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  • FIRST POST
    • bagofbones
    • By bagofbones 19th Feb 18, 5:06 PM
    • 7Posts
    • 0Thanks
    bagofbones
    Gratuitous switching
    • #1
    • 19th Feb 18, 5:06 PM
    Gratuitous switching 19th Feb 18 at 5:06 PM
    Having run out of accounts that I want to switch it occurred to me that one might open an account with some other bank just for the sake of it. Then after a discreet interval switch the thing to someone offering a bonus. This does not seem entirely ethical but neither does the way savers have been treated for the last decade.

    Has anyone else done this? Is this a silly question?
Page 1
    • bioboybill
    • By bioboybill 19th Feb 18, 5:09 PM
    • 2,988 Posts
    • 1,366 Thanks
    bioboybill
    • #2
    • 19th Feb 18, 5:09 PM
    • #2
    • 19th Feb 18, 5:09 PM
    Yes. Plenty on here have done exactly that, including myself. The banks make huge profits on the backs of clients. I haven't received a penny back until recently. This is a bit of payback.
    • eDicky
    • By eDicky 19th Feb 18, 5:46 PM
    • 3,513 Posts
    • 1,696 Thanks
    eDicky
    • #3
    • 19th Feb 18, 5:46 PM
    • #3
    • 19th Feb 18, 5:46 PM
    What you are suggesting is what most of us seem to do, set up an extra 'donor' account (don't use the derogatory term 'mule' account as in the MSE article) for switching right away or when the opportunity arises, there is no need to switch an account that is already actually useful in some way.
    • badger09
    • By badger09 19th Feb 18, 5:49 PM
    • 6,000 Posts
    • 5,350 Thanks
    badger09
    • #4
    • 19th Feb 18, 5:49 PM
    • #4
    • 19th Feb 18, 5:49 PM
    Having run out of accounts that I want to switch it occurred to me that one might open an account with some other bank just for the sake of it. Then after a discreet interval switch the thing to someone offering a bonus. This does not seem entirely ethical but neither does the way savers have been treated for the last decade.

    Has anyone else done this? Is this a silly question?
    Originally posted by bagofbones
    Yes, and Yes (though in theory, there's no such thing )

    I haven't done it, but many posters have done so, multiple times
    • ValiantSon
    • By ValiantSon 19th Feb 18, 8:54 PM
    • 2,013 Posts
    • 1,860 Thanks
    ValiantSon
    • #5
    • 19th Feb 18, 8:54 PM
    • #5
    • 19th Feb 18, 8:54 PM
    Having run out of accounts that I want to switch it occurred to me that one might open an account with some other bank just for the sake of it. Then after a discreet interval switch the thing to someone offering a bonus. This does not seem entirely ethical but neither does the way savers have been treated for the last decade.

    Has anyone else done this? Is this a silly question?
    Originally posted by bagofbones
    Yes, you can do this. The "discrete interval" is not necessary.

    As to whether or not it is ethical, all I have to say is that you live in a capitalist society and it is not illegal to do so.
    • I am spartacus
    • By I am spartacus 12th Mar 18, 4:14 PM
    • 94 Posts
    • 91 Thanks
    I am spartacus
    • #6
    • 12th Mar 18, 4:14 PM
    • #6
    • 12th Mar 18, 4:14 PM
    Just keep an eye on the T&C's !
    I am, therefore I think.

    • camelot1971
    • By camelot1971 12th Mar 18, 4:20 PM
    • 799 Posts
    • 1,205 Thanks
    camelot1971
    • #7
    • 12th Mar 18, 4:20 PM
    • #7
    • 12th Mar 18, 4:20 PM
    Yes. Plenty on here have done exactly that, including myself. The banks make huge profits on the backs of clients. I haven't received a penny back until recently. This is a bit of payback.
    Originally posted by bioboybill
    Actually, unless you pay a fee per month or use an unauthorised overdraft most bank accounts cost the bank money. 'Free' current accounts aren't free and are very unusual outside of the UK.

    That said, the banks make the switching offer knowing that some customers will take other products and make them money that way.
    • The MoneySavingKid
    • By The MoneySavingKid 12th Mar 18, 4:24 PM
    • 328 Posts
    • 210 Thanks
    The MoneySavingKid
    • #8
    • 12th Mar 18, 4:24 PM
    • #8
    • 12th Mar 18, 4:24 PM
    Having run out of accounts that I want to switch it occurred to me that one might open an account with some other bank just for the sake of it. Then after a discreet interval switch the thing to someone offering a bonus. This does not seem entirely ethical but neither does the way savers have been treated for the last decade.

