Leaving to get a switching bonus then coming back

Would this be frowned upon?

Closing my personal account to get a switching bonus then coming back?

I have a joint account from which all my bills are paid so moving my main account is of little concern and an easy £125 can be made!

I assume having a joint account is not dependent upon having a personal account, or is it?

I did end up at Monzo after collecting about £500 from various bank switches but a new one has popped up!

Yes, having a joint account is dependant on having a pair of personal accounts as things stand at the moment.

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Would this be one at £125 by any chance :wink: ?
What is worth keeping in mind is that the bank(s) in question might also catch on to this and blacklist you in future from getting any further accounts due to previous account conduct.

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You wouldn’t be allowed to open a new account with monzo for a month after closure.

Also I’ve heard it’s a bit of a faff to get it re opened (people have had to wait a number of days and communicate via email to get it done).

I’d recommend opening an account somewhere else specifically for the purpose of collecting rewards ( I did this with B Bank).

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Banks never blacklist in my experience for collecting switching bribes. I’ve collected a few grand over the years.

Setup a burner bank account elsewhere that doesn’t offer one and then switch it collect all the available bribes from different banks. Each will have terms of when you can next collect the switching bribe from them, usually about 2yrs apart.

A free £175 from HSBC atm, I did this when it was £150 and stayed with them six days before they paided out, usually you need to wait a bit before they payout but as soon as then switch to the next if there’s a new bribe available elsewhere.

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You will be unable to move your personal account as you have to hold one in order to have the joint account. This means that if you tried to switch, your switch would fail as Monzo would reject it.

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Thanks for all the feedback, burner account sounds a great idea as I know a mate who does just that.

Note that some banks hard search on opening and that’s reporting to 1, 2 or all 3 CRAs that you have a new bank account.

This temporary affects credit scores (which are meaningless) but could impact in lenders decisions based on the overall age of active accounts.

I haven’t found it’s done anything in getting the mortgage I wanted but it’s impossible to know if it was affected and in any way as every lender has its own calculations and age of account might be used, might not and if it is have different weighting compared to other factors.

As for scores which again are meaningless, Experian and Credit Karma doesn’t care about hard searches on your TransUnion report so no impact. ClearScore minuses 34 points for the year from the hard search date based on Equifax, and adds 34 back after that.
It’s all nonsense though designed to trick people into buying services to improve their own scoring of you.

Especially if you’re not needing loans/mortgages then hoovering up cash seems a no brainer to me. So easy doing Cass too compared to the old days.

This is a good place to monitor, the amounts usually vary during the year. You can’t keep doing the same switch each year unfortunately so you’ll need to note when you last applied to a specific bank.