UPDATE: NatWest Switch bonus

Umiamz

pdx123 said:

NedS said:

I'm still waiting for my switching bonus from NatWest's last offer, payable by 21st February. It was only £150 last time so looks like they've increased the bonus. Wish I'd waited now, oh well!

Just checked my NatWest account & the £150 switch payment is in early.....they didn't leave it until the death like RBS.

Thanks - just checked my account and I've received it, too

Sue58

YorkshireBoy said:

Sue58 said:

I've had a Nat West account and received the switch incentive in the past but cannot remember whether this was in 2016 or 2017. Since I closed the account I don't have any of the old paperwork/debit cards anymore so, how can I check this out?

Ed-1 has answered your question, but for future similar queries I believe account opening and closing dates will be shown on your credit reports (for 6 years following closure). 

Which in your opinion is a good credit report agency to check with? Experian, Clearscore or any others or are trhey all the same./similar? 

irelavv

Umiamz said:

pdx123 said:

NedS said:

I'm still waiting for my switching bonus from NatWest's last offer, payable by 21st February. It was only £150 last time so looks like they've increased the bonus. Wish I'd waited now, oh well!

Just checked my NatWest account & the £150 switch payment is in early.....they didn't leave it until the death like RBS.

Thanks - just checked my account and I've received it, too

Mine's paid too.

SlovakianGuy

sfc87 said:

Anyone have experience of any credit rating impact switching could have? Looking to remortgage and get a AIP within the next couple of months so don’t want to hinder that, but if there’s unlikely to be an impact then it’s an easy £350 for my partner and I (I’ve switched accounts 3 times before and understand the process etc).

Although we don't have one universal "credit rating" in the UK, yes, frequent switching DOES affect your ability to get approved for credit  or to get a better/lower interest rate. Particularly, you will have several 'hard searches' on your credit report after opening several current accounts. Also, you will have multiple new accounts with very short history which may indicate the lack of stability in the eyes of lenders.
I opened 6 current accounts within 2 months at the end of 2018. Few months later I did some eligibility checks for credit cards and most of them showed me pretty low chance of getting accepted. After 12 all the hard searches dropped off my credit reports. Now, after 14-15 months of no switching, all eligibility checkers, including Amex, show 90-95% chance of approval for any credit card, except HSBC, possibly because I moved to a new address 2 months ago. I've been pre-approved for all cards from Lloyds Group (Halifax, MBNA, etc.) I do these checks directly on banks' websites, not via comparison websites. I must say though, I have 3 credit cards which I use every single month (the oldest opened in Apr 2018, the newest Jul 2019) and I have an immaculate history of paying them off, always on time.

So, long story short. Yes, it does affect your creditworthiness in a short term. If I was you, I wouldn't do the switching before getting my AIP. One switch may be OK though. But I would keep my old accounts. It's better to open a new 'donor' account, preferably with banks that don't do hard searches (if you don't apply for overdraft) such as Monzo or Starling. Then switch them to a bank that is offering bonus and you end up with only one hard search on your credit report.

snooloui

I got my bonus from the last offer too; an easy and painless £150.

colsten

sfc87 said:

Anyone have experience of any credit rating impact switching could have? Looking to remortgage and get a AIP within the next couple of months so don’t want to hinder that, but if there’s unlikely to be an impact then it’s an easy £350 for my partner and I (I’ve switched accounts 3 times before and understand the process etc).

Each current account application results in a credit application search on your credit reference files (though some people claim, against evidence to the contrary, that Starling doesn't register), even if you don't apply for an overdraft.  Lots of credit application searches in a short space of time can be considered as an increased need for credit, and therefore put off other lenders. If you know who you want to get credit from, why not ask them whether they'd hold a current account application against you? If they are evasive, or if you don't get an answer, it might be best to postpone your switching until you have sorted your remortgage and AIP (btw, what is AIP?). 

tryin

abz88 said
Just banked a switch bonus from RBS but will likely attempt it as from previous posts it sounds like people have had luck in claiming rewards from NatWest and then RBS without them cross checking.

Where did you see that? Can you pls provide a link? Thanks!

abz88

tryin said:

abz88 said
Just banked a switch bonus from RBS but will likely attempt it as from previous posts it sounds like people have had luck in claiming rewards from NatWest and then RBS without them cross checking.

Where did you see that? Can you pls provide a link? Thanks!

https://forums.moneysavingexpert.com/discussion/5963644/rbs-switch-offer-same-as-natwest/p1 
See comments on this thread

SlovakianGuy

colsten said:

Each current account application results in a credit application search on your credit reference files (though some people claim, against evidence to the contrary, that Starling doesn't register), even if you don't apply for an overdraft.

What evidence are you talking about? Starling DOES NOT do hard search. It's just a fact. Same applies for Monzo. If you don't ask for overdraft, they don't do a hard search.

Here is a copy / paste straight from my credit report. I opened my Monzo on 22 May 2019.

Hard searches from May 2019: NOTHING

Soft searches from May 2019:

Monzo Bank (COSMOS, CR, SA, AR)22 May 2019

Affordability

Monzo Bank (COSMOS, CR, SA, AR)22 May 2019

Quotation Search

Then, on 02 October I applied for Monzo overdraft. Only then it appeared among hard searches:

Monzo Bank (COSMOS, CR, SA, AR)02 Oct 2019

Checking Credit Application

It works the same with Starling.

One difference is that Monzo searches ONLY your TransUnion, nothing else. Neither Experian nor Equifax show your Monzo account. Starling searches TransUnion and Equifax, but not Experian. I asked Experian directly and they told me that neither Monzo nor Starling currently report anything to them.

Other banks land "checking credit application" on your credit reports regardless of you asking for overdraft with them or not.

GTR_King

Can you use any DD Or does it have to be bills??