Gratuitous switching

bagofbones · 19 February 2018 at 6:06PM

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?

bioboybill · 19 February 2018 at 6:09PM

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 · 19 February 2018 at 6:46PM

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 · 19 February 2018 at 6:49PM

bagofbones wrote: »

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?

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 · 19 February 2018 at 9:54PM

bagofbones wrote: »

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?

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 · 12 March 2018 at 5:14PM

Just keep an eye on the T&C's !

[Deleted User] · 12 March 2018 at 5:20PM

bioboybill wrote: »

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.

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 · 12 March 2018 at 5:24PM

bagofbones wrote: »

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?

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 · 12 March 2018 at 6:22PM

OP...I have been doing this for a long time.

N1ckS · 12 March 2018 at 8:09PM

Starling might be a good option, I doubt they'll be offering a switch incentive any time soon.

telemarks · 13 March 2018 at 12:10PM

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.

Gratuitous switching

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free