Bank switch set up

Manchester2024

Hello 

Do any of you great people have any advice please around setting up a burner account purely for switch incentives? I’m not sure the best way to do it.

Thanks!

Rob5342

You just find a bank that you probably wouldn't want to go back to and open an account on their app or website. 

eskbanker

Or open a second current account with your existing bank?

HillStreetBlues

I use Chase, very easy to set up a burner, think I'm on my 4th or 5th. I am now using them for my main account.

Manchester2024

eskbanker said:

Or open a second current account with your existing bank?

And then set up £1 direct debits etc if that’s a requirement? 

eskbanker

Manchester2024 said:

eskbanker said:

Or open a second current account with your existing bank?

And then set up £1 direct debits etc if that’s a requirement? 

Indeed, you'd need to do that wherever you opened one.

Manchester2024

HillStreetBlues said:

I use Chase, very easy to set up a burner, think I'm on my 4th or 5th. I am now using them for my main account.

So you just set it up, have direct debits or whatever is needed, then close it once you’ve got the rewards and then repeat again? Sorry to sound stupid. 

Zanderman

Manchester2024 said:

HillStreetBlues said:

I use Chase, very easy to set up a burner, think I'm on my 4th or 5th. I am now using them for my main account.

So you just set it up, have direct debits or whatever is needed, then close it once you’ve got the rewards and then repeat again? Sorry to sound stupid. 

When you switch it will be closed.  You don't need to close it. That's what switching does. 

Don't do that with a single account if you use Chase.

Open an account with Chase. Keep it. Open a secondary account, switch that.

Or with any other bank of your choice.

PRAISETHESUN

I always have a few donor accounts in the wings ready to jump on switch offers when they become available (and I'm actually eligible!). I use Chase mostly (I think I'm on my 8th or 9th account) but historically I've also used second accounts with other banks I have accounts with. Some banks might be get unhappy and close all your accounts if you take the mickey and switch too frequently, but one switch every now and then is okay - share the love around if that worries you.

Not all switch incentives need DDs, but for the ones that do there's a good thread I'll link to below which has good info. I personally use MoneyBox, Plum, Currensea and PayPal for my switch donors, and have shuffled around a few household bills (council tax, CC statements, electricity/gas, internet, etc) for accounts that need regular DDs to qualify for on-going rewards (eg. NatWest/RBS, Barclays). In a pinch you can use services such as 30p DDs or setup a donation to charity, but since you're planning ahead and have the luxury of time, you can set up something for the future that won't cost you any extra money.

https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1