    Has anyone else done this? Is this a silly question?
    Originally posted by bagofbones
    Ethical? Why is this owed to business? The only issue would be breaking the law (which switching in any form mentioned here, or as far as I am aware doesn't even begin to touch the side of being a consideration of legal matter) so why does anyone 'owe' a business which through their T&C's is quite simply allowing it to take place. Can you imagine the absurdity of them requiring switchers in T&C's, to be 'ethical' in their switching?

    And the interest rates? While it may have been arguably caused by the banks in their behaviour in causing the financial crash, their treatment is a result of BoE setting interest rates, so hardly like they are being punished in some intentional manner by banks, that's simply a result of the interest rate.
    • Mchambers
    • By Mchambers 12th Mar 18, 5:22 PM
    • 988 Posts
    • 308 Thanks
    Mchambers
    • #9
    • 12th Mar 18, 5:22 PM
    • #9
    • 12th Mar 18, 5:22 PM
    OP...I have been doing this for a long time.
    • N1ckS
    • By N1ckS 12th Mar 18, 7:09 PM
    • 54 Posts
    • 22 Thanks
    N1ckS
    Starling might be a good option, I doubt they'll be offering a switch incentive any time soon.
    • telemarks
    • By telemarks 13th Mar 18, 11:10 AM
    • 179 Posts
    • 128 Thanks
    telemarks
    Best donor account ??
    The original question, leads on naturally to what's the best donor account?

    I'd suggest the criteria are:
    • Simple sign-up process with no lengthy checks
    • High likelyhood of acceptance.
    • Fast response to application, and sending out of debit card.

    For me Tesco bank was superb at all these. I went for no accounts, throught Tecso and then on to recieving the £125 switch money from Halifax in my account in 6 working days.

    Can any others beat that?


    EDIT: having said that, the hardest part I have found is transferring DD's into the Donor account. (The Halifax one above was so quick because it needed no DD's). I've found that DD's can't be moved several days before they are paid, and in one case was told:
    DD has been lodged with the bank so I am unable to amend your bank details until after the 1st February.
    So in the case of monthly DD's it can easily be 5 weeks before a monthly DD appears in donor account and can be switched, and as for annual DD's forget it. Unless the timing is perfect, they won't appear in the donor account in any timescale that is usable.
    Last edited by telemarks; 13-03-2018 at 11:30 AM.
    • takman
    • By takman 13th Mar 18, 3:00 PM
    • 3,387 Posts
    • 2,987 Thanks
    takman
    The original question, leads on naturally to what's the best donor account?

    I'd suggest the criteria are:
    • Simple sign-up process with no lengthy checks
    • High likelyhood of acceptance.
    • Fast response to application, and sending out of debit card.

    For me Tesco bank was superb at all these. I went for no accounts, throught Tecso and then on to recieving the £125 switch money from Halifax in my account in 6 working days.

    Can any others beat that?
    Originally posted by telemarks
    Tesco isn't really a good account to use; alot of us on here are making £180 a year interest from our Tesco current accounts. So i wouldn't be using them as a donor account; although i do realise the conditions have now changed so it's not as easy to get the interest.
    • telemarks
    • By telemarks 14th Mar 18, 12:37 PM
    • 179 Posts
    • 128 Thanks
    telemarks
    Best donor account? Criteria ...
    Tesco isn't really a good account to use; alot of us on here are making £180 a year interest from our Tesco current accounts. So i wouldn't be using them as a donor account; although i do realise the conditions have now changed so it's not as easy to get the interest.
    Originally posted by takman
    Yes, thats a great point. I used Tesco as a crash test donor account purely for speed, as I already had a Tesco Credit card (for clubcard points), and hence had the online banking already set up with them.

    Hence the question about "best donor" account. So taking your advice perhaps the full criteria should be:
    1. Historically account does not give good rewards or cashback.
    2. Simple sign-up process with no lengthy checks
    3. High likelyhood of acceptance.
    4. Fast response to application, and sending out of debit card.
    • lolcaz
    • By lolcaz 19th Mar 18, 3:03 PM
    • 19 Posts
    • 2 Thanks
    lolcaz
    I found Santander to be excellent for donor accounts. I have a longstanding 123 account with them and setting up additional Everyday current accounts was a super simple process, and I was able to switch them minutes later!
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