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Can I switch numerous times between banks?
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CrunchyHorse
Posts: 11 Forumite
Sorry I’m sure this has been explained plenty of times already, I’ve had a look through old threads but still feeling a little mixed up. Can I open say five new current accounts with different banks, then switch them all at once to get several different join up bonuses?
Also for accounts that require a minimum of £1k+ a month paid in, does the balance have to actually reach £1k or can I put a few hundred in, spend it, then put another few hundred in on next weeks payday?
Can I take advantage of referral bonuses like TSB and Nationwide, ie I open an account with both of these banks, send my partner a referral code and he uses it to open accounts with them, would be both get the bonus paid into each of our banks?
I haven’t read anything to state that I can’t do this, it just feels like there must be some sort of catch that stops me claiming more than one bonus. Any tips, advice or warnings would be really appreciated! Thank you
P.s - My credit rating is already hammered atm so not too concerned about the impact on my file
Also for accounts that require a minimum of £1k+ a month paid in, does the balance have to actually reach £1k or can I put a few hundred in, spend it, then put another few hundred in on next weeks payday?
Can I take advantage of referral bonuses like TSB and Nationwide, ie I open an account with both of these banks, send my partner a referral code and he uses it to open accounts with them, would be both get the bonus paid into each of our banks?
I haven’t read anything to state that I can’t do this, it just feels like there must be some sort of catch that stops me claiming more than one bonus. Any tips, advice or warnings would be really appreciated! Thank you
P.s - My credit rating is already hammered atm so not too concerned about the impact on my file
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Comments
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You can switch as many times as you want. Just make sure you read the associated t&c's to ensure that you receive the incentives. I am a serial switcher.
And ignore your credit rating and score. Lenders neither see nor use it. Lenders score you against their own independent criteria and policies using the data held in your credit files, added to the data you submit in a credit application, added to the data they may already hold on you as an existing or returning customer. I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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CrunchyHorse wrote: »Also for accounts that require a minimum of £1k+ a month paid in,
If the Ts&Cs say £1k total, then you can put in £200, move it to account B, transfer it back next day & so on.
Just make darn sure the essential DDs have enough - no point playing switcheroo if you loose your house.0 -
You seem to be asking if you can open 10 new current accounts simultaneously - ie 5 'donor' and 5 accounts offering switch incentives.
While this is possible in theory, you're very unlikely to succeed - especially if your 'credit rating is already hammered'. Obviously, I don't know exactly what you mean by that but if you have defaults or late payments many banks will not accept you as a new customer.
Why don't you try one, or possibly two, at a time?0 -
Hopefully the banks will be equally not too concerned when you make your applications.CrunchyHorse wrote: »P.s - My credit rating is already hammered atm so not too concerned about the impact on my file0 -
You seem to be asking if you can open 10 new current accounts simultaneously - ie 5 'donor' and 5 accounts offering switch incentives.
While this is possible in theory, you're very unlikely to succeed - especially if your 'credit rating is already hammered'. Obviously, I don't know exactly what you mean by that but if you have defaults or late payments many banks will not accept you as a new customer.
Why don't you try one, or possibly two, at a time?
I think even with a pristine credit history opening up 5 current accounts and then 5 more in short order is likely to lead to declines, possibly before you even open the first 5, let alone after trying to open another 5 to switch to.0 -
My credit rating is already hammered atm so not too concerned about the impact on my file
Don't assume you will be able to open 5 accounts, lots of searches on top of a "hammered" credit rating will flag up straight away and may lead to 5 declines.0 -
(Quoting replies isn’t quite working on my phone, sorry!)
Willing2learn - thank you, is this just things like having active direct debits and paying in the monthly amount?
DigForVictory - thanks, this was the one I thought I was going to struggle with as I’m paid weekly!
Badger09 - yes this is what I was wondering. By ‘hammered’ I meant that my credit has taken a lot of hits a few years back. I did think it seemed rather unrealistic. I’ll complete one, maybe try for two and then leave it for a little while before looking back into it then
YorkshireBoy - Thank you for the well wishing
Boo_star - I wasn’t even aware that banks declined applications for basic current account based on credit so learned something new there, thank you0
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