Bank Tart - How quick can you switch and when to stop?

angel549 · 25 April 2018 at 1:40PM

Hi all,

A few months ago I became a 'bank tart' thanks to MSE advice! But would love to hear from other 'tarts' who have been doing it longer as im feeling a little scared that im going to destroy my credit rating if im not careful!

I switched to HSBC in Jan and got £150 in Feb
Switched to Natwest Select in Feb, got £125 in April

Im now ready for another switch using my mule account, so i've gone for the £125 First Direct (just waiting for set up to complete, so i should be starting the switch this week).

BUT - my interest deal on another current account I used for savings has now also run out. So I'm wondering if I should switch that one to M&S.

Im just a little concerned that if i do two switches from two different bank accounts in my name within a week of eachother, when I've already switched twice in the past four months, it may raise one too many flags on my credit rating.

I should probably also mention that I have another 4 current accounts and 4 credit cards in my name too (im also a stoozer!).

Would love to hear from people who've been bank tarting longer than i have and hear how frequently you switched. And in particular, if anyone has switched two different accounts at the same time!

Thanks

EachPenny · 25 April 2018 at 1:48PM

For me the most important thing is not to refer to any of your bank accounts as a "mule account". Ever.

angel549 · 25 April 2018 at 5:07PM

EachPenny wrote: »

For me the most important thing is not to refer to any of your bank accounts as a "mule account". Ever.

Oh, i thought that's what Martin Lewis called it in his bank tart piece the other month?

Or do you mean don't tell the bank that it's a mule account (I never would)

colsten · 25 April 2018 at 5:10PM

Mule accounts are associated with money laundering.

It's a huge mystery why MSE refers to spare accounts used for switching as 'mules'. Setting up new accounts and switching them, in any number, has nothing at all to do with money laundering.

Switching is not recorded on credit reference files.

Opening new accounts involve full credit checks, which are recorded on credit files. This subject has been discussed countless time on this forum. Suggest you do some searching and reading.

angel549 · 25 April 2018 at 5:22PM

colsten wrote: »

Mule accounts are associated with money laundering.

:eek::eek::eek: OH MY GOD!!!!!!! Thanks for the heads up!! Jeez!!

AndyPK · 25 April 2018 at 6:50PM

I see my HSBC switch money is in my account already

Sadly I also have a dodgy text saying someone has logged into my account and to click this link if it wasn't me.

Actually thought it was genuine for 30 seconds! ! !

eschaton · 25 April 2018 at 7:03PM

You just keep going until you run out of worthwhile options then wait for the next opportunity.

EachPenny · 25 April 2018 at 8:04PM

angel549 wrote: »

:eek::eek::eek: OH MY GOD!!!!!!! Thanks for the heads up!! Jeez!!

That's why

The problem with calling an account you are switching a 'mule account' at any time is if you get into that habit there's always a risk of using those words when talking to your bank.

And obviously explaining to bank staff that the account isn't really for money laundering, but is actually to 'trick' them into paying you a switching bonus, well that isn't exactly going to help you much either.

It would be best if the phrase was totally removed from any discussion on the site about account switching.... over to you MSE. :money:

Bank Tart - How quick can you switch and when to stop?

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