Chase / Switching

PRAISETHESUN

winkowinko said:

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?

Unsure about FD, but NatWest/RBS does. The only other banks I'm aware of that do soft searches areMonzo and Starling if you don't opt for an overdraft, and LBG (only requires one hard search for your first current current account with each brand)

winkowinko

PRAISETHESUN said:

winkowinko said:

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?

Unsure about FD, but NatWest/RBS does. The only other banks I'm aware of that do soft searches areMonzo and Starling if you don't opt for an overdraft, and LBG (only requires one hard search for your first current current account with each brand)

But if you're already a customer at one of the main banks, why would they need to do a hard search if you wanted an additional account with them?

UKX69

winkowinko said:

PRAISETHESUN said:

winkowinko said:

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?

Unsure about FD, but NatWest/RBS does. The only other banks I'm aware of that do soft searches areMonzo and Starling if you don't opt for an overdraft, and LBG (only requires one hard search for your first current current account with each brand)

But if you're already a customer at one of the main banks, why would they need to do a hard search if you wanted an additional account with them?

I bank with NatWest and have opened extra bank accounts over the years. I did ask that question when I opened one in branch and she replied, “Just to check that you haven’t been a naughty boy “. Boy indeed! 😏

ritchmo_888

Apologies in advance for the lengthy message! I opened an account with Chase about a year ago when I saw how easy it was to do so, primarily because we were going to the States for Christmas and I liked the idea of the fee free overseas spending. Unfortunately the card didn’t arrive in time before we went away, so I ended up using another method. Anyway, I haven't used the account at all this year, so so thought it would be a good opportunity to use the account as the basis for a switch to another account giving a financial incentive, especially in the run up to Christmas. I’m already a NatWest customer for my main personal account and liked the sound of upgrading my account to their Reward account as the benefits with that sound similar to the Chase account, especially now I’d have to keep paying in a certain amount of money per month to qualify for the cashback with them anyway. I then thought I’d use the switching service to transfer my Chase account into it in order to earn the £180 switch incentive. However, there have been a couple of issues to overcome with this, firstly they contacted me and said that because I also had a Chase Saver account attached to it, I’d have to close that first because it can’t exist without a main account and then try the switch again. So I found out how to close it and then tried again, and now this morning I’ve had an email from them saying that the switch is under way but before it’s completed, if I don’t want to leave Chase ‘forever’ I need to open another spending account in the app as otherwise my relationship with them will end when the switch is complete and at the moment they won’t be able to welcome me back! That all sounds a bit harsh and serious, is that normal? Is it easy enough to open another spending account with them in the app before the switch completes and if I do, will that mess up my switch to NatWest, as a condition of the switch bonus was that my account elsewhere would be completely transferred and closed down? I realise that banks obviously don’t want to lose you and won’t want to help you to move to another bank and assist you with getting any bribe to do so, but is it possible to do both and keep all parties happy? As I was wondering whether to open another Chase account anyway in the next couple of months and potentially using it to switch to another bank again like First Direct but their email today is making it sound like I wouldn’t be able to!?

Middle_of_the_Road

ritchmo_888 said:

Apologies in advance for the lengthy message! I opened an account with Chase about a year ago when I saw how easy it was to do so, primarily because we were going to the States for Christmas and I liked the idea of the fee free overseas spending. Unfortunately the card didn’t arrive in time before we went away, so I ended up using another method. Anyway, I haven't used the account at all this year, so so thought it would be a good opportunity to use the account as the basis for a switch to another account giving a financial incentive, especially in the run up to Christmas. I’m already a NatWest customer for my main personal account and liked the sound of upgrading my account to their Reward account as the benefits with that sound similar to the Chase account, especially now I’d have to keep paying in a certain amount of money per month to qualify for the cashback with them anyway. I then thought I’d use the switching service to transfer my Chase account into it in order to earn the £180 switch incentive. However, there have been a couple of issues to overcome with this, firstly they contacted me and said that because I also had a Chase Saver account attached to it, I’d have to close that first because it can’t exist without a main account and then try the switch again. So I found out how to close it and then tried again, and now this morning I’ve had an email from them saying that the switch is under way but before it’s completed, if I don’t want to leave Chase ‘forever’ I need to open another spending account in the app as otherwise my relationship with them will end when the switch is complete and at the moment they won’t be able to welcome me back! That all sounds a bit harsh and serious, is that normal? Is it easy enough to open another spending account with them in the app before the switch completes and if I do, will that mess up my switch to NatWest, as a condition of the switch bonus was that my account elsewhere would be completely transferred and closed down? I realise that banks obviously don’t want to lose you and won’t want to help you to move to another bank and assist you with getting any bribe to do so, but is it possible to do both and keep all parties happy? As I was wondering whether to open another Chase account anyway in the next couple of months and potentially using it to switch to another bank again like First Direct but their email today is making it sound like I wouldn’t be able to!?

None of this will affect your switch to NatWest. Chase are great, and it's good they prompted you to open an additional account.

It's so easy to do in the app, and is visible instantly. It's correct you will not be able to use Chase again if you close your only account. 

Many on here open additional accounts with them,  (maximum 20) just for switching, whilst always leaving one operational.

The debit card will always remain with your live account, even if you input the details when doing the switch.

Edit:

• Opening more accounts

  You can set up multiple accounts to help you manage your money.

