Any downsides of closing an account weeks after opening one?

Uke

Hi, I have had the same 0% interest current account for about 30 years. I decided to take action after using this site and I signed up for a Halifax account (to use with day to day things) and the Santander 123 account for my Direct Debits and savings.

I am unable to save much, but worked out that I could just cover £2 cost of the Santander 123 a month when I signed up. Now that its £5 I am sure there is much better accounts for my limited savings. The Santander account does not have the best returns for me until I would have £7000 in the account and I can not see that happening in foreseeable future.

My question is... Will it count against me (eg credit rating) if I open 2 accounts within the same week (which I have done) and then a week or two later try and close one of the accounts (and then maybe open another account with another bank)?

Archi_Bald

No. Go and do it.

compbren

I'm in the same position. Really want to open a Tesco current account but have only just applied and got accepted for the 123 credit card. I have already opened two current accounts and a saving account this year.

YorkshireBoy

compbren wrote: »

I'm in the same position. Really want to open a Tesco current account but have only just applied and got accepted for the 123 credit card. I have already opened two current accounts and a saving account this year.

I successfully opened 18 current accounts and 5 credit cards in the first 5 months of this year.


As Archi says, "go and do it"!

JKSandy

I have opened and closed so many accounts in the last couple of years, due to perks like interest rates and cash payments etc, my credit file looks like a phone book.

Kim_13

The new fee doesn't take effect until January, so why not keep the 123 until December and switch away from it then? That will allow you to put a bit more space in between your applications.

I'd just look at the accounts available in the meantime so you know what you want to apply for when December comes.

Kim_13

compbren wrote: »

I'm in the same position. Really want to open a Tesco current account but have only just applied and got accepted for the 123 credit card. I have already opened two current accounts and a saving account this year.

A savings account will not appear as an application for credit, only an identification check (at most) which won't affect future applications. If the savings account was with an institution you already have a financial relationship with, they might not even have done that.

DreamerFTB

Don't close it, switch it to a bank that gives you a bonus to do so.. there are plenty and get your free (around) £100!

Uke

Can you get the free £100 for switching from an account that has very little in it?

colsten

Uke wrote: »

Can you get the free £100 for switching from an account that has very little in it?

What do the switching T&Cs say? Is there any minimum balance you need to switch?