Switching bonuses, burner accounts and method to switch.

Ihatethinkingofusernames11

Hello. I am currently banking with Chase, Nationwide, First Direct and NatWest.

I am interested in switching bonuses like the nationwide one as it includes existing customers. What would your method be if you wanted to switch multiple times.

There is Lloyds which I would like. Even a co op referral is possible.

Wondering about burner accounts and direct debits. I set a plum direct debit up with chase (second account) due tomorrow and need one more. I transferred the RSPCA one but don't know when it will show up. I'm hoping it's ok to do this with Chase as if it was a main account one may never be able to go back.

Would you open a standard current account with NatWest alongside my main rewards account to switch? Then transfer directly debuts there and switch away?

I've read about Metro, Monzo and Starling but two of those have limits until you can bank with them again and one is useless.

I'm interested in savings too and get 4.1% with Chase atm. I like Chase so don't want to switch completely from them as I still get cashback etc.

What would be the best way to go about this and how do I know a direct debit is active?

I did get part way through the co op one and thought maybe I should change to nationwide or another bank first as I don't know how long the nationwide one is there for.

Could I apply now for that and settle switch date for the future ie when the direct debit changes across.

Thanks in advance.

Rawrzy

You can open a second account with Natwest but they will do an hard check as I found out not long back. Admittedly this shouldn't be an issue if any new bank accounts you're wanting to open for switches doesn't check equifax (which is where NatWest check for their current accounts) and you don't mind that extra check being there.

Chase can be used for multiple switches, I've read of people doing as many as 3 or 4, though I've not tried that many. However, other banks have been known to debank people over swapping out too many times, so I would proceed with caution if you don't want to lose the Chase bonuses, even though there hasn't been any reports of Chase in particular doing it. Specific examples we've seen here are Natwest Group and Lloyds Banking Group who have cut people loose for similar behaviour.

My recommendation would be to probably not just use a single bank for all of your swaps, spread it around, that might mean making a Monzo, Starling or Metro account too even though you won't be able to go back for a bit. I think Monzo does allow you back as soon as a month after leaving, but I'd probably proceed with caution here too as it might look suspicious if you're opening and closing accounts every month, lol.

Usually you can set a future date for any switches you're setting up. In terms of direct debits in theory it should be fine as long as it shows up as a direct debit in your bank account, but most people recommend waiting till a payment has gone out. Moneybox, Plum and Paypal are generally reasonably quick, and take about 7-10 days to do a first direct debit payment. Note, if you're doing a swap that requires active direct debits after the swap too, like say TSB, then you might need to go through and relink Plum(and maybe others) to the account you switched into as I've heard they have a tendancy to "disconnect" after switches, even though they shouldn't.

Ihatethinkingofusernames11

That's what I was thinking too. Spread it around. I have chase set up a second account very quick and just added moneybox and plum to it. Also RSPCA so waiting for them to come out.

I have a credit card I changed there too but nothing to pay this month. I get a month's grace until it's paid off IN FULL.

The PayPal one is strange. I've seen posts say to go to wallet and click "add money" but nothing like that came up. Transfer money was there but I need to link another bank account as NatWest was already linked I think so not sure how to set that direct debit completely. It didn't have Chase bank listed either.

I have read about Monzo flagging people but not sure how good it is anyway as a bank?

Thanks for the advice about the plum one relink it. Had I beat start that switch after the DD date paid or set a future date to switch? Will that work? Just worried about the time limit for the nationwide one.

I'm trying to get my mum to switch or at least open a current account with interest like chase or Santander edge I think? Mum is with first direct ATM so just have to create another account to use for switching and a main one for savings and bills for her I think.

She worries about Santander though as a whole back there was a Villa owned by a few people but her name down on it. They were the brokers or whatever it's called. This would be a separate account though so they couldn't chase her regarding that could they?

I don't know exactly what happened just that a Villa was bought by her partner's business associate, a female colleague and my mum and her partner were listed. She doesn't use it and hasn't got in trouble or anything afaik. I knew it was a bad idea from the start. In the end my mum's partner lost his job and one of those same colleagues refused to pay out his redundancy and pension iirc.

He worked all his life and thought he had a large amount of savings for retirement bur no. The millionaire colleague wouldn't pay our of his company and he passed away shortly after sadly.

You think I'd get away with doing a new NatWest account once? I think my credit score is full last time I checked. Monzo or metro sound good too but did read about flags. Unsure which to switch to first. I think Lloyds doesn't need direct debits, co op you can set them up at a later date.

I thought about doing multiple with Chase though it's a good bank so don't want to lose it.

Thank you for your input. I will consider doing a Monzo and a NatWest. I half applied for NatWest one anyway and backed out.

