Burner accounts have been around forever, basically since banks started bribing to keep your money with them.
There’s almost aways a time period you can’t have held an account with them to stop repeated switching. HSBC offer at the moment is only for those who’ve had previous accounts before 01/01/2015 or are new customers for example.
I personally really couldn’t care less if I’m costing the big banks by switching to them to get £150 here and there. They are there to serve me and I’m agreeing to their terms of offer.
In this case its stick with us at least 30 days to get £150, stay for the year and have another £50. It’s up to me if thats worth £50 to stick or if a better offer comes along I’m off. It usually doesn’t pay to be loyal.
If all banks completely stopped making these bribes, would I stick with them for their 5% interest savings accounts? Maybe as its worth a £80-100 a year, still probably better to put a few thousand in shares if you have it spare.
Monzo’s slightly different as I have account with them based solely on them providing excellent service, app and budgeting. There’s no legacy bank that does this atm. I’m amazed First Direct came out top in the recent survey, they answer the phone quickly and are helpful but pretty crap in terms of website and app.
For now its handy keeping salary/dds separate.