Is it ok to apply for multiple current accounts at once?

cookie02

Hi all,

I've finally reviewed my finances and know I need to manage my spending better... I'd like to open four current accounts for each of my spending 'buckets'. From other threads on here, I know you can have multiple accounts. Is it ok to apply for them all at once?

I don't want overdrafts on any of the accounts and I'm not looking to apply for any cards or mortgages anytime this year. In the longer term, could these applications damage my credit rating or anything like that? If so, do any of you have a rough guide for how long I should leave as a gap between applications please?

Thank you for any advice .

krustylouise

I bank with Barclays and I have 2 current accounts one for monthly income and expenditure and 1 for weekly. I also have 6 saving accounts that's I deposit into each week. I had no problem at all opening any of these

anotheruser

But did you open them all at the same time?
That is what the OP wants to know :P

YorkshireBoy

anotheruser wrote: »

But did you open them all at the same time?

Doesn't matter, since the 6 searches for the savings accounts (and indeed the accounts themselves) won't be visible to other lenders when searching your CRA file.


To answer the OP's question, many people on here have well over a dozen current accounts ( I personally have 18, and opened 6 of them last year...3 in Jan/Feb and 3 in April).


If you've no need for cards and/or mortgages this year then any search damage will have disappeared, and if and when you do apply for a mortgage, and you're asked why so many accounts, just answer truthfully by saying "to get the best return on my money!"

adindas

cookie02 wrote: »

Hi all,
I don't want overdrafts on any of the accounts and I'm not looking to apply for any cards or mortgages anytime this year. In the longer term, could these applications damage my credit rating or anything like that? If so, do any of you have a rough guide for how long I should leave as a gap between applications please?

Thank you for any advice .

- I reently opened two of my TSB account at the same time in branches. I opened the third one in the duration of less than one month
- I opened two of my NW flexi accounts at the same time I opened the third and the fourth one in about three month duration.
I opened two of my Lloyd account at the same time in branches.
- Form this forum I have read the same stories from other people manage to open multiple account at the same time.

So the answer many banks which allow multiple account will allow you to open it at the same time.

But as this will depend on the person circumstances. if you want to do this please do it with your own benefit and/or peril as nobody could guarantee it will not impact your ability to get credit in the future ..

debtfreenewbie

Have you thought about pre-paid bank accounts as they don't do credit searches. I have cashplus which I use for saving/onlineDo your rrsearch as some can cost a lot and high monthly plan.
Virgin do a good one..

cookie02

Thank you all for the info and advice. I appreciate your help .

Cycrow

if all you want is separate pots to store money in, then savings accounts linked to an existing current account might be a better option.

credit searches might hurt you in the short term, but they will not effect you after some time.
But then the current accounts will most likely not do a credit search on your anyways unless you are applied for an overdraft

Archi_Bald

Cycrow wrote: »

credit searches might hurt you in the short term, but they will not effect you after some time.

You will only ever be potentially affected if you are applying for a loan, a credit card or a mortgage within 6-12 months of multiple current account applications.

I recently applied for 5 current accounts, no overdraft, in the space of 3 days and not had any problem getting accepted for all 5. I didn't worry about the effect on my CRA files since I didn't have any plans for seeking any additional credit.

Cycrow wrote: »

But then the current accounts will most likely not do a credit search on your anyways unless you are applied for an overdraft

I don't believe that is true. I have applied for many current accounts, never once asked for an overdraft, and a full credit search has always been carried out. In many cases, you cannot even specify during the application that you do not want an overdraft.