When to stop switching??

[Deleted User]

Hello.
I've just had another switch incentive so that makes 3 since March and me opening 6 current account  since January. Should l leave alone now or push my luck and try for one more.
Looking at the First Direct  one.
Thanks

WillPS

It would perhaps help if you could explain what negative side effects you are anticipating.

As a general rule, people advise stopping new credit searches either 6 months or a year to be safe ahead of a mortgage application. Are you in this position?

Nasqueron

I've done as many as I could since first one in 2019, most in the last 18 months, I don't need a mortgage so as WillPS says, beyond that, there is little reason to stop, especially if you are not applying for credit (i.e. overdraft). For me the only limitation now is dates ticking around to when they may let me switch again - assuming they are diligent in their checks. If so, mid - end of next year I can try a couple again if they are using a 3 year rule

dealyboy

[Deleted User] said:

Hello.
I've just had another switch incentive so that makes 3 since March and me opening 6 current account  since January. Should l leave alone now or push my luck and try for one more.
Looking at the First Direct  one.
Thanks

Hi Malt ... keep going! Eventually you'll reach the point where you have switched to all the banks / building societies offering incentives, there's not that many, and you will be ineligible for switching again for a few years. Mind you that doesn't stop some people ... haha.

However just a note of caution ... there probably will be some hard credit checks done along the way so be careful if you are looking to take out a loan / mortgage. As you might have guessed there have been quite a few threads on this over the last couple of years.

Good luck.

[Deleted User]

WillPS said:

It would perhaps help if you could explain what negative side effects you are anticipating.

As a general rule, people advise stopping new credit searches either 6 months or a year to be safe ahead of a mortgage application. Are you in this position?

Being new to all this switching stuff lm just worried that it could affect my other main bank account.  It probably  me being overly concerned that something  will go wrong.  Real or not.

I've got no plans for a mortgage or even loans. Infact  I've  never borrowed  any money.

BTW  I don't know if you seen my last post earlier but l received  the nationwide  cash this morning.

Thank you for replying 

[Deleted User]

Nasqueron said:

I've done as many as I could since first one in 2019, most in the last 18 months, I don't need a mortgage so as WillPS says, beyond that, there is little reason to stop, especially if you are not applying for credit (i.e. overdraft). For me the only limitation now is dates ticking around to when they may let me switch again - assuming they are diligent in their checks. If so, mid - end of next year I can try a couple again if they are using a 3 year rule

May l ask you a question?

I've had a second account  opened with a provider and received  the cash incentive. The account  been open for 3 weeks with my DDs and transferred  cash being in account since yesterday  could l switch again so soon?
Thank you.

WillPS

[Deleted User] said:

WillPS said:

It would perhaps help if you could explain what negative side effects you are anticipating.

As a general rule, people advise stopping new credit searches either 6 months or a year to be safe ahead of a mortgage application. Are you in this position?

Being new to all this switching stuff lm just worried that it could affect my other main bank account.  It probably  me being overly concerned that something  will go wrong.  Real or not.

I've got no plans for a mortgage or even loans. Infact  I've  never borrowed  any money.

BTW  I don't know if you seen my last post earlier but l received  the nationwide  cash this morning.

Thank you for replying 

Congrats on your latest cash.

Keep going, opening more bank accounts hasn't been known to be seen as a red flag by organisations you have a longer term relationship with. I still have my account originally opened as a teen account with Natwest when I was 12, and a Halifax account which was originally a student account which I opened when I was 19 - both now 'work for me' by generating £3/£5 net rewards every month. I also have maybe 2 dozen other accounts with a variety of banks, and have probably had over 50 when you count all the shortlived ones which existed to get a benefit and then were switched away.

The only trip hazard I can see is that you need to try and ensure you don't antagonise any one current account provider (at least one which you care about having an ongoing relationship with) by opening too many accounts at once and switching away many accounts from in a short period of time. As a rule of thumb, I tend to stick to no more than one switched out Natwest Group account and one switched out LBG account per 18 months, as these seem to be the two groups most likely to launch a dreaded "review".

Nasqueron

[Deleted User] said:

Nasqueron said:

I've done as many as I could since first one in 2019, most in the last 18 months, I don't need a mortgage so as WillPS says, beyond that, there is little reason to stop, especially if you are not applying for credit (i.e. overdraft). For me the only limitation now is dates ticking around to when they may let me switch again - assuming they are diligent in their checks. If so, mid - end of next year I can try a couple again if they are using a 3 year rule

May l ask you a question?

I've had a second account  opened with a provider and received  the cash incentive. The account  been open for 3 weeks with my DDs and transferred  cash being in account since yesterday  could l switch again so soon?
Thank you.

