Can you have more than one current account with the same bank and does the 2nd get a credit check?

seriously

As per title, for example I already have a HSBC Advance account. Can I apply for the HSBC Basic account and does this then get a hard credit check?

I'm opening purely for the Lloyds Switch offer. I know I can apply for a Starling/Monzo, who do 'soft' checks I believe but I might want to use those in future, so just thinking if my example above works?

Thanks for any advice!

mrkds

I managed to do this with Nationwide Ii opened a basic account in order to get switching incentives from another bank. I think it's doable but some banks  may have specific conditions that prevent it. For a basic account I'm pretty sure you don't need to pass a hard credit check. 

colsten

It depends on the bank. Some won’t allow more than one (e.g. Starling), some only allow one sole account of a given type (e. g. TSB Plus), some allow more than one sole account (e. g. Nationwide). Where more than one is permitted, they may or may not perform a hard credit search. In my experience, most do. You cannot normally apply for a Basic account if you already have a full-function accountwith the same organisation. No idea what HSBC do but there is one way for you to find out......

SlovakianGuy

Be aware that some basic accounts (if not all) cannot be switched.

I don't know how it's with HSBC, but Halifax do not perform hard searches. They hard-searched me in 2018 when I opened my Halifax current account. Then I applied for an overdraft on that account next year. No hard search. I applied for Halifax credit card in 2020 and again, no search on any of my credit files.

SlovakianGuy

You can have a brand new account with no hard search. Monzo and Starling both do only identification/affordability checks.

I know it because I opened both in 2018 and then switched them elsewhere. Then I opened both again. That means 4 new applications in total. No one single hard search in all 4 cases.

Monzo only hardsearched me a half year after the account opening, when I decided to get an overdraft. Go with zero overdraft and they will not performa a hard search.

stclair

You can’t open a basic HSBC basic account if you have another account elsewhere.

[Deleted User]

SlovakianGuy said:

Be aware that some basic accounts (if not all) cannot be switched.

I don't know how it's with HSBC, but Halifax do not perform hard searches. They hard-searched me in 2018 when I opened my Halifax current account. Then I applied for an overdraft on that account next year. No hard search. I applied for Halifax credit card in 2020 and again, no search on any of my credit files.

You aren't correct!

If the institution is part of the CASS then their Current accounts including Basic can be switched.

mab3000

dahj said:

SlovakianGuy said:

Be aware that some basic accounts (if not all) cannot be switched.

I don't know how it's with HSBC, but Halifax do not perform hard searches. They hard-searched me in 2018 when I opened my Halifax current account. Then I applied for an overdraft on that account next year. No hard search. I applied for Halifax credit card in 2020 and again, no search on any of my credit files.

You aren't correct!

If the institution is part of the CASS then their Current accounts including Basic can be switched.

Metro bank are part of the CASS but you cannot use the switching service for their basic account. 

jonesMUFCforever

Most banks will only open Basic accounts for you if you do not qualify for full accounts.
So to the OP you can ask HSBC to open a fee free account for you but it will not be a basic one. So the rest of the posts about whether you can or cannot transfer a Basic account with CASS is not applicable.

seriously

Thanks all for the advice!

I think in that case, I might just open a Monzo or Starling. 

Which one is more worth keeping?

I have a Revolut and coming from the traditional banks/apps, it was an eye opener in the slickness haha. The virtual cards are useful.

Yahoo_Mail

stclair said:

You can’t open a basic HSBC basic account if you have another account elsewhere.

I was going to post that but decided against it, as I suspected someone would point out that you would not be holding an account with "another" UK provider.   But I think that's not what they mean