Switching Bank Accounts - Time Limits and any Negatives

Options
2

Comments

  • maxximus75
    maxximus75 Posts: 555 Forumite
    First Anniversary First Post Name Dropper
    Options
    As long as they subscribe to the current account switching service there should not be a problem.
  • eskbanker
    eskbanker Posts: 31,034 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    SlovakianGuy wrote: »
    Btw, do you think, you still get switching bonus if you switch FROM mobile-only bank, such as Atom bank or Tandem bank or Starling bank?
    maxximus75 wrote: »
    As long as they subscribe to the current account switching service there should not be a problem.
    The institutions that support this are listed at https://www.currentaccountswitch.co.uk/banksandbuildingsocieties/Pages/banks.aspx - Atom and Tandem aren't on this but that's hardly surprising when they don't offer current accounts!
  • SlovakianGuy
    SlovakianGuy Posts: 303 Forumite
    First Anniversary First Post Photogenic
    Options
    Aaaah, sure. Those are just savers, not normal current account. I just randomly picked some mobile-only banks that came to my mind :)) My bad.

    Anyway, so I can open 3 different bank accounts and after a year or so, switch each of them to another 3 different banks.
  • Katiehound
    Katiehound Posts: 7,556 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    SlovakianGuy wrote: »

    Anyway, so I can open 3 different bank accounts and after a year or so, switch each of them to another 3 different banks.

    Well, you don't need to keep them for a year.

    One way of playing this game is to keep one account as your main account and not switch that. (Others switch them all!)
    Then open a couple of other 'donor' accounts- generally it is easy to open an extra account with your current provider. You particularly don't want to open an account with a bank that often gives switch rewards 'cos then you'd miss out.

    You may well need a certain number of DDs and/or a minimum pay in per month to qualify- it all depends on the small print of the t&cs connected to switch deal.
    It's always handy to have a spare account ready and groomed for a switch with money going through.
    Sometimes the offers are swamped and only last a week or so! (I'm thinking of the Yorks/Clydesdale deal last year)
    Being polite and pleasant doesn't cost anything! --
    Many thanks
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24 bags, 43 dog coats, 2 scrunchies, 10 mittens, 6 bootees, 8 glass cases, 2 A6 notebooks, 59 cards, 6 lav bags,36 angels,9 bones, 1 knee blanket, 1 lined bag,3 owls, 88 pyramids = total 420 total spend £5. Total for 'Dogs for Good' £546.82

    2024:23 Doggy duvets,29 pyramids, 6 hottie covers, 4 knit hats,13 crochet angels,1 shopper, 87cards=163 £86 spent!!!
  • SlovakianGuy
    SlovakianGuy Posts: 303 Forumite
    First Anniversary First Post Photogenic
    Options
    Yeah, that 250 quids offer was great! I missed it out.


    I just opened new account in Nationwide which I would like to keep for a long time. I still have old TSB account that pays in a little over £6 a month but I will switch it if I find a good deal.



    I'm considering opening an account with Danske Bank. Seems like they never offer any incentives, so it would be good to have an account with them, ready for switching.
    They don't have branches in England, so I wanted to open the account online, but if you already have an account in any other bank, you can only open Danske account via telephone. I don't know why is that.



    Royal Bank of Scotland seems to be one of the worst banks according to some consumer reviews, so I will consider opening an account with them and later 'sacrifice' it :rotfl:
    Damn, I just found out that RBS is offering £100 for switching online.


    What about Bank of Scotland? Looks like another good one for switching, hm?
  • SlovakianGuy
    SlovakianGuy Posts: 303 Forumite
    First Anniversary First Post Photogenic
    Options
    Btw, can you open First Trust current account if you live in England? Or it's just for Northern Ireland?
  • Katiehound
    Katiehound Posts: 7,556 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    The switching deals usually stipulate that to qualify you need to use Cass which I assume would cut out e.g. Danske Bank and any other bank based outside UK.

    For switching deals just open a basic account with your existing provider- that's usually the easiest option.

    Bank of Scotland is part of the Lloyds / Halifax group. Their Classic accounts 'with vantage' pay interest which is reducing on July 1st.
    Being polite and pleasant doesn't cost anything! --
    Many thanks
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24 bags, 43 dog coats, 2 scrunchies, 10 mittens, 6 bootees, 8 glass cases, 2 A6 notebooks, 59 cards, 6 lav bags,36 angels,9 bones, 1 knee blanket, 1 lined bag,3 owls, 88 pyramids = total 420 total spend £5. Total for 'Dogs for Good' £546.82

    2024:23 Doggy duvets,29 pyramids, 6 hottie covers, 4 knit hats,13 crochet angels,1 shopper, 87cards=163 £86 spent!!!
  • eskbanker
    eskbanker Posts: 31,034 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Katiehound wrote: »
    The switching deals usually stipulate that to qualify you need to use Cass which I assume would cut out e.g. Danske Bank and any other bank based outside UK.
    Danske are on the list of CASS-implementing institutions that I linked a few posts back, and pages like https://danskebank.co.uk/personal/products/current-accounts/choice confirm that:
    Switching a current account to Danske Bank is a free, quick and simple process.

    And with the Current Account Switch Service, the switch is guaranteed to be completed within seven business days.
  • SlovakianGuy
    SlovakianGuy Posts: 303 Forumite
    First Anniversary First Post Photogenic
    Options
    So, it looks like I will keep my old TSB account as that's my only account that is over 50 months old. I opened Nationwide (current account + credit card) just month ago, and Asda credit card 3 months ago, which now show on my credit report as 3 new credit accounts opened within the last 6 months. The average age of all my accounts is now only 13 months. My Experian score dropped by 122 points, LOL! According to them, the age of my accounts should be at least 33 months to be considered OK by lenders in general.




    Btw, anyone having a spare account that he/she would like to switch to Nationwide?
    They still offer the £100 bonus for recommending a friend, so I could send you my referral link.
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    Options
    18cc wrote: »
    Also just a tip you will find that you may not even get a credit search if you don't apply for an overdraft on your new account
    18cc wrote: »
    Sorry what I was trying to say is that credit checks are normally done when you are doing just that ie applying for credit - just opening a new current account should not trigger a credit search as such

    That's a gross generalisation. In fact, most banks perform a credit heck when you apply for a current account, even if you don't ask for an agreed overdraft. They do this because most current accounts allow you to go into an unauthorised overdraft, so when you apply for a current account, you are actually applying for a credit facility.

    Banks do - normally - perform a credit check when you apply for a current account.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards