Wait time after burner account setup

roomebythesea

Hi,

New to bank switching.

I've set up my burner account last week and two DDs both have now processed their first payment.

Am i good to switch or should I wait for at least some minimum time before switching?

If bank dependant I can switch to anyone except HSBC/FD and Barclays.

Thanks

eskbanker

Unless there's any such minimum time limitation specified within the relevant switching offer terms (which would be highly unusual), you're free to proceed as soon as you meet the stated prerequisites.

roomebythesea

OK. I assume all terms will be clearly and concisely provided during the switch. Ha ha.

Side question.

Thinking of going to Nat west first. Is the £2 DD value a requirement of the switch or just the cashback offer?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82089199#Comment_82089199

You need to review the terms of any switching offers before starting the process, rather than during it - there's no subterfuge, they're all published online. I don't know the answer to your question about the detail of the NatWest one, but it would be good practice to seek out the terms and read them!

danny13579

https://forums.moneysavingexpert.com/discussion/comment/82089199#Comment_82089199

The £2 DD is not a requirement of the switch offer.

You can get up to £5 in cashback (£4 from 1st October) every month with your Reward account. That's up to 2 x £2 cashback for 2 paid out Direct Debits per month, each one £2 or more. Plus £1 cashback for logging into the app once a month (this part ends on 30th September). There is a £2 fee per month for this account.

It is very important to read the T&Cs of the switch offer you decide to go for. If there's something you don't understand come on here and ask in the relevant switch offer thread. You can find a list of current switch offers and links to the relevant discussion threads in the switching offers archive. The offers in bold are switch offers that are currently available.

lr1277

As you are new to this keep a record of:

Account opening date

Date another got switched in if appropriate

Date account was closed or a switch out was done.

This may help with future switches which are restricted by time.

Section62

https://forums.moneysavingexpert.com/discussion/6678442/wait-time-after-burner-account-setup

I've set up my burner account last week and two DDs both have now processed their first payment.

Am i good to switch or should I wait for at least some minimum time before switching?

As well as complying with the receiving bank's switching T&C's, you need to think how the losing bank might feel about you opening an account and switching away in short order. There was a time when it wasn't really a consideration, but anecdotal evidence suggests some banks now don't like it.

Whether that matters also depends on whether you are bothered about having a relationship with that bank in the future if they get the hump and tell you your business is no longer welcome with them. And perhaps never will be again.

Rob5342

One thing to be aware of with NatWest is that they don't show direct debits in the app until the first payment has been taken like every other bank I've used does. It can be confusing when you don't know as it looks like the direct debits haven't been transferred across.

Regarding Section62s comment, I would assume that any bank I used for a burner account might not want me back, so I wouldn't use a bank that I thought I might want to go back to.

roomebythesea

https://forums.moneysavingexpert.com/discussion/comment/82089384#Comment_82089384

Thanks. I set up a Monzo account which I have no interest in using in future.

roomebythesea

Thanks for that info on Natwest DD.

I set up a Monzo account which I have no interest in using in future.

The_Groat_Counter

Re burner / donor accounts…

Having twice set up new 'burner' current accounts and used them to switch quite soon afterwards (once almost immediately) I decided to adopt the strategy of having one or two burner accounts open and ready for future use, so as to be ready for switching offers that I might like to take advantage of.