List of banks with hard vs soft searches for current accounts

Options
13468914

Comments

  • noh
    noh Posts: 5,802 Forumite
    Name Dropper First Post First Anniversary
    Options
    email from Chase today.

    We're sharing your info with credit agencies

    Hi noh,

    We're sharing details of your Chase current account with credit agencies, and we're pleased to tell you that in the coming months, you'll begin to see Chase on your credit profile.

    We'll start with TransUnion, and report monthly. Just so you know, all major banks do this already.

    By doing this, lenders get a more accurate picture of your finances, so they can make the right decisions for you. 

    What we'll share – and what we won't

    We'll share some of your personal info – such as your name, when you opened your account, and details of any negative balances – but we won't share what you buy or your login details with the credit agencies.

    Don't worry, there's nothing you need to do – we're just keeping you in the loop. Got more questions about this? We've put together more info on what's being shared.

    Yours sincerely,

    The Chase team

  • ccdorset
    Options
    Looks like it's not clear whether Metro Bank do a hard or soft search.

    I'm going to apply today, so will report back on whether they hard search me. Realise it may take a while to show.
  • Alex9384
    Alex9384 Posts: 949 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    Managed to earn myself an unnecessary hard search by doing an exploratory current account application with Ulster Bank.

    Was curious to know if I could open an account while in GB (rather than NI). Not able to proceed while physically located in GB but got as far as Id checks if VPNing from Paris. Didn't proceed with application. 

    Can you try Danske Bank as well and let me know? :D

    I know it was possible to open their account in the past, then the option was pulled.. Now it looks like it might be possible to open the account from England again. One of the questions on the application form is whether you are "a permanent resident in Northern Ireland". If you select "No", it doesn't stop your application, only says you need to call them.

    Danske used to pay a £7 monthly reward (with £2 fee) just for paying in £1200 per month.
    Now it seems they reduced it to £5 reward (still £2 fee) but only £1000 monthly pay-in, however, it now also requires 8 debit card transactions, so I think it's not worth it anymore. You can still try though :)





     
    EPICA - the best symphonic metal band in the world !
     
  • Bridlington1
    Options
    Alex9384 said:
    Managed to earn myself an unnecessary hard search by doing an exploratory current account application with Ulster Bank.

    Was curious to know if I could open an account while in GB (rather than NI). Not able to proceed while physically located in GB but got as far as Id checks if VPNing from Paris. Didn't proceed with application. 

    Can you try Danske Bank as well and let me know? :D

    I know it was possible to open their account in the past, then the option was pulled.. Now it looks like it might be possible to open the account from England again. One of the questions on the application form is whether you are "a permanent resident in Northern Ireland". If you select "No", it doesn't stop your application, only says you need to call them.

    Danske used to pay a £7 monthly reward (with £2 fee) just for paying in £1200 per month.
    Now it seems they reduced it to £5 reward (still £2 fee) but only £1000 monthly pay-in, however, it now also requires 8 debit card transactions, so I think it's not worth it anymore. You can still try though :)
    I've just tried applying for a Danske current account and if I select "No" to the question about whether I'm a resident of Northern Ireland and then press "Next" it comes up with a message:

  • Alex9384
    Options

    I've just tried applying for a Danske current account and if I select "No" to the question about whether I'm a resident of Northern Ireland and then press "Next" it comes up with a message:


    That's strange... I'm getting this:


     
    EPICA - the best symphonic metal band in the world !
     
  • PloughmansLunch
    PloughmansLunch Posts: 500 Forumite
    First Anniversary First Post Photogenic Name Dropper
    edited 17 February 2023 at 10:02AM
    Options
    I just checked my TransUnion report through Lloyds for the first time, and had a hard check last month for a Bank of Scotland current account. I’ve been with Lloyds group for almost 30 years and have a few other Lloyds accounts (and credit) plus a Halifax account already so I’m a bit puzzled why. Doesn’t really bother me but thought I’d flag it for others.

    EDIT: Additional TSB spend & save = additional hard search
  • Alex9384
    Alex9384 Posts: 949 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    I just checked my TransUnion report through Lloyds for the first time, and had a hard check last month for a Bank of Scotland current account. I’ve been with Lloyds group for almost 30 years and have a few other Lloyds accounts (and credit) plus a Halifax account already so I’m a bit puzzled why. Doesn’t really bother me but thought I’d flag it for others.

    EDIT: Additional TSB spend & save = additional hard search

    That's normal. You'll get a hard search for the first account, even if it's in the same banking group. It's only that one particular bank that doesn't do any more subsequent searches if you already have one account. So if you have one Lloyds account, Lloyds will not do any more hard searches when you're opening another Lloyds. But Halifax will hard-search you for the first account. Same with BoS and probably MBNA.
     
    EPICA - the best symphonic metal band in the world !
     
  • ccdorset
    ccdorset Posts: 296 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    ccdorset said:
    Looks like it's not clear whether Metro Bank do a hard or soft search.

    I'm going to apply today, so will report back on whether they hard search me. Realise it may take a while to show.
    So I've applied for and opened a Metro Bank current account.

    No alerts of hard searches yet, will keep an eye on my credit reports across Experian, Equifax and TransUnion over the next few weeks.
  • WLewer98
    Options
    Just checked my credit report and Monzo did a hard search on me last month. I know for a fact that I didn't apply for an overdraft, so maybe a hard search is the norm for them  :|

    "Those who forget the past are condemned to repeat it"
  • pecunianonolet
    Options
    WLewer98 said:
    Just checked my credit report and Monzo did a hard search on me last month. I know for a fact that I didn't apply for an overdraft, so maybe a hard search is the norm for them  :|
    Moved Monzo to hard search based on your report.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.8K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards