Burner account advice?

Cocolicious

I have not yet tried switching accounts to get the perks as advised on MSE, I've just read the advice on setting up a burner account to use for this purpose instead of using my main account (that would be a fair bit of work with payments in/out arranged).

Is it possible to get any perks for setting up a new account or do banks keep these purely for switching?

Many thanks

wmb194

https://forums.moneysavingexpert.com/discussion/6674290/burner-account-advice

Quidco and TopCashback often have account opening cashback offers for Santander, first direct and TSB but they have their own cashback qualification terms and you may need to keep them open a while.

Cocolicious

https://forums.moneysavingexpert.com/discussion/comment/82051443#Comment_82051443

Thank you! I will get started on this today.

flaneurs_lobster

If you can get a referral code for Chase then it's worth £50 to you (and the referror) if you open the account and pay in a grand. Good for switching because you can generate a new current account in seconds from within the app - but they might get upset if you make a habit of it.

There's similar for Revolut, which is now part of CASS.

Maegi

https://forums.moneysavingexpert.com/discussion/comment/82051443#Comment_82051443

They often take time to validate and if you've switched out prior to it validating then it's likely to be declined.

Monzo is my goto (but all the fintechs work) as they don't tend to run a full credit check and bank/card details are usually instant.

Rob5342

. Monzo have a £10, £20 or £50 referall if you know anyone with them.

I wouldn't use them a burner though as they are one of the best banks around and I wouldn't want to reduce the likelihood of them accepting me should I want to switch to them permanently.

Jami74

https://forums.moneysavingexpert.com/discussion/6674290/burner-account-advice

I have found setting up a second current account with my main bank (to use as a burner account) very easy, few clicks and no additional ID or verification. No new app set up or having to wait for paperwork. Not too often as you don't want to annoy them. Then when I've switched it, I've often kept the switched account and opened a second account with that bank for the next switch.

DodgerPot

Just a word of warning I’ve done several bank switches over a couple of years.
Have used burner from Monzo but more often actually many ! from Chase.
The most recent being only a couple of weeks ago using a Chase Bank burner (extra) account which is so easy to open if you already hold a chase spend account.
I’ve just had this warning email from Chase

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82055137#Comment_82055137

Well you have to give it to Chase, couldn't make it any more clear could they.

Not really surprising, people have been taking the absolute !!!!!! urine for years.

DodgerPot

https://forums.moneysavingexpert.com/discussion/comment/82055157#Comment_82055157

I totally admit I’ve made use of this for my own benefits so deserve the warning !!

A couple of years ago Chase was giving us very favourable interest on savings it’s now slipped way down and of very little use to me as an existing customer.

I hold just over a £ in Chase now.
And having pretty much exhausted switching bonuses now with the tightening in eligibility I doubt at the moment I have much need for my Chase account I’ll hold onto it just in case !