switching current accounts downside


I've recently switched current accounts twice to get the switch bonuses. I am considering switching several more times to clean up the rest of the bonuses available. Is there any downside to this? I'm not planning to apply for any major credit products in the near future (next year or so), but could this impact my score long-term or make it harder to get a mortgage later? It feels too good to be true that I can get all this free money...



  • There is no down side beyond the credit checks that happen (not severe if you are not going for an overdraft) but keep in mind some switches do require you to stay with the lender for a period of time or have requirements like moving direct debits which might not get paid if you keep jumping in quick succession. Thus you may not be able to jump switch 5x in the next 5 months say, but if you had 2-3 current accounts that fulfilled the criteria, there shouldn't be any major issue.
  • Nebulous2Nebulous2 Forumite
    4.6K Posts
    Ninth Anniversary 1,000 Posts Name Dropper
    Don't let the credit report score wag the free money dog. Do what's best for you financially rather than worrying about the irrelevant score. 

    Most of the regulars who switch will have several current accounts and will keep a 'main' one, switching less important ones. They also create new accounts to switch, known as a 'donor' account. That keeps stability with your bank and saves disrupting finances you are happy with. I would want to keep my 123 lite with Santander for instance, as I get cashback on some of my household bills. 

    The downside to keeping multiple accounts is that you might not qualify for a new user bonus. Fortunately last year both Santander and Nationwide paid me to switch into an existing account. 
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