Opening bank and saving accounts - impact on credit file

Tom161992

Hi,

In previous years gone by, I have often taken advantage of switching offers from banks, usually 1 per year. However, more recently I haven't.

I've been taking a look and I think it's time to switch again as the service from my current bank is terrible and I basically move everything to a monzo account. 

I was wondering if there could be a negative impact on my credit file of opening accounts too often and switching banks, and also if this applies to savings accounts?

Thanks,

Tom

[Deleted User]

There's the potential for a slightly negative view if you're constantly switching, but it's not a major concern.

Savings accounts don't appear on your credit files, as they're savings, not credit.

kaMelo

Tom161992 said:

Hi,

In previous years gone by, I have often taken advantage of switching offers from banks, usually 1 per year. However, more recently I haven't.

I've been taking a look and I think it's time to switch again as the service from my current bank is terrible and I basically move everything to a monzo account. 

I was wondering if there could be a negative impact on my credit file of opening accounts too often and switching banks, and also if this applies to savings accounts?

Thanks,

Tom

To give you an idea, I had seven hard searches from Virgin Money within a month, the consequences of which were absolutely nothing.
In terms of "credit score" numbers  one went up, one went down and Equifax just stays the same no matter what I do.