Switching Current Accounts

Steerz

Hi,

Apologies if this is a newbie question - I couldn't find an answer when I had a quick scoot on the forum search.

I'm looking to move current accounts and take advantage of some of the incentives offered by first direct etc. As I'm going back to university in a year, and these incentives are 'free' money, I'm thinking of being a bit of a tart and hopping around on a few to take advantage of them whilst I can.

Two questions though:

1) Does this sort of hopping affect your credit negatively in any way?
2) If you leave a bank but want to return to them (say, because they have the most competitive student account) does leaving them before affect whether or not they'd let you return?

Many thanks in advance
Chris

dj1471

1. Yes, because each time you'll be credit checked for the overdraft facility. Only being with your main bank for a short time can also negatively affect how lenders view you.

2. No, but you may not be eligible for some accounts or incentives.