Bank account hopping?

willhub · 22 Jul 2017 at 17:56

As above really,

At the moment quite a few banks are offering quite good deals to switch, like 100 to 200 quid.

Has anyone hopped from bank to bank to take advantage of multiple offers to stack the monies? I'm wondering if it's legal or if you could get caught out somehow? Just seems quite easy to do and a bit like too good to be true!

Not sure if I'd feel guilty though opening an account just to get an offer than maybe a few weeks later or less switching.

I'm tempted by the M&S offer but not sure of the quality of their online/mobile banking to do like balances, transactions, payments etc.. compared to other banks like NatWest, Barclays, Halifax etc..

VincentHanna · 22 Jul 2017 at 17:58

Perfectly legal. You tend to need a minimum number of at least 2 direct debits to get the bonus though.

Goodie · 22 Jul 2017 at 18:12

I'm currently with M&S, their customer service is the best of any company that I've dealt with tbh, excellent. Their online banking and banking app are archaic though. The online banking still uses one of those code generating calculator type things that were the norm ten years ago, and their online banking app doesn't allow money transfers at all and will only display balances and last 6 transactions, nothing more. It's apparent going to be overhauled and released in August.

If your hopping accounts then you need to check the conditions, you usually have to stay with the same bank for 12 months I believe. At least that was the case with M&S and halifax which I've taken advantage of. the process of changing accounts is all automated now so you don't have to notify direct debits and employers of your change of details.

Hamster · 23 Jul 2017 at 03:02

Just switched a Barclays account i hadn't used for years to Halifax. £125 credited 4 days later. No DD's needed either and if i stick something like £750 in each month for a year, i get £36 more. Took less than 10 minute

Skiddley · 23 Jul 2017 at 08:51

Why not have salary pass through numerous banks (satisfying DD and monthly credit requirements), finally ending up and your regular bank

Or just move the same say, 1K of savings continuously around via DDs and keep your regular current account, and salary beneficiary account as is.

Haggisman · 23 Jul 2017 at 09:24

Not sure how much of an effect it has, but does having a "young" account not reflect negatively on your credit rating? As it shows you may not necessarily be financially stable.

Destination · 23 Jul 2017 at 09:32

It does have an effect but goodness knows how much, I think they looks for 5-6 years as a longer term checklist, but it is only one in a number of factors.

mushtafa · 23 Jul 2017 at 10:51

Thanks - just transferred an old unused account.

NotAGolf · 23 Jul 2017 at 15:12

I think it's actually a very common thing to do. Only thing that puts me off is the credit rating side of things. No idea if it actually has an affect on it (negatively or otherwise) but it was a bit of a faff trying to explain my 3 accounts when I applied for a mortgage recently.

Noxia · 23 Jul 2017 at 15:54

I switched through all of them. It had a bad affect on my credit rating but it's been recovered since.

Street · 23 Jul 2017 at 16:26

I switch quite a bit to milk the bonuses. It's fairly easy to set up direct debits and have some money transferring through a few accounts on a standing order to satisfy requirements.

Freakbro · 24 Jul 2017 at 17:57

I think M&S is the last one I've got left to ~~fleece~~ I mean, take advantage of their offer, so I'm just about to transfer away from a 1st Direct account (I get £100 for doing that as well

) to M&S and get their £125 gift card, which is cool as I need some new underwear lol

grimm · 24 Jul 2017 at 19:07

I did it once and I will never do it again. The new bank messed up transferring all of my direct debits and it took me more than £200 worth of my time to sort it all out.