switching current accounts downside

1 Post
Newbie
Hi,
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...
Thanks.
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...
Thanks.
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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.