Chase to show on credit report (as per major banks)

Alex.T

Just had an email from Chase regarding them showing on people’s personal credit report. Just wondering how having a large savings balance will affect a credit report going forward? Will it improve the credit status, but will it also be able to be seen when applying for means tested benefits etc?
Before I transfer the savings tomorrow to take advantage of the 3% interest rate. 

Band7

Alex.T said:

Just had an email from Chase regarding them showing on people’s personal credit report. Just wondering how having a large savings balance will affect a credit report going forward? Will it improve the credit status, but will it also be able to be seen when applying for means tested benefits etc?
Before I transfer the savings tomorrow to take advantage of the 3% interest rate. 

They would only report the current account(s), not the savings account(s). The actual current account balance is only showing on credit files if you are overdrawn. Positive balances do not show. Are you familiar with your credit files? https://www.moneysavingexpert.com/loans/check-free-credit-report/

As you mention means tested benefits: the DWP won't look at your credit files to establish whether you are telling the truths about your savings, as savings info is not held there. It would be safe to say though that it's not clever to lie when applying for benefits.

BTW, CHIP pays 3.05%.

Alex.T

Thank you for the reply. I’ve got a Santander 2.75% that I’m using a lump sum that will hopefully pay for our children’s uni in years to come. And I also have a reasonably empty Chase account that it was in before this, so swapping between the two is just convenience really. Only reason I ask about the means tested benefit is in regard to DLA and carers that my wife gets for our disabled son and was hoping that these would not be affected by the savings. 

Vortigern

Does this mean that Chase will soon be offering credit, or overdrafts.
Will they hard check existing customers?

PloughmansLunch

With regard to current accounts, I thought it was only borrowing/overdrafts in use that showed up? My current accounts listed on Experian are all green and show £0 balance.

eskbanker

Alex.T said:

Only reason I ask about the means tested benefit is in regard to DLA and carers that my wife gets for our disabled son and was hoping that these would not be affected by the savings. 

I don't believe that either of those is means-tested, but if you're concerned about any impact of substantial savings then maybe ask on the benefits board?

pearl123

Why has this taken so long? I would have thought the info would be on peoples files far sooner. 
i've just opened a second current account with another provider, so i hope it does not come across as back to back  c. account opening. 

Poquito

Just following on from Vortigern’s point above, if they now hard search existing customers surely this could potentially impact people going through the mortgage process!

AmityNeon

A current account being listed on a credit report does not necessarily mean a hard search is carried out during applications.