The best 'Dummy' accounts for bank switching (it's not Chase!), by Be Clever With Your Cash on YouTube. 16 min 24 s.
- Video length
- 16 min 24 s
- Time to do it
- 20 minutes
- Difficulty
- Easy
- Steps
- 10
What you need
Steps
Decide why you are switching. Check the bonus terms first, such as minimum monthly deposits, direct debits or a minimum time before you can leave.
Understand what a dummy account is. It is a spare current account you open only to switch away from, so your main account stays open.
Avoid accounts that charge fees or need a minimum balance. Skip accounts with overdraft or credit checks you do not want on your file.
Pick a bank that makes a good dummy account. Look for free basic current accounts with no monthly fee and easy online opening.
Check for soft search accounts. A soft search shows eligibility without leaving a hard mark on your credit file.
Consider an extra account from a bank you already use. Some banks let you hold more than one current account, which saves time.
Reuse a bank you have already switched to if it still offers a free account. Check the bonus rules first, as some exclude previous customers.
Open the dummy account online or in the app. Enter your details, upload your ID and wait for the account to be approved.
Start the switch from the dummy account to the bonus bank. Use the Current Account Switch Service and give the dummy account details.
Keep the new account open for the required period. Meet any deposit or direct debit rules, then claim the bonus.
Tips and common mistakes
Never switch your main account unless you are happy to move all your payments and direct debits.
Read the bonus terms carefully, as many require a minimum monthly pay-in or two direct debits.
Some banks exclude customers who have held an account with them before, so check before you apply.
Switching can affect your credit file, so avoid opening many accounts in a short space of time.
Questions
Will opening a dummy account hurt my credit score?
A full current account application can leave a hard search on your file. Soft search accounts let you check eligibility first without that mark.
Can I switch from an account I just opened?
Usually yes, as long as it is a full UK current account. Check the bonus rules, as some banks require the account to be open for a set time.
Do I have to close my main account to get a bonus?
No. That is the point of a dummy account. You switch the dummy account instead and keep your main account open.
This guide was drafted from the video's details and general task knowledge. It has not been checked against the full video. Check the video and relevant product instructions before following a procedure. Report a correction.
