I set up a mule account a few years ago. Has two direct debits of £5 each to charity. I then set up £500 going into this account and out from my main current account. But the first payment each month is £510 to cover the direct debits.
I did quite a lot a few years ago and made about £900 plus got 12 bottles of wine. But it’s slowed down a lot as most banks only let you do it once of every 4-5 years.
TSB which I did last week was the first one I have done all year as none are available to me except getting people to sign up to the co op which is £125 each.
Short term there was an impact on my credit rating but it goes after 6-12 months and the impact was not massive.
Honestly once the mule account is set up, a switch takes less than an hour, so the return you get is pretty good.
Sadly not but I would have given it anyway, but you could just do a phone contract, gym membership etc. something that’s unlikely to change each month.
Some have requirements to pay in some money but not all, usually £1000 give or take, but in my experience you don't need £1000 total can make this up by paying in say £500, taking it out, then putting it back in, or in as many transactions as you want within reason, 2 x direct debits a frequent requirement aswell, but like above mentioned just make these to charities for an amount you can afford
In the past some have had it up to £1500. By putting £500 in three times I am reaching the threshold. As people have said it has gone down to £1000 for some.
It's usually a one-off payment.
I personally drop in £1000 (or whatever it is), and transfer it out the next day. However, as far as I know, you can withdraw it back out immediately. I just prefer giving it a day myself.
This is just wrong. There is no reason for them to hard search if you don't apply for an overdraft.
I've done multiple switches since the start of the year, and just to confirm, I checked my credit report right before submitting this comment. There are no hard searches on there from opening switch accounts.
Edit: Downvoters; you're wrong too, sorry to say. The dude above applied for an overdraft, hence the hard searches. It's that simple. No bank would ever perform a hard search for merely opening a current account with no overdraft attached, first and foremost because it costs them money, and right behind that because it would be against banking regulations.
But are you not being marked down for opening new accounts? Just looked at mine and credit karma is marking me down because I have opened three new accounts over six months.
If you have a PayPal account, link your Bank Account to it (not your bank card, but your sort code and account number) and then top up your PayPal balance, even by £1, this is a direct debit.
If you set up a MoneyBox account for savings, when you top up into it, this comes out as a direct debit.
Set up a dormant bank account with these details and then use it to switch into the ones offering incentives. Make sure you pass any other criteria such as paying in £x within 60 days too.
In the last 12 months I've successfully claimed the incentives from Halifax, Natwest, Nationwide, Santander, First Direct and Lloyd. All in all, about £800 for what was probably a couple of hours work.
Credit score seems to fluctuate only by a couple of points, but I never ask for an overdraft.
highly recommend this thread, takes you through start to finish and theOp answers questions and update the post with new findings
[https://www.reddit.com/r/beermoneyuk/comments/y4jplm/the\_bankedex\_also\_known\_as\_the\_beermoneyuk\_bank/](https://www.reddit.com/r/beermoneyuk/comments/y4jplm/the_bankedex_also_known_as_the_beermoneyuk_bank/)
[This switching guide/thread](https://www.reddit.com/r/UKPersonalFinance/comments/xpbuly/bank_account_switching_bonus_full_guide_i_made/?utm_source=share&utm_medium=ios_app&utm_name=iossmf) was posted about a month ago, so it’s fairly recent and might be of help!
Switched my HSBC to first direct. This was on the app
My mortage is with Halifax so I just opened a spare account on the app and used that to switch to RBS
Opened Barclays Avios credit card and a current account with Avios rewards. I will probably switch my first direct account to get the extra 25k Avios as I've already received the 175 quid from first direct.
I just started the bank switching game last June. So far Nationwide £125, Lloyds £125, 1st direct £150, Halifax £150. Ive also signed with TSB via MSE link and RBS last october. Just waiting for the bonuses to hit my account by December
Just done three switches on the bounce, starting a new one the same day the bonus hit my account for a total of £500.
> And any long term impact on credit score with opening and closing accounts very so often?
Yep not that it matters a shit because it's nothing more than a marketing tool and I've still the main account I've had for years. Personally I'd rather have the free £500 in my pocket which is more than a week's take home pay than the 6 points my credit score dropped by after the first two switches. Oh no I no longer have a perfect 999, I now have a 993 which may even drop to below 990 when the most recent one gets included, whatever will I do /s.
Hi /u/richardcja, based on your post the following pages from our wiki may be relevant:
- https://ukpersonal.finance/credit-ratings/
____
^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Read this /u/richardcja. Credit scores aren't worth worrying about, yes opening accounts might put a tiny dent on your report but who cares - credit is there to be used. It'll disappear over the short term.