PRAISETHESUN

I usually open burner accounts with organisation I already have an account with - makes it easier for ID requirements. Ideally use a bank that also do soft checks, but as above the effect of one or two hard credit searches is minimal if you don't have any looming credit applications. Spread it around - there's a few stories of people on the forums that have been banned from various banking groups for presumably taking the mickey a few too many times by opening/closing accounts in rapid succession.

For DDs, best way is to shuffle around existing household DDs (electricity/gas, internet, water, CCs, etc). Ideally let them pay out at least once before switching - you can initiate a switch in the future (usually 30-60 days) so that is usually more than enough time to get DDs set up if you're worried about them not paying out before the switch starts.

See here for some ideas to artificially generate DDs if you get stuck: https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

Rawrzy

For Paypal I think you need to actually do a purchase somewhere with the bank as the funding source, don't think just withdrawing to your paypal balance works. I just bought something for a low amount via, and the direct debit charge came through about a week later.

Ihatethinkingofusernames11

Hi thanks for the comments. I have similar trains of thought as you PRAISE THE SUN. 

I was thinking a second NatWest would be good but also may have read they can be wise to the switching business. Can't remember where exactly now but maybe if not used often it may not matter.

As you say some are hard checks and setting another one with Chase (though very easy) may be pushing it even if I've heard others have done it.

I have had for some reason four or five plum direct debits taken now in my second Chase account. I set up Moneybox so that is pending, RSPCA is pending and capital one. I have since read somewhere there could be issues repercussions if Credit cards don't transfer or something. Not sure exactly what that means. 


I know I only need two direct debits so went a bit overboard with which would be fastest. Maybe I should swap Capital one back or something.

Honestly I'm wondering why I'm bothering switching into Nationwide seeing as some of their systems are cars reader based. Lloyds seems a decent offer too, unless I could get the nationwide bonus and ditch them afterwards. They do have some ok thing from time to time like 5% cashback on shopping earlier this year and an 8% saver I suppose.

I have heard Lloyds seem ok for setting up other accounts too.

Thanks for that link on direct debits I'll check it out. 

@Rawrzry I did read on a Reddit post all you had to do was link an account and use the "add money" feature but may have changed and need to buy something via direct debit. I do recall a direct debit charge a while back from PayPal to NatWest which was linked so obviously possible. That may have been a subscription I forgot to cancel though. I'll have to have another look at it.

Robgmun

Question:

I had a spare account which I have been using for switches these past 12 months. I've already used it twice earlier this year to pick up two switches. One of whom was First Direct.

I just opened a burner account with Chase, and i'm thinking of switching that one to First Direct to pick up another £175

Can I do this or will the checks include the other bank account in my name? And hence not be eligible? 

dealyboy

@Robgmun said:

Question:

I had a spare account which I have been using for switches these past 12 months. I've already used it twice earlier this year to pick up two switches. One of whom was First Direct.

I just opened a burner account with Chase, and i'm thinking of switching that one to First Direct to pick up another £175

Can I do this or will the checks include the other bank account in my name? And hence not be eligible? 

From the wise voices this is the bank switch that is most likely to fail if previously received an incentive.

Apparently FD has a very long memory and will strictly apply the switcher T&Cs.

Robgmun

dealyboy said:

From the wise voices this is the bank switch that is most likely to fail if previously received an incentive.

Apparently FD has a very long memory and will strictly apply the switcher T&Cs.

So just to be clear, when they check if I am eligible. It is not checking the account that I'm using that I received the incentive before, but me as a person?

And is it only FD or is there a list where the checks are lighter?

dealyboy

@Robgmun said:

dealyboy said:

From the wise voices this is the bank switch that is most likely to fail if previously received an incentive.

Apparently FD has a very long memory and will strictly apply the switcher T&Cs.

So just to be clear, when they check if I am eligible. It is not checking the account that I'm using that I received the incentive before, but me as a person?

You as a person.

And is it only FD or is there a list where the checks are lighter?

Well there are only anecdotal comments. In theory you would expect banks to follow the rules laid out in there switching T&Cs, but some applicants have found that some banks/building societies appear to forget. Some (most) people just follow the guidance/rules, however some of these rules are inconsistent or ambiguous.

Does it do any harm? Some people would say potentially yes, you could get a black mark for 'too many switches/attempts' or trying to circumvent clear instructions, there is also the subject of 'credit checks/markers' as a result of opening or attempting to open a current account with overdraft facilities. However some would say it doesn't hurt to apply for an account carrying an incentive as it's up to the institution to check your 'bonus' eligibility and it's not like being refused a bank account or credit.

I have no insider knowledge. 

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