Best/suitable bank account

TheShape

hockeyned wrote: »

Never really thought of tesco to be honest thank you. Are you allowed two current accounts from two different banks?

Yes you can. You're not limited to that either.

bigadaj

Anthorn wrote: »

Me too. But my idea of "the most money I can have" is pretty big: 100 quid doesn't cut it. If you want to break your back and probably your credit history by chopping and changing bank accounts go ahead. But you might find that good service is worth more to you.

But if you must join the MSE crowd: 100 quid plus best service - First Direct

Considering your historically parlous state why be averse at profiting from a wide range of banks?

No impact on credit status, in fact positive in almost all scenarios, though you do have some odd views on financial status and conduct.

hockeyned

So ot wotn affect my credit score if i change bank accounts to reap the rewards? Will it hide a few accounts? I mean when i changed from barclays to halifax on my credit score theres no sign of my gas and electric bill which i pay each month, no sign of car tax or the gym either

WillPS

It will affect your credit rating but the damage won't be long lasting - it's a good idea to keep your most long standing account open (open a new account just to switch it if you need to) and don't do it if you're looking for a mortgage in the next 6 months.

hockeyned

How long will it damage your rating? Im saving for a house - still got a good 3 or 4 yrs until il actually get any close amount so trying to find ways it would help

eskbanker

hockeyned wrote: »

How long will it damage your rating? Im saving for a house - still got a good 3 or 4 yrs until il actually get any close amount so trying to find ways it would help

There's no hard and fast rule but it's said on here that lenders are usually more interested in what you've done within the last six months, so three or four years shouldn't be a problem, and as on your other thread, one poster racked up 16 current account applications and 2 credit cards in six months, despite this lowering their (largely arbitrary) score.

Worth reading http://www.moneysavingexpert.com/loans/credit-rating-credit-score for a briefing on the subject....

Also, if this is your first property, consider a Help To Buy ISA for saving equity for it, as this is pretty much the best way of accumulating a house deposit for a first-time buyer, given the government's largesse with 25% bonuses!