Chase / Switching

tomxlisa

Thinking of opening a chase account for switching as they don’t seem to do hard credit checks, I’m guessing they are part of the switching service, also I’ve read you can open a secondary account with them so you can continue using chase if you want to, how does this work and will it still work with the bonuses being paid as the old account needs to be closed, read somewhere you can open a secondary chase account before you switch and that way you can carry on using chase?. 

northwalesd

Firstly it's a second account, not a secondary account - so you end up with two Chase accounts. Switching one has no effect on the other account. If you switch one of the Chase accounts, the other remains open. You've closed an account which satisfies the CASS switch required for most (if not all) bonuses, and if you want to carry on using the other Chase accounts, you can.

Marcoos

You open a Chase account, as you say no hard check.

Once opened, only takes a few mins, you can then create up to 9 other current accounts .Which can be used for switching with.

I don't think it's required. But personally, I tend to make sure the debit card is tied to the main/original current account. It will be shown as 'Spending from'. So if the switch does require debit card details, the card won't be deactivated.

But high level, always ensure you have at least one current account active/open with Chase and don't switch that. As closing all Chase accounts will mean it's hard to get an account with them again.

Slinky

Do you need to have direct debits coming from the second Chase account to qualify for the bank switches?

Marcoos

Slinky said:

Do you need to have direct debits coming from the second Chase account to qualify for the bank switches?

Depends on the requirements for the switch

PRAISETHESUN

With Chase you can hold up to 10 current accounts. As long as you always leave at least one account open at all times, then you can repeatedly open new accounts to switch away. If you only have one account and you then switch it away, Chase will prevent you from opening new accounts in future.

Basic process is to register for the app and open your first account. Once you've done that you then open additional accounts in the app and switch those ones instead.

tomxlisa

Thanks for the help, it seems chase is the way to go for bank switching if you can have multiple accounts and no hard search for opening a bank account. 

winkowinko

Is there any advantage in doing all your switches from Chase rather than just setting up a secondary account from the bank you have just switched to, and then switching that?

Jami74

winkowinko said:

Is there any advantage in doing all your switches from Chase rather than just setting up a secondary account from the bank you have just switched to, and then switching that?

That's what I do. I worry that if I take advantage too much from any one bank they'll get annoyed and not want me as a customer any more. Don't know at what number that would be but I tend to do it (open account and switch out) less than once a year per bank.

PRAISETHESUN

winkowinko said:

Is there any advantage in doing all your switches from Chase rather than just setting up a secondary account from the bank you have just switched to, and then switching that?

The main advantage of Chase in my view is the lack of hard credit searches for opening secondary accounts. They also haven't minded so far about the large number of accounts I've opened purely for switching, whereas I've seen posts on the forums in the past about other banks closing people's accounts for doing so.

winkowinko

PRAISETHESUN said:

winkowinko said:

Is there any advantage in doing all your switches from Chase rather than just setting up a secondary account from the bank you have just switched to, and then switching that?

The main advantage of Chase in my view is the lack of hard credit searches for opening secondary accounts. They also haven't minded so far about the large number of accounts I've opened purely for switching, whereas I've seen posts on the forums in the past about other banks closing people's accounts for doing so.

Does opening a second current account with say FD or Natwest result in a hard credit search? I thought they'd only need to do it for your first one?