner account need to be with a certain bank or can I use any bank? Is Revolut a good choice as I can also claim the £7.50 from quidco?
Also, how much have you made from switching? How many switches have you done?

Thank you

eskbanker

GoodCredit said:

I have looked through the posts but can't see anyone that has asked a similar question.
I'm looking to create a "burner" account so I can then do some switching between banks to get the incentives.
I'm looking for an account that isn't with the banks that gives incentives (not Lloyd's, nationwide etc) 

Here's one from earlier this month:

https://forums.moneysavingexpert.com/discussion/6471247/burner-account

boingy

They have to be part of the CASS scheme, and Revolut isn't.

List here:

Banks & building societies signed-up to the Current Account Switch Service

Metro are pretty quick to setup. Alternatively you might be able to open a second (or third!) current account at a bank you already use and switch that.

Rawrzy

Revolut is not part of CASS so no, it's not a good pick. Any bank account you open needs to support CASS else it won't work.

The easiest current accounts to get a hold of which are part of CASS and don't do switching incentives include Monzo, Starling, Chase and Metro, mainly because they all don't require a hard check on your credit report. My recommendation for most people would be to open a Chase account. First of all it's a good current account to have any way with the 1% debit card cashback up to £15 and the attached 4.1% easy access savings that allows standing orders to come out of it (useful for funding regular savers). Second of all, you can open multiple accounts inside the app that can be switched out, so not only do you get a decent current account out of it, but you can also use it multiple times for switches.

You might be able to open a secondary current account with your current bank but they might still do an hard check. I only know that Lloyds/Halifax don't. I wouldn't open too many secondary accounts for switches though, as there has been reports of people getting banned from banking groups for going too far and opening too many accounts just for the purpose of switching out.

Rob5342

I'd suggest Metro bank or co operative bank. They don't offer many switching incentives and are both quite old fashioned so you probably wouldn't want to go back through them any time soon.

GoodCredit

Thank you all for your replies and links. 
Ill have a read through.
Personally, I was only planning on opening up one burner account and switching it a couple/few times (or however many incentives are around at the time) just as an extra bit of money to shove into my savings

MikeJXE

GoodCredit said:

Thank you all for your replies and links. 
Ill have a read through.
Personally, I was only planning on opening up one burner account and switching it a couple/few times (or however many incentives are around at the time) just as an extra bit of money to shove into my savings

One burner account won't do the job, when you switch it it's gone to the switch bank and closed so you need another for the next switch. 

If you are going to do switching you need as many burner accounts as there are switch incentives

I started last December and have now 10 accounts in total 

grumbler

Rob5342 said:

I'd suggest Metro bank or co operative bank. They don't offer many switching incentives and are both quite old fashioned so you probably wouldn't want to go back through them any time soon.

https://www.co-operativebank.co.uk/products/bank-accounts/refer-a-friend/

I asked my son to refer me and give me his bonus. Then I referred my wife. Then I referred few strangers (and shared my bonus with them). 125+125+125+125+50+50+50=650 (IIRC - I lost count).

boingy

MikeJXE said:

GoodCredit said:

Thank you all for your replies and links. 
Ill have a read through.
Personally, I was only planning on opening up one burner account and switching it a couple/few times (or however many incentives are around at the time) just as an extra bit of money to shove into my savings

One burner account won't do the job, when you switch it it's gone to the switch bank and closed so you need another for the next switch. 

If you are going to do switching you need as many burner accounts as there are switch incentives

I started last December and have now 10 accounts in total 

Or you could just do one switch at a time, moving the same account on each time. Slower, but easily do-able, especially as the offers spring up regularly.

Katiehound

MikeJXE said:

GoodCredit said:

Thank you all for your replies and links. 
Ill have a read through.
Personally, I was only planning on opening up one burner account and switching it a couple/few times (or however many incentives are around at the time) just as an extra bit of money to shove into my savings

One burner account won't do the job, when you switch it it's gone to the switch bank and closed so you need another for the next switch. 

If you are going to do switching you need as many burner accounts as there are switch incentives

I started last December and have now 10 accounts in total 

I would suggest having a couple of donor accounts. They can both then have linear switch deals ie. switch account 1 and stay for a few months (maybe even a year) then switch to a new account. Do the same thing with account 2.

Sometimes the new account offers very good perks, especially for the first year- interest, RS saver or an extra payment after some months. If you stay that or a similar length of time you won't upset them either!
The other way to do this is to switch to a new account, enjoy the benefits, open a donor account there......(just one, not a clutch)

phillw

I've used barclays before, there isn't much point in having one of those at the moment.