How long to leave it between switches?

johncolescarr

I switched my A/C for the 2nd time in October and got a cash reward for doing so. Should I switch again now, or should I limit my switching to protect my credit file.

kaisersoze_2

Bank accounts are not shown on your credit file as they are not "credit". The only thing that maybe shown is any overdraft facility but this must depend on the bank as i have seen some people say theres is but mine isnt.

masonic

kaisersoze wrote: »

Bank accounts are not shown on your credit file as they are not "credit". The only thing that maybe shown is any overdraft facility but this must depend on the bank as i have seen some people say theres is but mine isnt.

Credit searches are conducted when applying for most current accounts, regardless of whether you have an agreed overdraft, since with the vast majority of accounts it is possible to go into an unauthorised overdraft.

As long as you aren't making dozens of applications for current accounts in a short space of time, it shouldn't adversely affect your credit file.

johncolescarr

masonic wrote: »

Credit searches are conducted when applying for most current accounts, regardless of whether you have an agreed overdraft, since with the vast majority of accounts it is possible to go into an unauthorised overdraft.

As long as you aren't making dozens of applications for current accounts in a short space of time, it shouldn't adversely affect your credit file.

I've just opened a Halifax a/c for £5 a month if you pay in £1000. Now want to transfer my banking, currently with A&L to Abbey 5% deal. I shall wait a few weeks before switching my main banking to Abbey. Thanks for advise

John

nzseries1

I've just opened an Abbey and a Halifax account at the same time, after applying for an Alliance and Leicester account in August last year. I didn't actually give a thought to my credit score, as I figured I have no overdraft on any of them.

My first current account when I first moved here was with HSBC, and that showed on my credit report, even though it had no overdraft facility.

masonic

johncolescarr wrote: »

I've just opened a Halifax a/c for £5 a month if you pay in £1000. Now want to transfer my banking, currently with A&L to Abbey 5% deal. I shall wait a few weeks before switching my main banking to Abbey. Thanks for advise

I don't think there will be any benefit to you waiting. Especially if you consider that the Abbey offering may be withdrawn at any time.