Bank Switching - How Blatant?

EarthBoy

IAmRobbo said:

there are people on the website who happily admit to using multiple addresses.

Banks check your address against your credit record, so anybody using a false address would soon be found out. 

friolento

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.

That’s more like an urban myth, or a fraudulent attempt by people who don’t understand that they only have one entry on credit reference files (which banks consult when you apply for a current account). It also ignores the fact that you are asked for previous address if you recently changed address. Giving false information when applying for a financial product can easily land you with a CIFAS marker, which can make  your financial life a nightmare for 6 years. Just don’t go there.

Also worth mentioning that your credit reference files contain information about all your current and previous current accounts 

[Deleted User]

I have held four or five accounts at RBS, three or four accounts at Barclays, two at Natwest, three at Lloyds, two at metro bank, one at Halifax, One at TSB, Two at Santander, one at nationwide, all separate accounts. My main bank is HSBC, which I have my main current account, and prior to that I held another account, so two at HSBC. With at least six months between the accounts. Mainly for switching reasons but someones I wanted to change bank. They do not care as long as you are legit and not using or involving in illegal activity.

For a time I had a protective fraud marker which caused nothing but trouble, that's gone now and I am back to opening accounts very easily, apart from at Chase which "bans" you, once you close your account. The only bank I have not held an account at, is Co-Op.  I had issues at Barclays as they believed the second application to be fraud, but once I visited them it was worked out. Some banks do treat second applications with extra checks, so did HSBC. 

https://www.independent.co.uk/bulletin/news/santander-barclays-halifax-customer-losses-b2855945.html#:~:text=Santander lost around 23,000 accounts,interest earned (a third).

• Over one million current account switches have taken place in the past year, with consumers seeking improved banking apps and better interest rates.
• The busiest quarter for switches was between July and September, recording approximately 265,100 movements, including over 111,000 in July alone.
• Nationwide Building Society gained the highest number of customers, attracting over 54,000, followed by Co-op Bank, Monzo and HSBC.
• Santander lost around 23,000 accounts, Barclays lost about 18,300, and Halifax saw a reduction of 14,750 customers during the same quarter.
• The main reasons for preferring new accounts were online or mobile app banking (44%), customer service (35%), and the interest earned (a third).

  
  

Nico60

https://forums.moneysavingexpert.com/discussion/comment/81717835#Comment_81717835

https://forums.moneysavingexpert.com/discussion/comment/81717835#Comment_81717835

I have also heard this, but not tried it, what I read was using different E-mail addresses. I think the comment was somewhere in the forums of MSE

Nico60

The indefinite restriction is a bit of a grey area for me, First Direct state you can’t have had a switch before. But I have had two switching bonuses from them, I tried them a second time after being informed that banks do not keep your records beyond 7 years, and it worked.

EarthBoy

https://forums.moneysavingexpert.com/discussion/comment/81893849#Comment_81893849

First Direct actually state that you can't have ever had an account with them before, regardless of whether you received a switching bonus for it or not. However, enforcement of this condition is very inconsistent. Some people, like yourself, have been lucky and had more than one switching bonus, but others have been refused when they've tried.

Cryptix

https://forums.moneysavingexpert.com/discussion/comment/81893845#Comment_81893845

I’ve heard this on finance subreddits too.

[Deleted User]

I am pretty sure I managed to get two switch bonus from Lloyds. It depends how they are doing it. I have changed address since the last switch. Maybe it's based on that. But I also had a new customer profile. This was also the same at Santander. Even when I went to Santander branch, they told me I had two profiles. With HSBC and Natwest, they put me back on the same customer profile. If you change your mobile or email address, it might be a reason why you can get another bonus/profile. It really all depends how they identify previous switches who received the bonus. One would imagine your NI number would be the best way.

jimjames

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

Bear in mind that all your account opening will show on your credit file so although the banks won't share info directly there is a record of the accounts you've opened and closed

subjecttocontract

Between 2021 & 2025 Inc' I did HSBC to Co-Op, Barclays to Nationwide, don't remember bank to RBS, Lloyds to Nat West and Virgin to Santander.......now I've run out of switch options. Don't ever recall thinking any of them could be described as 'blatant'. They were just genuine offers made and gratefully taken up by me. I think that ship has now sailed for me but theres plenty of other opportunities elsewhere.