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Switching current accounts if you’ve only ever had one current account

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  • I missed out on the Lloyds offer didn’t I. Oh well! I am a bit suspicious of Lloyds.. but probably unfounded… shame about the cinema tickets!!
  • danny13579
    danny13579 Posts: 647 Forumite
    500 Posts Second Anniversary Name Dropper
    Ah i see i have to wait for the Starling debit card to arrive before I can do any switch…
    You don't have to wait for the card to arrive. You can get the card number in the Starling app.
  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    I've had my main current account with barclays for 25 years. I naively switched this one for the natwest bonus (oops) however I also have a graduate account with barclays which I've held for 18 years so I could technically use that for future credit checks ? I also have a monzo account as I travel a lot and use their travel insurance product and their spending abroad. 
    I'm keen to take advantage of first directs offer too, just not sure what my next move should be ?! I am confident with shifting balances as I already do this regularly anyway, but I would like to take advantage of the first direct saving incentive which is better than the natwest one (can pay more in for a start) any advice ? 
    You don't "use a current account for credit checks". A lender will look at your credit files and use the information they can see there in their decision on whether they will offer you a credit facility. Having several current accounts on your credit files would normally be a positive, provided they aren't overdrawn or in default. Read this for more information.
  • piker57
    piker57 Posts: 94 Forumite
    Fifth Anniversary 10 Posts Name Dropper
    Ah i see i have to wait for the Starling debit card to arrive before I can do any switch…
    You don't have to wait for the card to arrive. You can get the card number in the Starling app.
    Are you sure about being able to see the debit card number in the App. I recently opened a Starling account & couldn’t access any card details until I received the physical card & activated it. I was able to add it to Google Wallet but you don’t see the card number there.
  • danny13579
    danny13579 Posts: 647 Forumite
    500 Posts Second Anniversary Name Dropper
    piker57 said:
    Ah i see i have to wait for the Starling debit card to arrive before I can do any switch…
    You don't have to wait for the card to arrive. You can get the card number in the Starling app.
    Are you sure about being able to see the debit card number in the App. 
    Yes, it's under "Cards" to the right of the "Home" menu.


  • Band7 said:
    I've had my main current account with barclays for 25 years. I naively switched this one for the natwest bonus (oops) however I also have a graduate account with barclays which I've held for 18 years so I could technically use that for future credit checks ? I also have a monzo account as I travel a lot and use their travel insurance product and their spending abroad. 
    I'm keen to take advantage of first directs offer too, just not sure what my next move should be ?! I am confident with shifting balances as I already do this regularly anyway, but I would like to take advantage of the first direct saving incentive which is better than the natwest one (can pay more in for a start) any advice ? 
    You don't "use a current account for credit checks". A lender will look at your credit files and use the information they can see there in their decision on whether they will offer you a credit facility. Having several current accounts on your credit files would normally be a positive, provided they aren't overdrawn or in default. Read this for more information.
    Yeah, I’m in MSE credit club. My partner uses Experian.
  • phillw
    phillw Posts: 5,663 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 11 March 2023 at 11:37PM
    I missed out on the Lloyds offer didn’t I. Oh well! I am a bit suspicious of Lloyds.. but probably unfounded… shame about the cinema tickets!!
    You can still just open a club lloyds account with them, their switch offers tend to include existing customers

    It's worth considering the long game and have a load of accounts ready to go for when a decent switch offer comes along. They tend to offer more money each time, so missing out now just means you'll get more eventually.

    I wouldn't switch a starling account, they are more likely to refuse you an account in the future if you want one. While the high street banks don't care at all.

  • phillw said:
    I missed out on the Lloyds offer didn’t I. Oh well! I am a bit suspicious of Lloyds.. but probably unfounded… shame about the cinema tickets!!
    You can still just open a club lloyds account with them, their switch offers tend to include existing customers

    It's worth considering the long game and have a load of accounts ready to go for when a decent switch offer comes along. They tend to offer more money each time, so missing out now just means you'll get more eventually.

    I wouldn't switch a starling account, they are more likely to refuse you an account in the future if you want one. While the high street banks don't care at all.

    Oh really. So you don’t think I should switch the Starling account? You think I should open a Lloyd’s account and switch that?
  • So I could open a RBS or NatWest but it’s one of them I might want to switch to. So I am best off starting off with Lloyds?
  • pridehappy
    pridehappy Posts: 340 Forumite
    100 Posts First Anniversary Name Dropper Photogenic
    Switching today is really easy and all banks will assist you in the process. All you really need to do is apply online for a new current account, provide the details of your old bank while applying and everything will be switched for you, and there's a guarantee that if something goes wrong, your money is safe. Everything is nearly transferred for you, apart from your debit card purchases and an overdraft.

    Setting up an overdraft is easy, just contact your new bank and most are quick at setting it up. Plus, you'll get an incentive for switching sometimes and ideally a better banking offer.

    In terms of the effect on your credit score, it's usually minimal and after a year or two will be nearly non-existent as long as you keep up good credit habits.

    In terms of banks to switch to, I've heard quite a few bad stories about RBS and the quality results are worse than HSBC, so I'd suggest Virgin Money or Nationwide. 

    Virgin Money has a better product though and I'd only really recommend Nationwide for the 'second best' option. Although Virgin Money don't get as good service ratings as some of the others, I've never had a problem and find their service really friendly and products fair, overdrafts are a lot lower than all the other banks too.
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