Bank switching advice

[OneMagentaViper]

I’ve seen the offer for £175 to switch to first direct but wanted to know whether they close the account you’re switching from, I’ve been with Lloyd’s for years and am happy with them but just skint so wanted to make a bit of money, I don’t really want to do it if it closes the original account

If you do as part of the switching service then, yes, they do close the old account.

Ah that’s a bit rubbish, thank you for answering so quickly

You can get the money by setting up a 'mule' account, ie a disposable one for switching purposes. You do need to have a certain amount of direct debits though,usually at least 2 or 3. You might also need a minimum monthly pay in but you can usually do that by sending the money then sending it back again.

That’s a good idea, thank you

And nationwide usually offer £200 to switch plus you usually get cash back from them yearly as a member. I think we got about £300 last year. Should be £200 this year.

If you’re not closing the old account you’re not really “switching” are you? You’re just opening a new, second account.

Looks that way, I’m happy to transfer direct debits over but my credit rating isn’t amazing and one of the good things on my report is being with my current bank for a long time, so looking to keep that original account, I will actually use the other account for groceries and general shopping so it’s not as if I’m opening it for nothing

I did this recently, closed one account that switched to Santander. Have kept my original current account as I have had it a few years and use it for spending money and the santander for direct debits only.When i next switch (as soon as Santander's £200 is paid in!) will close Santander and choose another bank.I need the cash much more than a good credit rating at the moment-when I have switched as many times as i can I plan to keep my original bank account for continuity and end up with Nationwide or First Direct.

Do Lloyd's give you decent perks? I would move to NW if not.

Club Lloyds give you 6 cinema tickets or Disney plus for a year or a magazine subscription.

There’s usually a good page on Martin Lewis which details any current switch offers and what you need to do to get them. I have a ‘dummy’ account that I use to switch around when offers are on. It’s never really impacted my credit score to do this, though admittedly mine is fine anyway

I think Nationwide are offering £175 to switch and this year they have given me £100 as their fair share scheme.

Same as others here, I have set up an account with 2 small DDs (£7 a month phone & a DD for a PayPal account that I use to send OH 10p often enough to keep it active.

I switch this as often as I can to get the switch bonuses. My main account for wages and the big DDs (bills, credit card and gym) stays unchanged.

Hi, I am an expert at this.

I do bank switching frequently, and moderate the UK Finance subreddit.

Join Chase, is my advice (there's also a £50 bonus for joining right now, so double bonus)...

Chase allow you to set up dummy accounts in an instant, then set up the account Direct Debits to Paypal, a spare ebay seller account (takes about 3-5 days), and/or Plum, which allows you to set up a £1 Direct Debit to your 'savings pot' there.

After you do this, it is a breeze, you can do bank switching from these accounts in an instant, without touching your 'main' bank account at all.

If you are not on Chase, use one of these codes when you sign up for the £50 bonus: TP9XPA, LK4685, WTQ5Y2, 69DHQU, VPDXZG.

Also for Plum use my referral if you like (but Plum isnt essential if you have a spare ebay, as usually you only need 2 DD) - https://friends.withplum.com/r/sVBYjT8XM0

Hope this helps. Let me know if you have any questions!

Hi all I have a Monzo code if anyone is interested in using this great bank account.
Dead easy free cash...no switching...reward paid instantly...huge thanks if you use my code.

Can be done in 30 mins...open account and make a tiny purchase using the virtual card (can be 50p). Reward paid instantly..£10...£20 or £50.
https://join.monzo.com/c/k7nrn6zj