Switching banks for rewards and then switching again

jimmymoon

Is credit etc. the only downside to excessive switching? In what way does it affect it?

YorkshireBoy

jimmymoon wrote: »

What are actually the dangers of using my main current account for switching and getting incentives?

Your 'time with bank' will be shorter, which will impact the 'stability' aspect of any lender's credit scoring system.

Is credit etc. the only downside to excessive switching? In what way does it affect it?

Assuming I've understood your question(!), the more new accounts you have, the worse your 'average age per account' will be. Again, impacting on stability.


I've never noticed any appreciable impact from rather excessive switching. Then again I've no need for credit, and although I have a mortgage (for another 2 years), the last time I switched product was back in 2006. As others have said, I wouldn't be as active if I actually needed credit, especially a mortgage in the near future.