Best account to open and switch from

Simon15

Just opened a basic account with RBS via their online form. Very quick and easy, so the only disadvantage was the need for a credit check.


Can anyone advise (roughly) how much applications for new current accounts should be spread out, for someone with a good credit score, probably looking to apply for a mortgage in about a year's time? I wonder if I can go ahead with a switch from RBS as soon as it's open?

YorkshireBoy

Simon15 wrote: »

Can anyone advise (roughly) how much applications for new current accounts should be spread out, for someone with a good credit score, probably looking to apply for a mortgage in about a year's time?

Wouldn't worry me in the slightest. Indeed, I've just this evening opened what are probably accounts 14 and 15 since December.

I wonder if I can go ahead with a switch from RBS as soon as it's open?

No, you'll need to wait for the debit card. Personally I always deposit some cash and set up a standing order or two and let it/them pay once before initiating the switch. Shouldn't take longer than 7-10 days.

grumbler

Simon15 wrote: »

...I want that First Direct £125 before it ends on Friday....

YorkshireBoy wrote: »

...Shouldn't take longer than 7-10 days.

:think:

That said, if it really ends tomorrow, I don't think it's the last £125 offer from FD.

MARTYM8`

Simon15 wrote: »

Just opened a basic account with RBS via their online form. Very quick and easy, so the only disadvantage was the need for a credit check.


Can anyone advise (roughly) how much applications for new current accounts should be spread out, for someone with a good credit score, probably looking to apply for a mortgage in about a year's time? I wonder if I can go ahead with a switch from RBS as soon as it's open?

Its very hard to say - but I would suggest you get them out of the way now and try to avoid getting new accounts/credit for at least 3 months before you apply for a mortgage.

There are really no hard and fast rules however - and with MMR you will inevitably get more scrutiny than in the past. And of course if you apply for a mortgage with a bank/BS you have a current account/track record with it may not actually make a difference. It will depend on lots of factors.

SuperHan

I applied and received probably at least 4 current accounts in the year before my mortgage. I always requested no overdraft though, so the effect on the account was minimal.

After 6 months, they're probably not going to consider searches anyway. They're more concerned with affordability and how much debt you have.

Simon15

Thanks everyone. Just to share a quick update:


- I applied for my new RBS Basic account on Thursday evening, and on Saturday got a text saying it's ready to use. Not bad!
- I was going to actually sacrifice my favourite existing current account, but still missed the £125 First Direct deadline. Looks like "Ends Fri" didn't mean "Ends midnight Fri", as I had hoped!
- Tomorrow I have an appointment with Barclays to open a Cash Card account. Since they apparently don't credit check, might as well do this properly and have an extra donor account ready to go for next time
- It's probably worth mentioning that I've never seen switching incentives from RBS or Barclays, which makes them great as donor accounts!

colsten

Simon15 wrote: »

- I was going to actually sacrifice my favourite existing current account, but still missed the £125 First Direct deadline.

The First Direct £125 promo is second only to the DFS promos.

Comes and goes and comes and goes and comes ....... Only a matter of patience to get their top offer.

bstoke211

Just opened a Barclays one in a matter of minutes. Already have Natwest so can anyone tell me another simple easy account to open please?

vixen1500

colsten wrote: »

The First Direct £125 promo is second only to the DFS promos.

Comes and goes and comes and goes and comes ....... Only a matter of patience to get their top offer.

Just wondering what the DFS promos are?

grumbler

https://www.google.co.uk/search?tbm=vid&q=dfs+advert&oq=dfs

Their notorious so called 'sale' never ends.