Switching Bank accounts

Lin782

I want to take up some of the bank account switching offers for the free cash. I have two bank accounts with different companies, one which has no money in it but I’ve had it since 2015 and it also has £400 overdraft limit with no fees which could be useful. And I have another account which I keep my money in but only had it since last year. I’m worried if I switch the one I’ve had longest it could affect my credit but I’m not sure if it would. Is it best to open another bank account and using that for the switch offers or should I just switch the one I don’t use.

Willing2Learn

Hi and welcome to the forum Lin782

Your 'credit score' will automatically temporarily drop as soon as you open a new bank account. There is no way it can be avoided. But since a typical lender neither sees nor uses your 'credit score', it doesn't really matter.

I always open a donor account with a bank that I already have an account with, prior to the switch. I then use the donor account to implement the switch.

Lin788

Hi thanks for your response. Can’t seem to log into my Lin782 account now I’ve had to make another one. I never knew I could have 2 current accounts with the same bank. So could I just open another current account today with my current bank and do the switch tomorrow? Is there a certain amount of time I have to wait to switch?

Willing2Learn

Yup. Just open your donor account online with your existing bank. If everything gets processed like normal, the account will be useable almost instantly (I always wait until I have received the new account debit card before proceeding though) . Have a check around the different banks to see what cash incentives are available as a switch reward...

DCFC79

Lin788 wrote: »

Hi thanks for your response. Can’t seem to log into my Lin782 account now I’ve had to make another one.

I take it you know the email address for Lin782, choose the forgot password option for the first account.

Kw099

Willing2Learn wrote: »

Yup. Just open your donor account online with your existing bank. If everything gets processed like normal, the account will be useable almost instantly (I always wait until I have received the new account debit card before proceeding though) . Have a check around the different banks to see what cash incentives are available as a switch reward...

I recently done this too, switched to first direct. Would you wait a while before switching again? If I switch now would there be any affects on my score

[Deleted User]

Probably, but that doesn't matter. The issue is whether you're opening too many accounts for your current credit needs

If you're on the verge of applying for credit, leave a gap.

JollyJonty

Hello Forum....I'm switching from a branch based Santander to either Barclays or Lloyds and ask

1-As regards current accounts do they still issue Cheque books at either Barclays or Lloyds....esp in branches, as I've heard  they are trying to do away with them and get everyone "online"....it's just I make the odd donation to charities by cheque & am suspicious of online banking having heard of apps & websites crashing.

2-Barclays "online" current account is based in Leicester ...does anyone know where Lloyds "online" accounts are run from?

Thanks in advance