Does applying for savings accounts impact on credit file?

Nine_Lives

I know current accounts do, but does savings account?

Reason i ask is we'll soon (hopefully) be looking to take out a mortgage.

I have 35k in a Santander eSaver earning 3.2%. I plan on shifting £20k of this into the Santander 123 current account when the rate expires on 11th June, which leaves £15k.

Having a look, the best around is a poor 1.76% with NS&I. I just wondered if opening this will have a negative impact or no impact at all on my file in light of my mortgage plans?

Though i'll have to have a look to see what the Issue 5 (i think) eSaver reverts to once the 3.2% expires.

matttye

Only if its a savings account with a credit facility. Some accounts are joint savings/current accounts like the 123 you mentioned.

Just applied for an ISA with Newcastle BS and there was no credit search.

exel1966

Nine_Lives wrote: »

I know current accounts do, but does savings account?

Reason i ask is we'll soon (hopefully) be looking to take out a mortgage.

I have 35k in a Santander eSaver earning 3.2%. I plan on shifting £20k of this into the Santander 123 current account when the rate expires on 11th June, which leaves £15k.

Having a look, the best around is a poor 1.76% with NS&I. I just wondered if opening this will have a negative impact or no impact at all on my file in light of my mortgage plans?

Though i'll have to have a look to see what the Issue 5 (i think) eSaver reverts to once the 3.2% expires.

matttye wrote: »

Only if its a savings account with a credit facility. Some accounts are joint savings/current accounts like the 123 you mentioned.

Just applied for an ISA with Newcastle BS and there was no credit search.

Ask yourself, do savings accounts have credit facilities? Is there such a product?

Answer. NO, therefore they do not have any impact whatsoever and are not recorded by the CRA's. AML checks/ID verification are recorded, but only you can see that. When applying for credit your savings are not taken into account in any way, however with mortgages it differs.

Current accounts offering credit facilities (i.e Overdraft), but used as savings accounts are recorded but will only impact your status if you have an overdraft attached to it.

YorkshireBoy

exel1966 wrote: »

Current accounts offering credit facilities (i.e Overdraft), but used as savings accounts are recorded but will only impact your status if you have an overdraft attached to it.

So a trio of BoS Vantage or LTSB Vantage accounts could see the return from your 'leftover' £15K almost double to 3% AER!

Nine_Lives

exel1966 wrote: »

Answer. NO, therefore they do not have any impact whatsoever and are not recorded by the CRA's. AML checks/ID verification are recorded, but only you can see that. When applying for credit your savings are not taken into account in any way,

Right, on the one hand i think great - i can open this account without any issue related to applying for a mortgage, but then...

however with mortgages it differs.

You make me think that i should probably leave it - but then that's £15k sitting in an account that'll probably be 0.5%.


Just so we're all on the same page - i already have the 123 current account, so that isn't an issue.

The savings account we're talking about, and only this one, is http://www.nsandi.com/savings-income-bonds

YorkshireBoy

Nine_Lives wrote: »

You make me think that i should probably leave it

You've misunderstood/misread what exel1966 said.

Maybe read it again?

Nine_Lives

I read it a few times, but i am guessing you're saying that it'll make zero difference in terms of a negative impact on mortgage application.