Many Questions

puk999

Ques wrote: »

Apply for accounts now while still employed - I had thought this would probably be wise. I will look to start this at the end of this month.

I'd get opening now and spread it over a few weeks. There's speculation that opening a slew of current accounts in a very short time frame might prevent you from being accepted for subsequent accounts. I've seen people saying this isn't true. I don't know, but advise to err on the side of caution.

Also, don't request overdrafts.

Ques

Thanks puk...


The voice in my head that tries to prevent me from being so lazy is telling me the same!


I assume not requesting overdrafts (or maybe even specifically asking not to have an overdraft) is to avoid lots of credit searches and ultimately credit 'accounts' appearing on my credit file which in theory could be an issue further down the line when I'm looking for a mortgage?

ColdIron

All banks will perform a credit check on you for currents accounts regardless of overdrafts

LXdaddy

Ques wrote: »

Halifax reward - I currently bank with Halifax, to be honest I really don't like them much and think I will probably move away completely once I get this all sorted

If you already have a Halifax Reward then why not keep it even if you don't like them much.

I keep mine and simply pass £1000 through it on its way to other accounts. Yes it needs two direct debits as well. But it's £5 per month Nett interest on a couple of hundred pounds I keep there.

kidmugsy

In your shoes I'd hold off opening new current accounts in Scottish banks until Friday of next week at the earliest. Lord knows what sort of panic the public might work itself into.

Ques

ColdIron wrote: »

All banks will perform a credit check on you for currents accounts regardless of overdrafts

I've not got anything to worry about on my report now but does potentially applying for 10+ accounts over a short period of time not look suspicious anyway?

Archi_Bald

kidmugsy wrote: »

In your shoes I'd hold off opening new current accounts in Scottish banks until Friday of next week at the earliest. Lord knows what sort of panic the public might work itself into.

Nah, don't worry about that for now. Nothing will change much in the next 18-24 months. Judging by the statements they made, all the banks are very likely to offer to move all accounts of non-scottish residents to south of the border, anyway. But even if they didn't, you can easily move a current account yourself as and if it should become necessary.

For a very long time hence, the £85K FSCS guarantee will apply throughout everything we know as the UK today, and that might well still be the same UK in the future.

Archi_Bald

Ques wrote: »

I've not got anything to worry about on my report now but does potentially applying for 10+ accounts over a short period of time not look suspicious anyway?

I have never applied for 10 in a single month myself but certainly did batches of 3 current accounts in a couple of days. And a couple of credit cards in the same month.

The banks also all know that some of their accounts are particular popular.

Having said this, if you are going to do First Direct and HSBC, I would do them early on as they seem to do more stringent checks than some others. But I am just guessing - only way to find out is to get on with the job.

xylophone

positive or negative to say about Investec? Having never had large savings, it's not an organisation I really know much about.

A relative has had dealings with them as POA and found them helpful and efficient.