Opening bank accounts

isingh1

Hi All,

Apologies if this has been asked before, I am a new to the forum.

I have a few questions:

1) I have several current accounts (Santander, NatWest, TSB, FD, Nationwide - some of them opened in the last 6 months, might I add) - but would like to take advantage of the x3 BoS vantage accounts offering 3% interest.

I am worried about my credit rating if I open all 3 of them in quick succession, so I wanted to know how soon after should or can I open the 2nd account and 3rd once I have the first account without affect my rating.

2) I'd also like to apply for a Santander Credit Card / Amex card - but again worried about my credit rating affecting my chances of obtaining this since having recently opened a few current accounts.
How often should applications be spaced out?

3) In regards to the Savings loophole - I know some accounts need a minimum pay-in each month, which is fine. But does the pay-in need to stay in one of the accounts for a certain duration (i.e. a day) or can it be taken back out again straight away the same day in order to get interest on that account.

Thanks!

zerog

isingh1 wrote: »

I am worried about my credit rating if I open all 3 of them in quick succession, so I wanted to know how soon after should or can I open the 2nd account and 3rd once I have the first account without affect my rating.

Just open them all at the same time.

I'd also like to apply for a Santander Credit Card / Amex card - but again worried about my credit rating affecting my chances of obtaining this since having recently opened a few current accounts.

I would open these before opening the BOS accounts. A credit search is visible by others for 6 months. I had no problems opening 15 accounts (current and credit card) within the past 6 months spaced out.

In regards to the Savings loophole - I know some accounts need a minimum pay-in each month, which is fine. But does the pay-in need to stay in one of the accounts for a certain duration (i.e. a day) or can it be taken back out again straight away the same day in order to get interest on that account.

It isn't a loophole. The money can be taken out as soon as it arrives, as it is the act of money being received in the account that triggers the interest.