Bank Switching - How Blatant?

IAmRobbo

I've recently jumped on the bandwagon of switching banks on the grounds that if they are quite happy to give me free money then who am I to say no.  I'm just wondering how blatant about taking the switch bonus you can be - in other words, does anybody do a switch from BankA to BankB, fulfill BankB's conditions, take the switch bonus from BankB and then switch from BankB to BankC to claim that bank's bonus?  As opposed to use a Chase 'burner' account and keep the new accounts open.  I'm hoping I've expressed this clearly!

The approach I've outlined above seems quite sensible to me in that the sooner you close an account, the sooner you can re-switch to that bank.  But I'm wondering if the banks actually talk to each other and maintain lists of people who switch accounts purely for bonuses.

I'm not interested in people who use different email addresses and even different physical addresses for switch bonuses - I'm curious about the experiences of those who have been honest but blatant in their switching.

eskbanker

IAmRobbo said:

But I'm wondering if the banks actually talk to each other and maintain lists of people who switch accounts purely for bonuses.

Doing so would be anti-competitive and potentially unlawful, in terms of GDPR, etc, so switch away to your heart's content!

Sam_666

Its not free money, you have to work (do certain things) for it.
No, it doesnt matter when you close account. Many have 5y or indefinate restrictions for switching again.
They dont "talk" to each other in pub for a lunch. Every bank keeps internal records and credit file also list closed accounts.

I am realy puzzeled about your thinking that different email address or residence address can make any difference.

Altior

IAmRobbo said:

I've recently jumped on the bandwagon of switching banks on the grounds that if they are quite happy to give me free money then who am I to say no.  I'm just wondering how blatant about taking the switch bonus you can be - in other words, does anybody do a switch from BankA to BankB, fulfill BankB's conditions, take the switch bonus from BankB and then switch from BankB to BankC to claim that bank's bonus?  As opposed to use a Chase 'burner' account and keep the new accounts open.  I'm hoping I've expressed this clearly!

The approach I've outlined above seems quite sensible to me in that the sooner you close an account, the sooner you can re-switch to that bank.  But I'm wondering if the banks actually talk to each other and maintain lists of people who switch accounts purely for bonuses.

I'm not interested in people who use different email addresses and even different physical addresses for switch bonuses - I'm curious about the experiences of those who have been honest but blatant in their switching.

No factor at all.

The proportion of people doing the minimum to qualify for the bonus, then moving away must be very small. 

Important to remember that most people don't even bother to move to new savings accounts for better interest. Let alone switch current accounts just to cream bonuses.

It's a niche endeavour, basically.

flaneurs_lobster

I'd consider keeping a bank account I had switched to just for the bung IF there is advantage to be gained - like an attractive savings account only available to current account holders or free Apple telly.

You might consider your argument about ridding yourself of an account to be ready sooner to switch to it again, but the restriction is often on having had the bonus within a time period rather than having the account at all. 

The terms for switch bonuses are always changing, some loosen, some become tighter. I'd assume that any bonus that is available should be taken - it might not be available again for a considerable time (or at all).

eskbanker

Sam_666 said:

Many have 5y or indefinate restrictions for switching again.

That's the answer to a different question, about multiple switches to the same bank, rather than OP's query about multiple switches in a more general sense, A to B to C.

IAmRobbo

Many thanks for your replies.

@Sam_666 : I'm led to believe that some people do the same switch twice using different addresses.

Rob5342

Altior said:

IAmRobbo said:

I've recently jumped on the bandwagon of switching banks on the grounds that if they are quite happy to give me free money then who am I to say no.  I'm just wondering how blatant about taking the switch bonus you can be - in other words, does anybody do a switch from BankA to BankB, fulfill BankB's conditions, take the switch bonus from BankB and then switch from BankB to BankC to claim that bank's bonus?  As opposed to use a Chase 'burner' account and keep the new accounts open.  I'm hoping I've expressed this clearly!

The approach I've outlined above seems quite sensible to me in that the sooner you close an account, the sooner you can re-switch to that bank.  But I'm wondering if the banks actually talk to each other and maintain lists of people who switch accounts purely for bonuses.

I'm not interested in people who use different email addresses and even different physical addresses for switch bonuses - I'm curious about the experiences of those who have been honest but blatant in their switching.

No factor at all.

The proportion of people doing the minimum to qualify for the bonus, then moving away must be very small. 

Important to remember that most people don't even bother to move to new savings accounts for better interest. Let alone switch current accounts just to cream bonuses.

It's a niche endeavour, basically.

I think that's true. Most people I know treat changing bank account as some massive task, on the same level as buying a new car instead of the trivial day to day task I see it as. 

Zanderman

IAmRobbo said:

Many thanks for your replies.

@Sam_666 : I'm led to believe that some people do the same switch twice using different addresses.

By whom? An actual real example, or just hearsay? Opening bank accounts requires proof of identity. As a minimum that requires name, DOB, and address information. Banks are obliged by law to check this properly, either using electronic info or by asking for documentary proof if the electronic info is unavailable or doesn't match what you've told them.

It would be unwise (at best) to pretend you live in two different places and yet have the same ID. Probably, in practice, not very possible and, possibly, illegal and deemed fraud. 

jim1999

The risk isn't them talking to each other.

In general, you'll be fine just switching accounts to other ones as bonuses come online.

It takes a lot to push them over the edge - e.g. if you start opening lots of accounts at bank A, purely so that you can subsequently switch them to banks B, C and D.  In that case, Bank A may wonder why you're opening lots of accounts that you don't actually use, and when that gets flagged for review they could decide to ban you.  But even that is extremely rare.

Slinky

Picking up on the comment about Chase, is it correct that you can use a Chase pot as a donor account without Chase closing your main account? I've read somewhere about Chase never allowing you to open an account with them if you've closed one previously.