Current Account Switch minimum Original Current Account age

UniUndergradMatchedBetter

Hi,

I'm somewhat new to proper savings planning and am currently looking to benefit from the Current Account switch offer that First Direct are running, however, I don't have any more Current Accounts to switch. Is it possible to set up a current account with another bank for a short period of time (e.g. 1 week, 1 month), and then switch that current account to First Direct? Will I still be able to take advantage of the switch offer? So far i haven't seen anything in the T&C's about minimum original current account age so see no reason why this would be the case, but wondered whether anyone else had had any experience of doing this. Whilst I would love to take advantage of the £175 new customer switch offer (and also set up a 7% flex saver account with them too!), I'm hesitant to risk it if it could get me into some money laundering trouble haha

Any advice would be massively appreciated!!!
Thanks

Middle_of_the_Road

A 1 day old account would be enough, although you will need to wait for the debit card to arrive for the switch application.

WillPS

Lenders cannot prevent a CASS from occurring on the grounds of account age. You'll need the debit card details if a card has been issued, and sometimes that's not possible until you receive the physical card. 

No lender has ever stipulated a minimum age of account being switched-in for a CASS bonus, and I very much doubt such a thing could be enforced; current accounts aren't always reported to all or in fact any CRAs.

boingy

I agree with the above although it might be an idea to introduce a minimum account age or a limit on the number of switches that can be done in a year, to stop people like me constantly switching for the bonuses!

Rob5342

I've switched an account that was a couple of weeks old with no problems. I opened it with the sole intention of switching it somewhere else so as soon as I had direct debits set up on it I switched it.

UniUndergradMatchedBetter

Amazing thank you so much everyone for all your responces, I really appreciate it!!