Opening another new current account - will this look bad?

cturks14

Hi,
I have recently started working and therefore earning money (I have very few outgoings) and also trying to get all my banking in order.
About 3 months ago I switched an old current account to a 123 Santander account and have already made the £20k.
Then last month I switched another old current account to an M&S one to get the voucher and the access to the 6% monthly saver account.
Now I'm still going to have more money that I need somewhere to go to, so I'm very interested in the TSB 555 current account offer and I have another old current account I could switch to this and then get the 5% interest on up to £2000 AND then there's the monthly saver account they offer too.
But my concern is, will it look bad if I apply for this TSB account only a month after joining M&S? Am I likely to be accepted for it? I have never been in debt or missed payments on credit cards and I have no mortgage or anything. But I am NOT going to use it as my main current account, so will they frown upon all this, or do they not care as long as you pay in the £500 a month from somewhere (which in my case will be transfering from Santander account) ?
Cheers for any advice. I am thinking of applying later today.
:beer:

Jsscmm

Probably be fine. I've got accounts with all the places you mentioned and more! There are people on here with 20+ current accounts.

Personally I try to spread them out a little, so only open one new current account a month for example. Probably more important to consider if you are about to want a large credit agreement such as a mortgage or loan. If so, try to have as much stability in the lead up to that application.

blindman

Welcome to the world of switching bank accounts

No it will not look bad.

Yes it will have an effect on your credit rating but (apparently) unless you're applying for a morgtage or huge loan this should have no effect (no experience-just what I read on the forums)

FYI

Post here about top savings accounts using banks.

Another thread about current switching bonuses

I've had them all except TBS-applying today

Currently have 10 bank accounts all for various reasons.

These days it best never to close any bank accounts and to use the dormant ones for switching.

BTW
I assume you're single, if not the switching opportunities double.

cturks14

Thanks for the reply and advice Jsscmm.:)

cturks14

Thanks.

Does it matter if I admit on the application that I WON'T be using the account for my wages to be paid into? Will that make it less likely I'll be accepted or anything?

blindman

cturks14 wrote: »

Thanks.

Does it matter if I admit on the application that I WON'T be using the account for my wages to be paid into? Will that make it less likely I'll be accepted or anything?

The only thing these days I've found is that if you say the account will be funded from other means (not your salary) then the application gets "heavy" and they ask lots of Q's about where the funds are from etc.

This is due to money laundering rules (AFAIK) and can be a PITA, so, I always say salary\pension etc.

They never check, nor care so no problem.

All they want is to get you in (on a loss leader account) and then hope you overdraw\take up their products etc.)

Play the game and you're a winner :cool:

cturks14

I have been accepted guys!

djpailo

You guys who mention it will affect those who are thinking of getting a mortgage or large loan.

How long should you wait (without opening any new current accounts) before making such an application and being considered "stable" then and would closing the account affect credit score too?

Archi_Bald

About 6 - 12 months may be.

djpailo

Archi_Bald wrote: »

About 6 - 12 months may be.

Thanks. I think a year is probably safer:

I've been reading some guides and it certainly says applications stay on your credit file for a year. Anyway, don't want to derail the thread.

Jsscmm

djpailo wrote: »

Thanks. I think a year is probably safer:

I've been reading some guides and it certainly says applications stay on your credit file for a year. Anyway, don't want to derail the thread.

The account is on your credit file until a couple of years after you close it. Assuming you don't have any credit issues with it of course in which case I think those go up to 6 years. The application is again two years. Whether a mortgage lender cares is another matter. Personally I would avoid a credit card or loan for at least 6 months before a mortgage but might be cheeky with a current account up to 3 months.

I do have the same main account I've had for over 15 years though, which I use to show that I can be stable.

Congrats on getting your account though.