Bank switching; What's a good account to open just to do a switch shortly after?

geoff258

Hi everyone.

Looking for a recommendation for a bank account to open that I will switch from shortly afterwards.

I only currently use Nationwide which I don't want to lose or open another account with.

Thanks in advance!

steven141

Chase is the best to open and close additional accounts with to switch. You just need to make sure that you gave at least one account open otherwise you can't re-join after leaving

PRAISETHESUN

Another vote for Chase. I've been opening new accounts purely for switching for a while now and I haven't had any issues with them because of it.

As above, make sure you open at least two accounts to start with and always keep at least one open at all times. If at any point you close your last account with them (eg. by switching when you only have one account) then they still not ever let you open another account with them again.

geoff258

Ok thanks.

So if I've got this right, I open 2 accounts with Chase (at the same time?) Then switch with the 'spare' one, and then open another Chase account to replace it and repeat?

nigelholl2

I've just started sown the switching rabbit hole, and following some research I went with Monzo.

Was very easy to setup & 1st switch paid out, just waiting for the two direct debits to pay tomorrow, and 2nd switch will be started.

I to thought about Chase, as they seem highly rated, but wanted to keep them in reserve for normal banking, so I can keep switching project as it's own separate enterprise.

danny13579

geoff258 said:

Ok thanks.

So if I've got this right, I open 2 accounts with Chase (at the same time?) Then switch with the 'spare' one, and then open another Chase account to replace it and repeat?

You can open up to 20 accounts with Chase, but as said above always keep at least one open with them. My only use for them now is for creating donor accounts.

PRAISETHESUN

geoff258 said:

Ok thanks.

So if I've got this right, I open 2 accounts with Chase (at the same time?) Then switch with the 'spare' one, and then open another Chase account to replace it and repeat?

You open one account at first. Once you've opened your first account there is an option to open additional accounts through the app as you need them. I believe you can hold up to 10 accounts simultaneously but if you open them one at a time as you need them for switching, I'm yet to run into any sort of limit of the total number you can open.

danny13579

PRAISETHESUN said:

You open one account at first. Once you've opened your first account there is an option to open additional accounts through the app as you need them. I believe you can hold up to 10 accounts simultaneously but if you open them one at a time as you need them for switching, I'm yet to run into any sort of limit of the total number you can open.

Up to 20 accounts in total, including a maximum of 10 savings accounts.

Starbrite

Hi everyone, trying to jump on the switching bandwagon.

I have a chase account, which is my main account, my wages go in etc. If I have understood right I open up a 2nd current account with them, put 2/3 D/D's into that account, then used the t switch to say Lloyds*, then claim the bonus and move that onto Barclays* and so forth? 

*names that sprang to mind! 

PRAISETHESUN

Starbrite said:

Hi everyone, trying to jump on the switching bandwagon.

I have a chase account, which is my main account, my wages go in etc. If I have understood right I open up a 2nd current account with them, put 2/3 D/D's into that account, then used the t switch to say Lloyds*, then claim the bonus and move that onto Barclays* and so forth? 

*names that sprang to mind! 

Pretty much. When you switch with Chase (or any account for that matter) only the specific account you nominate moves to the new bank. If you switch your second Chase account to Lloyds/Barclays/etc, then your primary Chase account remains unaffected. From there you can do serial switches and bank hop, or alternatively if you want to keep the Lloyds/Barclays/etc accounts open after you switch into them, then you can open additional Chase accounts (eg. your third/forth/etc) and switch them instead.