Multiple bank accounts impact on credit

trikidy

Hello, I have 2 bank accounts, one with Natwest, one with Lloyds. My Natwest one is used to save money, I have a standing order when my wages get paid to try and save some money

My question is would this affect my credit?

Also would having another account affect it too? I was thinking of having an account with Barclays because I like how they offer you an option to personalise your debit card + contactless payment.

Hope someone can help

YorkshireBoy

The number of current accounts does not affect your credit rating (I have 13 of them!). It's the overdraft facilities attached that 'may' affect your credit rating.

trikidy

YorkshireBoy wrote: »

The number of current accounts does not affect your credit rating (I have 13 of them!). It's the overdraft facilities attached that 'may' affect your credit rating.

I havean overdraft on both account, I am not in them at all, both in credit.
Would that still affect them?

YorkshireBoy

trikidy wrote: »

I havean overdraft on both account, I am not in them at all, both in credit.
Would that still affect them?

As I said, it 'may' be affected.

No-one here will be able to answer yes or no with any certainty (since we know absolutely nothing about you and your financial ciircumstances).

innovate

If you do not dip into your overdraft, it is most unlikely your credit rating is negatively impacted by having the facility. If you want to be really sure it doesn't, ask the banks to remove the facility from your accounts.

My eye was caught by this:

trikidy wrote: »

My Natwest one is used to save money

Natwest don't usually figure as good interest payers, you could get a lot better at Lloyds, and probably even better than that elsewhere.

You have to keep an eye on interest rates, too - often you get a 12 month introductory rate, and a lousy one thereafter. That is the time to move your money to a better place - and that's where you might open new bank accounts.

trikidy

Thanks for that, I will keep an eye on interest rates. It was more the fact that by having a separate account when I log on online I don't see my money :P That way I tend to forget about it and be able to save more- simple I know!

Plxply

I would say to be careful of how large the overdrafts are, I know Natwest gave my father a ridiculously large overdraft even though he never used it. Lenders will then see that you have a large amount of available credit to your income and you could potentially be declined. But once again it depends highly on the size, in my fathers case it was in the thousands.