Donor account recommendations

jakesuk

Hello moneysaving martins.

I have several existing bank accounts which I intend to keep and do not wish to switch from.

In order to take advantage of some of the nice little incentives currently available for switching current accounts I'd like to open one or more donor bank accounts which I intend to do as little with as possible (other than open and close shortly after). Clearly I will have to ensure any donor accounts have direct debits / standing orders set up as required in order to make a qualifying switch.

My questions are:
1) Are there any bank accounts which would be good for the above purpose? Here I'm thinking: Quick and easy to open online, preferably search Equifax and not Experian. What have other people done?
2) Does anyone think opening and closing current accounts in quick succession could be detrimental to my long-term ability to obtain credit with the donor bank or any other banks for that matter?
3) What is the maximum number of current accounts you've ever held?

jonesMUFCforever

Any bank will open a current account for you - (do it online) as long as you pass the credit check and they can ID you.


If this is a one off you should be ok but doing it a lot might affect your long term credit files as all searches will show.

jakesuk

My issue is not with the searches because these drop off after 12 months.

My question was whether a potential lender may see a high number of settled accounts within the last 6 years, many of which were opened for a short period, and may deduce that I have been playing around and using companies for short-term rewards, gains.... ergo I may not be so profitable for them.

ricz_1

If you apply for an account without an overdraft facility a bank may not even run a credit check on you. (Maybe someone can confirm or debunk?)

I set up a Santander Everyday account for this purpose (declined the offer of an overdraft). Worked very well, especially as I had internet banking security information already set up for my 123 account.

castle96

that was my worry as well (still is). I was refused a Tesco accout (why), the applied again and passed, and again for a second one. I have loads of unused accounts, many with £1 in.
How does this look to someone looking at your credit file ?

YorkshireBoy

ricz_1 wrote: »

If you apply for an account without an overdraft facility a bank may not even run a credit check on you. (Maybe someone can confirm or debunk?)

Consider your claim debunked (unless you already have a full feature account with them, and they take a monthly feed from the CRAs).

YorkshireBoy

castle96 wrote: »

How does this look to someone looking at your credit file ?

Define "someone"...because it certainly doesn't seem to frighten off other bank account providers in my experience. I've had as many as 22 running at the same time and never been declined a current account application. Indeed, others on here claim to have had 30+.

jakesuk

YorkshireBoy wrote: »

Consider your claim debunked (unless you already have a full feature account with them, and they take a monthly feed from the CRAs).

Yorkshireboy - very interesting. I have what I believe are full feature current accounts with Santander, Halifax and Nationwide. All have overdraft facilities. From your experience, would any of these banks NOT run a credit search if I open a second basic current account them without an overdraft facility?