Multiple Current Accounts

Options
2»

Comments

  • pollyanna24
    pollyanna24 Posts: 4,370 Forumite
    Name Dropper First Post First Anniversary
    Options
    Or should there be some kind of activity on the Barclays account before I attempt to switch?
    Pink Sproglettes born 2008 and 2010
    Mortgages (End 2017) - £180,235.03
    (End 2021) - £131,215.25 DID IT!!!
    (End 2022) - Target £116,213.81
  • MONEYTREE_2
    MONEYTREE_2 Posts: 147 Forumite
    Options
    I am doing just this, having just "twigged" that it's possible.

    I have a dormant 2nd current account with one of my banks, and I just switched two DD's to that account, plus a monthly transfer into it, to cover those two DD's.

    My next move, once each DD has paid out once, is to use this account as a "switcher" to a bank that is going to pay me £125 or £130 incentive to change to them.

    These incentives are worth far more than any interest we can get on any savings or bank account.
  • MONEYTREE_2
    MONEYTREE_2 Posts: 147 Forumite
    Options
    Does a yearly DD to pay TV licence count as a DD for switching purposes?
  • badger09
    badger09 Posts: 11,211 Forumite
    First Post First Anniversary Name Dropper
    Options
    MONEYTREE wrote: »
    Does a yearly DD to pay TV licence count as a DD for switching purposes?

    You would have to check the T&Cs of the particular switching incentive you're after. Some of them just say 'active' whereas others specify DD must pay out every month.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Name Dropper First Post First Anniversary
    Options
    In terms of opening accounts for switching I've successfully used Santander a couple of times. I still have a 123 account with them, though question whether it's worth retaining, but have several times opened everyday accounts with them, near instantaneously and switched for incentives. On two occasions now I've opened the everyday account using the link on the imutual website and have received cashback for the opening as well, I think it's £31 and pays out in around 6 weeks. It's one of the few offers still around for opening accounts rather than switching.
  • castle96
    castle96 Posts: 2,885 Forumite
    First Anniversary First Post
    Options
    My first Imutual cashback/Santander a/c did not 'track'/payout. Have just opened another and will wait and see. £31 cashback and some shares (in Imutual). Not sure what that's all about.
  • datlex
    datlex Posts: 2,239 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    One warning about direct debits make sure they are not due between 28th and 31st of the month as these can fall on a weekend/at Easter/ on a bank holiday and not get paid until 1st Month. For some banks this means you don't meet their reward criteria that month.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
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
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards