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    • KateySW
    • By KateySW 14th Jun 17, 11:22 AM
    • 99Posts
    • 149Thanks
    KateySW
    Switching current account after just buying a house... bad idea?
    • #1
    • 14th Jun 17, 11:22 AM
    Switching current account after just buying a house... bad idea? 14th Jun 17 at 11:22 AM
    Hi all,

    I can't seem to find much online which quite answers my question, so please be gentle with me if this question sounds daft/ has already been answered a million times...

    I'm feeling very tempted to switch to either TSB or First Direct for my current account. I've been having issues with my current account provider for quite some time, but held off on switching earlier because we were wanting to apply for a mortgage.

    Anyway, just had the exchange sorted on our new house and we complete on Friday, and I got reminded of this. It seems like TSB have a good offer on at the moment especially, and both the TSB and FD account sound suitable... but my question is, would it be stupid to apply for a new current account at this point in time? I know they'll be doing a credit check and my mortgage will probably have a temporary effect on my (otherwise very good) credit score... Any experiences from people on this? Am I worrying unnecessarily or is it definitely best to hold out for another 6 months at least?

    Thanks!
Page 1
    • Browntoa
    • By Browntoa 14th Jun 17, 11:58 AM
    • 31,944 Posts
    • 37,677 Thanks
    Browntoa
    • #2
    • 14th Jun 17, 11:58 AM
    • #2
    • 14th Jun 17, 11:58 AM
    I switched banks 2 months after a move , caused no problem
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • ST-User
    • By ST-User 14th Jun 17, 3:16 PM
    • 43 Posts
    • 9 Thanks
    ST-User
    • #3
    • 14th Jun 17, 3:16 PM
    • #3
    • 14th Jun 17, 3:16 PM
    Usually, banks would like to know your address history back to 2-3 years. If you have recently moved, but spent many years on the previous address, this is no problem at all. Of course if you moved every 3-4 months then this can be suspicious.
    • NelliePie
    • By NelliePie 19th Jun 17, 3:25 PM
    • 94 Posts
    • 305 Thanks
    NelliePie
    • #4
    • 19th Jun 17, 3:25 PM
    • #4
    • 19th Jun 17, 3:25 PM
    I'd be interested to see more responses / peoples accounts of doing this as we're in a similar situation -
    we're exchanging and completing on Friday! We have our joint current account with TSB - we pay in a set amount from our individual current accounts (where our salary goes in) to cover bills etc. now the interest rate has dropped I' sure we could to better else where.
    When life gives you lemons, find the tequila!
    MFW: FTB June 2017 £144k. Target 128k June 2019
    • mt99
    • By mt99 19th Jun 17, 4:08 PM
    • 453 Posts
    • 219 Thanks
    mt99
    • #5
    • 19th Jun 17, 4:08 PM
    • #5
    • 19th Jun 17, 4:08 PM
    If you open a new bank account then they will do a credit check on you - part of that credit check will be your address and of course your new address won't be on your credit history it's too soon.

    if I were you before filling out the form and applying I would give the new bank a quick call explain you are not on the electoral roll at your current address as you have just moved house and asked whether you should put your old address down new address down or both
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