Changing current accounts

Rob5342

It doesn't have to be your main acount that you switch, if you had a secondary one you could switch that and meet the terms of the offer.

I have 5 current accounts at the moment, one is my main one, a couple are just to try out the app, one is a Halifax one I've kept simply in case I get a cheque over £1000 I need to pay in (which I did once), and the other I use for switching bonuses (which I'm currently switching for the Co-Op offer)  

friolento

Spivved1987 said:

I do shop around for utilities etc and have frequently changed suppliers in those areas. I think banking is different, though. Just my opinion.

One of the problems when I looked in the past about having two current accounts is that the bribing bank always insisted that you have your main source of income (ie pay for most people) paid into their account from the outset. 

I have done literally dozens of switches, with all the banks that had switch offers. Not one single one insisted that your main source of income, or any other income, would have to be paid into their account. Some accounts have monthly charges if there isn't a minimum monthy deposit, but in all cases these monthly deposits can easily be met in a variety of ways, including bouncing some funds from and to other accounts you may hold.

Zanderman

Spivved1987 said:

Zanderman said:

Spivved1987 said:

...

One of the problems when I looked in the past about having two current accounts is that the bribing bank always insisted that you have your main source of income (ie pay for most people) paid into their account from the outset. ...

Not sure I've ever seen that insistence as an actual formal requirement. It's a bit of a myth. They may say it should be your 'main' account but they can't control/enforce that. I've switched many many accounts for bonuses over the last 10+ years and never ever my two main accounts.

Current Accounts
1
£175 Current Account Switch Offer Terms
It runs from 18 September 2025 until the offer ends.
What you need to do to get the offer
You need to:
1. Open a FlexDirect, FlexAccount or FlexPlus and choose to switch while you’re applying. Or, if you already have one of those
accounts with us, you can switch an account from another bank into it.
• It must be a full switch from a current account held with another provider using the Current Account Switch Service. A full switch includes closing the account you are switching from. Doing a manual or partial switch won’t count for this offer.

Not sure what you're getting at there.

Yes, a full switch closes the account. That's the whole point - it switches the account - entirely - from one bank to another bank. 

But why would that have to be your main account?

Note that the switch is only switching one current account. If you have two current accounts with the original bank only the one you switch will move. The other, which can be your main account, will stay where it is, with the original bank.  Switching moves just one account (and its payment info), not (if you have more than one account) all your banking.  

Spivved1987

Thanks for all replies - most useful. 

I would have thought that opening dozens of current accounts in this age of money laundering etc would attract the attention of some official bodies, and hit your credit footprint in some way, but perhaps I'm being unduly cautious.

Eco_Miser

Well, they're all recorded with the CRAs, but so long as you don't do too many close together, there should be no practical effect.

Remember that it's official policy to encourage churn in bank accounts and utilities, supposedly to keep the providers competitive.

I've currently got 7 current accounts, one dating from 1971. No idea how many I've had in total .

friolento

Spivved1987 said:

Thanks for all replies - most useful. 

I would have thought that opening dozens of current accounts in this age of money laundering etc would attract the attention of some official bodies, and hit your credit footprint in some way, but perhaps I'm being unduly cautious.

There is nothing illegal in having numerous accounts, using any number of current account switches, or shifting money between your accounts. Credit files do show hard searches but this only has a potential, temporary, impact on large credit applications, such as mortgages. Having lots of current accounts on your credit file won’t harm most credit and job applications. What matters more is whether you manage them responsibly (no overdrafts constantly maxed out, no defaults, no fraud flags), which is easy enough to do. I have for years had a few dozen current accounts and never encountered any issues because of them.

So yes, I think you are almost certainly unduly cautious. 

jimjames

Spivved1987 said:

Thanks for all replies - most useful. 

I would have thought that opening dozens of current accounts in this age of money laundering etc would attract the attention of some official bodies, and hit your credit footprint in some way, but perhaps I'm being unduly cautious.

No issues I've come across. I've got double digit number of current accounts and have done for over 10 years and never been queried. Also have a large number of credit cards, no problem there either.