Opening new Bank Accounts to take advantage of switching bonus

snowqueen555

Is this um, okay to do? Well it's plain to see a lot of the savvy people on here do.

If I open 2 new bank accounts, I figure I can switch both to First and Natwest and claim £125+£125. Both accounts just really seem to need a deposit or minimum amount of x, which is fine by me.

snowqueen555

I also wanted t know if this would flag up in credit checks, that I've opened two bank accounts recently and then switching over in a short amount of time?

YorkshireBoy

Yes and yes are the answers to your two questions.

snowqueen555

YorkshireBoy wrote: »

Yes and yes are the answers to your two questions.

So is this a bad thing or not? I am totally clueless about credit ratings etc. How will this affect me?

YorkshireBoy

snowqueen555 wrote: »

So is this a bad thing or not? I am totally clueless about credit ratings etc. How will this affect me?

Depends on how the new bank views an account opened and closed very quickly. Personally i dont believe they're manually assessing applications to check if people are using donor accounts. However, a credit provider searching your credit file may take the view that perhaps it wasn't you who closed the account, but the bank!

But with dozens of account switches under my belt I'd say don't worry too much.

Willing2Learn

Having just two additional credit checks on your credit file will not have any negative impact on how you are viewed by lenders. It may temporarily reduce your credit score. But since your credit score is not seen or used by lenders, it doesn't really matter.

snowqueen555

I opened one bank account last month online which went through okay, the other one today in branch awaiting credit check. I was told the credit search would come up in my file, but wouldn't affect my score.

So worst case scenario two new bank accounts opened in the last month. I've not closed anything yet

Never opened one before, I've always had the one account my parent opened for me when I was born.

I have a few investment accounts with Hargeaves Lansdown etc, not sure if they show up either (shrug).

onwards&upwards

If you’re applying for a mortgage or any other credit and your record shows no or little debt, no missed or late payments but a few closed current accounts then I don’t think it’s anythin* to worry about it all.

I’ve got two switches going through this month, which makes 3 this year. I’m not worried!

YorkshireBoy

snowqueen555 wrote: »

I opened one bank account last month online which went through okay, the other one today in branch awaiting credit check. I was told the credit search would come up in my file, but wouldn't affect my score.

If they really did say that they weren't telling the truth. You can't open a full feature high street bank account without a hard credit search being undertaken.

I have a few investment accounts with Hargeaves Lansdown etc, not sure if they show up either (shrug).

Perhaps you should get copies of your credit reference agency reports and then you'd see what lenders see when they search you? But thinking about it logically, why would an investment account appear on a credit report? They're taking your money, not loaning you theirs!