'Burner' bank account for switch offers - how long do I need to keep it at each institution?

Wyndham

I've set up a 'burner' bank account so I can later switch it and get switch offers. I've set up three charity direct debits from the account and don't intend to use it for any other banking.

How long do I need to keep it at one institution? I assume if I switch too often it might be noticed?

Apologies if this has been asked before, I did search but couldn't find an answer.

Isthisforreal99

Unless the terms and conditions specify a time then there is none.

Noticed by who?

Wyndham

Isthisforreal99 said:

Unless the terms and conditions specify a time then there is none.

Noticed by who?

By whoever I'm applying to next, who might then say 'no'?

eskbanker

Yes, it's asked frequently and the answer is that you can switch whenever you like - in the vast majority of cases, there won't be any penalty for doing so (in terms of clawing back an incentive), but this will be specified in offer terms if applicable, and nobody is monitoring how often you do this....

HedgehogRulez

i received my LLoyds £200 switch bonus yesteday (again, their checks are poor). Initiated another switch away from them same day for another bonus.

Rob5342

HedgehogRulez said:

i received my LLoyds £200 switch bonus yesteday (again, their checks are poor). Initiated another switch away from them same day for another bonus.

That's what I did with Nationwide, I saw the bonus was there when I woke up and set off another switch about 20 minutes later.

You don't need think about it any more than doing what the terms and conditions say.

ThePirates

I've lost count of the number of current accounts I have, easily 20+. Most so I can access good rate savings accounts or as bonus transfers.

PRAISETHESUN

There's typically no T&C's saying the account being switched in needs to be of a certain age, so many people open brand new accounts just for switching. Some banks take a dim view of people opening new accounts only to rapidly switch them away however and there's a few horror stories on here of people losing access to entire banks for doing this (eg. all accounts closed and prevented from opening new ones in future). Doing this as a once off probably won't cause any issues but something to keep in mind if you plan to do it repeatedly.

That said, I've been doing exactly this with Chase for a few years now. I'm up to 18 accounts opened and closed purely for switching and so far they haven't said anything. Even if they did, it wouldn't really bother me so I'm going to keep going until they say no

tomxlisa

HedgehogRulez said:

i received my LLoyds £200 switch bonus yesteday (again, their checks are poor). Initiated another switch away from them same day for another bonus.

 By again do you mean you have previously had a bonus from them, I’ve pretty much done all the bonuses for the banks and there isn’t any new ones that I qualify for but may try this again if they slipped up on you, if they did when did you last have an account as it wasn’t long for me?.