Possible changing of personal banking and overdraft

bobroper

Hello there.

I am seriously considering moving my current account and overdraft from HSBC to Alliance & Leicester having read Martin Lewis's advices.

However, I have been reluctant to take the first step until I have convinced in my own mind that I am not jeopardising my credit rating and financial history. For instance, if in future my wife and I have to apply for a re-mortgage would this affect our position. I know sometimes the question is asked "how long have you banked with your existing bankers?" Is there really no advantage to having been with the same bankers for twenty or so years like we have. Also, we have been told that our credit rating is very good, by changing banks, does this not in any way alter things to our detriment. Finally, we have used the same financial adviser for the last ten years and he has given us excellent service regarding our mortgage, etc. I know people say loyalty doesn't add up to anything nowadays but do we run a risk of jeopardising further finance if we need it?

I can see the financial advantages of going with another organisation like Alliance & Leicester from an interest and overdraft point of view but can we be sure we don't lose anything in return?

Any comments please would be very gratefully received.

Bob

YorkshireBoy

Similar question asked recently...

http://forums.moneysavingexpert.com/showthread.html?t=139559

Personally, I wouldn't close the long-standing account down, for the reasons you describe in your post - ie it will lower your credit score with other lenders (at least for a while anyway).