Does opening multiple current accounts affect your credit score?

Caversham

I currently have a Nationwide FlexDirect current account which has come to the end of its 12 month 5% interest rate. A few months ago I closed an old NatWest current account which I no longer used.

I am now considering opening a new current account. As I have been with Nationwide for over ten years and have a credit card with them I am reluctant to close my FlexDirect current account as I have read that a long term relationship with a bank can be helpful with mortgage applications.

My question is whether my credit score would be adversely affected if I open new current accounts with both Halifax and TSB? I want to use TSB as a savings account and the monthly £5 payment from Halifax seems easy money.

Would having three current accounts look bad on my credit score especially if two were opened at the same time?

grumbler

Caversham wrote: »

Would having three current accounts look bad on my credit score especially if two were opened at the same time?

No.

Opening a new account has a short-time effect like any other credit search recorded in your history.

BTW, you can make a few hundred pounds by switching accounts instead of closing them. This is possibly more than the interest you get on your savings.

colsten

OP, don't get hung up about your credit score as it is a virtually meaningless number anyway

http://www.moneysavingexpert.com/loans/what-credit-scores-mean

derelyth

Should the question not so much be about the credit score (which some say is an arbitrary number) but the number of searches on a credit file in a short space of time?

(Apologies for jumping in, but I'm also looking to open multiple accounts and this has been on my mind also)