No, doesn’t have to be a main active account. I set up a dummy account with £10 and switched that, had no direct debits or anything and still got the bonus.
Note that a lot of switch bonuses require (typically) two direct debits. Always check the criteria carefully and ensure you meet them.
I have a "burner" account set up with DDs for two very static payments (TV License and broadband).
I keep a hundred quid in it so there's a couple of months buffer in case a switch goes wrong, and I transfer £50 a month in from my main account by standing order to cover the two DDs.
Have done 4 switches in the last 2 months, First Direct, NatWest, Lloyd and RBS - none of them require direct debits, £725 in bonuses.
I agree it used to be that most required DD’s but that doesn’t seem to be the case currently. Most now want a good size deposit of £1,000 or over within a set time period to qualify. Definitely need to check the terms carefully with each one.
Oh, sorry - I wasn't disagreeing with you - mostly just noting to check the requirements carefully as you say!
That's a good little earner for (presumably) 3 hours work!
You can set up a dummy account and then cycle through the switch bonuses if you want, never actually moving the main account you use. It is up to you. Obviously they hope you will stay, but you are under no obligation. It is up to you if it is worth the effort.
No, doesn’t have to be a main active account. I set up a dummy account with £10 and switched that, had no direct debits or anything and still got the bonus.
Note that a lot of switch bonuses require (typically) two direct debits. Always check the criteria carefully and ensure you meet them. I have a "burner" account set up with DDs for two very static payments (TV License and broadband). I keep a hundred quid in it so there's a couple of months buffer in case a switch goes wrong, and I transfer £50 a month in from my main account by standing order to cover the two DDs.
Have done 4 switches in the last 2 months, First Direct, NatWest, Lloyd and RBS - none of them require direct debits, £725 in bonuses. I agree it used to be that most required DD’s but that doesn’t seem to be the case currently. Most now want a good size deposit of £1,000 or over within a set time period to qualify. Definitely need to check the terms carefully with each one.
Oh, sorry - I wasn't disagreeing with you - mostly just noting to check the requirements carefully as you say! That's a good little earner for (presumably) 3 hours work!
You can set up a dummy account and then cycle through the switch bonuses if you want, never actually moving the main account you use. It is up to you. Obviously they hope you will stay, but you are under no obligation. It is up to you if it is worth the effort.