I'd check the threads on here just in case but none of them that I can remember have had any sort of clawback rule if you switch out after getting the payment - no harm in having a couple of extra accounts to move around though. None of mine have been in and out next day, usually a few months - TSB I kept for the extra bonus for doing some basic hoops before I moved it, Lloyds I kept for a year for the cinema tickets etc. Barclays -> Co-Op -> Virgin was the quickest I did which was November, January, May 

I have my main account - NatWest for the digital regular saver, a secondary saver account with FD (purely for their 7% saver) and then a donor account with 2x DD on it for switching which is currently with Virgin for their 12% interest thing (rather than a switch bonus directly). I also have accounts with RBS and Ulster from the last round of switching which are empty but may be used later. You can always move a couple of simple DD like a rarely used credit card, mobile bill or pet insurance to a new donor account then switch that around

[Deleted User]

WillPS said:

[Deleted User] said:

WillPS said:

It would perhaps help if you could explain what negative side effects you are anticipating.

As a general rule, people advise stopping new credit searches either 6 months or a year to be safe ahead of a mortgage application. Are you in this position?

Being new to all this switching stuff lm just worried that it could affect my other main bank account.  It probably  me being overly concerned that something  will go wrong.  Real or not.

I've got no plans for a mortgage or even loans. Infact  I've  never borrowed  any money.

BTW  I don't know if you seen my last post earlier but l received  the nationwide  cash this morning.

Thank you for replying 

Congrats on your latest cash.

Keep going, opening more bank accounts hasn't been known to be seen as a red flag by organisations you have a longer term relationship with. I still have my account originally opened as a teen account with Natwest when I was 12, and a Halifax account which was originally a student account which I opened when I was 19 - both now 'work for me' by generating £3/£5 net rewards every month. I also have maybe 2 dozen other accounts with a variety of banks, and have probably had over 50 when you count all the shortlived ones which existed to get a benefit and then were switched away.

The only trip hazard I can see is that you need to try and ensure you don't antagonise any one current account provider (at least one which you care about having an ongoing relationship with) by opening too many accounts at once and switching away many accounts from in a short period of time. As a rule of thumb, I tend to stick to no more than one switched out Natwest Group account and one switched out LBG account per 18 months, as these seem to be the two groups most likely to launch a dreaded "review".

Well l got a natwest one but use it for the RS and going forward I'm  keeping it for that reason.

I did open a LBG and used it to switch in under a month but have another that l use for 5 years now .

I'm only looking at the more basic switch option  anyway. Anything with to many hoops l ignore.
Thank you.

[Deleted User]

Nasqueron said:

[Deleted User] said:

Nasqueron said:

I've done as many as I could since first one in 2019, most in the last 18 months, I don't need a mortgage so as WillPS says, beyond that, there is little reason to stop, especially if you are not applying for credit (i.e. overdraft). For me the only limitation now is dates ticking around to when they may let me switch again - assuming they are diligent in their checks. If so, mid - end of next year I can try a couple again if they are using a 3 year rule

May l ask you a question?

I've had a second account  opened with a provider and received  the cash incentive. The account  been open for 3 weeks with my DDs and transferred  cash being in account since yesterday  could l switch again so soon?
Thank you.

I'd check the threads on here just in case but none of them that I can remember have had any sort of clawback rule if you switch out after getting the payment - no harm in having a couple of extra accounts to move around though. None of mine have been in and out next day, usually a few months - TSB I kept for the extra bonus for doing some basic hoops before I moved it, Lloyds I kept for a year for the cinema tickets etc. Barclays -> Co-Op -> Virgin was the quickest I did which was November, January, May 

I have my main account - NatWest for the digital regular saver, a secondary saver account with FD (purely for their 7% saver) and then a donor account with 2x DD on it for switching which is currently with Virgin for their 12% interest thing (rather than a switch bonus directly). I also have accounts with RBS and Ulster from the last round of switching which are empty but may be used later. You can always move a couple of simple DD like a rarely used credit card, mobile bill or pet insurance to a new donor account then switch that around

OK, thank you for feedback.

PRAISETHESUN

I'd do the rounds and take advantage of all the incentives you can while they are available. For some banks, there's no guarantee they will offer another offer anytime soon!

As for opening multiple accounts, there's no issue really IMO unless you have an important credit application on the horizon. Otherwise, opening an account only to close it shortly after is probably okay as a one off, but I wouldn't do it regularly with the same bank - share the love around if you need to. There's a few stories on the forums of people doing this and then getting lifetime bans from the bank(s) in question.