  To create a new account in the app:

  1. Tap the 'Add' button above your list of accounts
  2. Tell us what you want to call your new account
  3. Tap 'Create'

  Each new account will have its own unique account number which you can use to transfer money from another bank. Having more than one account with us won’t impact your credit score. You can have up to 20 separate accounts at a time, including your initial account.

PRAISETHESUN

winkowinko said:

PRAISETHESUN said:

winkowinko said:

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?

Unsure about FD, but NatWest/RBS does. The only other banks I'm aware of that do soft searches areMonzo and Starling if you don't opt for an overdraft, and LBG (only requires one hard search for your first current current account with each brand)

But if you're already a customer at one of the main banks, why would they need to do a hard search if you wanted an additional account with them?

You'd need to ask NatWest/RBS that I'm afraid. They will have their reasons, but that's how they operate.

@ritchmo_888 yes, you will need to close your Chase saver before you switch away, and yes you should definately open a second Chase current account before you setich away. If you close your one and only Chase account (either by switching or just by closing it) then they will prevent you from opening new accounts in future. If you wish to keep using Chase then I strongly recommend you open a second account (or even more, I am up to account 13) before the switch completes.

ritchmo_888

Thanks both, that’s very helpful. I managed to do it shortly after posting my message just by exploring the app, it was surprisingly easy, I’m not used to these things being so straight-forward! 😄
A couple of quick further questions please:

Firstly, now that I have an additional account open with them, are there any restrictions on when you can make another switch to another bank (for instance if you’ve already got a switch in progress to another bank like I currently have), do you have to wait a certain amount of time, either by official rules or via protocol/etiquette in order to not upset anyone at Chase? Or is it fair game to switch away to your heart’s content, including having multiple switches from them to different banks at the same time, as long as you keep an additional account open with them in the meantime?
Secondly, in regards to this particular switch I’m undertaking from Chase to NatWest, in order to qualify for the £180 switch bribe from NatWest, once the switch has completed, I allegedly have to pay in £1250 and keep it in the account for 24 hours. However, seeing as this is my main bank account which I upgraded to a Reward account firstly and then secondly switched the Chase account into it, I’d already paid more than the £1250 into it automatically when I got paid at the beginning of the month, so would I now need to pay in an additional £1250 to be eligible for the £180 switch incentive, or would the money I’d paid into the account at the beginning of the month prior to the switch cover me for this?
Thanks again!

Middle_of_the_Road

ritchmo_888 said:

Thanks both, that’s very helpful. I managed to do it shortly after posting my message just by exploring the app, it was surprisingly easy, I’m not used to these things being so straight-forward! 😄
A couple of quick further questions please:

Firstly, now that I have an additional account open with them, are there any restrictions on when you can make another switch to another bank (for instance if you’ve already got a switch in progress to another bank like I currently have), do you have to wait a certain amount of time, either by official rules or via protocol/etiquette in order to not upset anyone at Chase? Or is it fair game to switch away to your heart’s content, including having multiple switches from them to different banks at the same time, as long as you keep an additional account open with them in the meantime?
Secondly, in regards to this particular switch I’m undertaking from Chase to NatWest, in order to qualify for the £180 switch bribe from NatWest, once the switch has completed, I allegedly have to pay in £1250 and keep it in the account for 24 hours. However, seeing as this is my main bank account which I upgraded to a Reward account firstly and then secondly switched the Chase account into it, I’d already paid more than the £1250 into it automatically when I got paid at the beginning of the month, so would I now need to pay in an additional £1250 to be eligible for the £180 switch incentive, or would the money I’d paid into the account at the beginning of the month prior to the switch cover me for this?
Thanks again!

There's no time restriction on initiating switches, and I've not heard of any problems with multiple switches from Chase.
Regarding the NatWest question, I suspect you will have to pay it in again. I don't think it's a situation that's been covered here before.

PRAISETHESUN

ritchmo_888 said:

Thanks both, that’s very helpful. I managed to do it shortly after posting my message just by exploring the app, it was surprisingly easy, I’m not used to these things being so straight-forward! 😄
A couple of quick further questions please:

Firstly, now that I have an additional account open with them, are there any restrictions on when you can make another switch to another bank (for instance if you’ve already got a switch in progress to another bank like I currently have), do you have to wait a certain amount of time, either by official rules or via protocol/etiquette in order to not upset anyone at Chase? Or is it fair game to switch away to your heart’s content, including having multiple switches from them to different banks at the same time, as long as you keep an additional account open with them in the meantime?
Secondly, in regards to this particular switch I’m undertaking from Chase to NatWest, in order to qualify for the £180 switch bribe from NatWest, once the switch has completed, I allegedly have to pay in £1250 and keep it in the account for 24 hours. However, seeing as this is my main bank account which I upgraded to a Reward account firstly and then secondly switched the Chase account into it, I’d already paid more than the £1250 into it automatically when I got paid at the beginning of the month, so would I now need to pay in an additional £1250 to be eligible for the £180 switch incentive, or would the money I’d paid into the account at the beginning of the month prior to the switch cover me for this?
Thanks again!

1) There's no advertised rules and I've definitely opened accounts just to switch them away a few hours later for example! Just remember to always keep at least one account open. Up to you how much you want to rock the boat with Chase.

2) Safest bet would be to pay in the money again. Last thing you want is for them to deny the switch money on a technicality like this.