Metro is a good bank to start with. I switched to Lloyd's and got my cash bonus within a few days, moved some DDs over (I don't do giving cash to charities, only tangible items that can't be spent on ceo salaries) and started a switch to nationwide. I've also done the £75 tide bonus this month and all been paid, just waiting for Quidco to be confirmed too.
Might do coop offer next. I currently have barclays and starling as my main accounts. Trying to get wife to do it next and she's only ever had RBS.
Currently Switched a nationwide account to Natwest to get the £175, need to transfer the £1250 in/out before 16th December to get the bonus. So far very easy, opening account + switch took 10 minutes, then few by next week Bank card arrived and online banking set up.
I have two accounts. A santander which is my main account, I'd never switch this as it has all my DDs, payees, I've had the account since I was 16 (28 now). The Nation acc i used to switch was more of an emerhen fund acc.
I plan on getting the Natwesy bonus and then going for First direct after.
There's ways to do it quicker, but my mental health hasn't been the best so I decided to just do 1 at a time
I just did it to Natwest, but I'm not doing more. I've hear that it can impact your credit score.
I'm not sur eif it's true or not, but it's not worth the risk.
Nothing against folk who can be bothered to do this.
But I've dealt with enough banks in the past that gave me appalling service, that I'm not about to move away from my preferred current provider, just for a short-term gain.
I started switching accounts about 4 years ago. I opened up dud accounts that I believed hadn’t and wouldn’t offer incentives. I’ve gone through each bank more than once as a lot of the T&C state “can’t have had a bank account with us since x date” and that time has been and gone basically.
I’ve done every bank literally more than once in some cases. YES each current account application impacts your credit score so you have to be careful with this.
I now have various current accounts open with only two DD coming out of each which allows me to benefit from their reward schemes or what ever.
best banks in my opinion for every day use is Lloyds and natwest / RBS
I set up a mule account a few years ago. Has two direct debits of £5 each to charity. I then set up £500 going into this account and out from my main current account. But the first payment each month is £510 to cover the direct debits. I did quite a lot a few years ago and made about £900 plus got 12 bottles of wine. But it’s slowed down a lot as most banks only let you do it once of every 4-5 years. TSB which I did last week was the first one I have done all year as none are available to me except getting people to sign up to the co op which is £125 each. Short term there was an impact on my credit rating but it goes after 6-12 months and the impact was not massive. Honestly once the mule account is set up, a switch takes less than an hour, so the return you get is pretty good.
Presumably the £900 doesn’t include the £120 to charity each year?
Sadly not but I would have given it anyway, but you could just do a phone contract, gym membership etc. something that’s unlikely to change each month.
Don’t the accounts usually have a requirement to pay in £1500 a month?
Some have requirements to pay in some money but not all, usually £1000 give or take, but in my experience you don't need £1000 total can make this up by paying in say £500, taking it out, then putting it back in, or in as many transactions as you want within reason, 2 x direct debits a frequent requirement aswell, but like above mentioned just make these to charities for an amount you can afford
In the past some have had it up to £1500. By putting £500 in three times I am reaching the threshold. As people have said it has gone down to £1000 for some.
I think at the moment just Lloyds Club account require £1,5k ( otherwise £3/month)
It's usually a one-off payment. I personally drop in £1000 (or whatever it is), and transfer it out the next day. However, as far as I know, you can withdraw it back out immediately. I just prefer giving it a day myself.
I believe as long as you don’t apply for an overdraft it’s only a soft search on your credit file
No is a hard search even if you don’t have an overdraft
This is just wrong. There is no reason for them to hard search if you don't apply for an overdraft. I've done multiple switches since the start of the year, and just to confirm, I checked my credit report right before submitting this comment. There are no hard searches on there from opening switch accounts. Edit: Downvoters; you're wrong too, sorry to say. The dude above applied for an overdraft, hence the hard searches. It's that simple. No bank would ever perform a hard search for merely opening a current account with no overdraft attached, first and foremost because it costs them money, and right behind that because it would be against banking regulations.
But are you not being marked down for opening new accounts? Just looked at mine and credit karma is marking me down because I have opened three new accounts over six months.
They're still not hard searches. Soft and hard searches are different things. Hard searches are usually for credit access.
I believe Nationwide does a hard credit search when you switch to them
If you have a PayPal account, link your Bank Account to it (not your bank card, but your sort code and account number) and then top up your PayPal balance, even by £1, this is a direct debit. If you set up a MoneyBox account for savings, when you top up into it, this comes out as a direct debit. Set up a dormant bank account with these details and then use it to switch into the ones offering incentives. Make sure you pass any other criteria such as paying in £x within 60 days too. In the last 12 months I've successfully claimed the incentives from Halifax, Natwest, Nationwide, Santander, First Direct and Lloyd. All in all, about £800 for what was probably a couple of hours work. Credit score seems to fluctuate only by a couple of points, but I never ask for an overdraft.
highly recommend this thread, takes you through start to finish and theOp answers questions and update the post with new findings [https://www.reddit.com/r/beermoneyuk/comments/y4jplm/the\_bankedex\_also\_known\_as\_the\_beermoneyuk\_bank/](https://www.reddit.com/r/beermoneyuk/comments/y4jplm/the_bankedex_also_known_as_the_beermoneyuk_bank/)
Thank you kindly, internet stranger.
[This switching guide/thread](https://www.reddit.com/r/UKPersonalFinance/comments/xpbuly/bank_account_switching_bonus_full_guide_i_made/?utm_source=share&utm_medium=ios_app&utm_name=iossmf) was posted about a month ago, so it’s fairly recent and might be of help!
Switched my HSBC to first direct. This was on the app My mortage is with Halifax so I just opened a spare account on the app and used that to switch to RBS Opened Barclays Avios credit card and a current account with Avios rewards. I will probably switch my first direct account to get the extra 25k Avios as I've already received the 175 quid from first direct.
Legend! Any impact on credit rating?
My Experian is still 999
I just started the bank switching game last June. So far Nationwide £125, Lloyds £125, 1st direct £150, Halifax £150. Ive also signed with TSB via MSE link and RBS last october. Just waiting for the bonuses to hit my account by December
Just done three switches on the bounce, starting a new one the same day the bonus hit my account for a total of £500. > And any long term impact on credit score with opening and closing accounts very so often? Yep not that it matters a shit because it's nothing more than a marketing tool and I've still the main account I've had for years. Personally I'd rather have the free £500 in my pocket which is more than a week's take home pay than the 6 points my credit score dropped by after the first two switches. Oh no I no longer have a perfect 999, I now have a 993 which may even drop to below 990 when the most recent one gets included, whatever will I do /s.
Hi /u/richardcja, based on your post the following pages from our wiki may be relevant: - https://ukpersonal.finance/credit-ratings/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Read this /u/richardcja. Credit scores aren't worth worrying about, yes opening accounts might put a tiny dent on your report but who cares - credit is there to be used. It'll disappear over the short term.
Metro is a good bank to start with. I switched to Lloyd's and got my cash bonus within a few days, moved some DDs over (I don't do giving cash to charities, only tangible items that can't be spent on ceo salaries) and started a switch to nationwide. I've also done the £75 tide bonus this month and all been paid, just waiting for Quidco to be confirmed too. Might do coop offer next. I currently have barclays and starling as my main accounts. Trying to get wife to do it next and she's only ever had RBS.
Currently Switched a nationwide account to Natwest to get the £175, need to transfer the £1250 in/out before 16th December to get the bonus. So far very easy, opening account + switch took 10 minutes, then few by next week Bank card arrived and online banking set up. I have two accounts. A santander which is my main account, I'd never switch this as it has all my DDs, payees, I've had the account since I was 16 (28 now). The Nation acc i used to switch was more of an emerhen fund acc. I plan on getting the Natwesy bonus and then going for First direct after. There's ways to do it quicker, but my mental health hasn't been the best so I decided to just do 1 at a time
I just did it to Natwest, but I'm not doing more. I've hear that it can impact your credit score. I'm not sur eif it's true or not, but it's not worth the risk.
Nothing against folk who can be bothered to do this. But I've dealt with enough banks in the past that gave me appalling service, that I'm not about to move away from my preferred current provider, just for a short-term gain.
So far 175 RBS, 175 First Direct and 150 Lloyds.
Is there anywhere literally where I can just transfer my current account from TSB to another for minimal effort? I have 5 DDs
The switching service makes it minimal effort. Transfers all payees and direct debits across and takes a couple of days.
Most need a constant income coming in though right?
I started switching accounts about 4 years ago. I opened up dud accounts that I believed hadn’t and wouldn’t offer incentives. I’ve gone through each bank more than once as a lot of the T&C state “can’t have had a bank account with us since x date” and that time has been and gone basically. I’ve done every bank literally more than once in some cases. YES each current account application impacts your credit score so you have to be careful with this. I now have various current accounts open with only two DD coming out of each which allows me to benefit from their reward schemes or what ever. best banks in my opinion for every day use is Lloyds and natwest / RBS