Multiple bank accounts

SwiftS

I already have two current accounts (with NatWest and Halifax). Is there a limit to the number you can have? I was going to apply for the HSBC account to get the £200. 

Also, Is there a credit check? I applied for a Lloyds credit card in June and I don’t want too many credit checks as I want to apply for a balance transfer card around Christmas time.
thanks!

DiamondLil

No, limit as far as I know - I currently have half a dozen at last count.

eskbanker

SwiftS said:

I was going to apply for the HSBC account to get the £200. 

Also, Is there a credit check? I applied for a Lloyds credit card in June and I don’t want too many credit checks as I want to apply for a balance transfer card around Christmas time.

There will be a credit check, and it's perhaps also worth noting that HSBC are known for being quite choosy about who they accept for their Advance account, so if you're carrying a balance on a credit card that might not make you particularly welcome there, even if you comply with their published criteria....

Bridlington1

The only thing that will limit you is the number of accounts that each individual bank will choose to give you. I've got a nice round dozen current accounts myself, though did have more at one point.

As for the searches it depends on the bank. There's a useful list of banks that do hard/soft searches here:
https://forums.moneysavingexpert.com/discussion/6422051/list-of-banks-with-hard-vs-soft-searches-for-current-accounts/p1

pridehappy

No limit for current accounts, however some banks will set individual limits. Most current accounts do complete a credit check, unless on the list posted above.

It’s also in my eyes a good thing as you’ve got more backups in an emergency and are eligible for more current account customer only products. 

Also, just to ensure, if you’re looking for the £200 from HSBC you’ll usually need to switch one of your other accounts (Halifax or NatWest) to it when opening, which closes the other one.

boingy

SwiftS said:

I already have two current accounts (with NatWest and Halifax). Is there a limit to the number you can have? I was going to apply for the HSBC account to get the £200. 

Also, Is there a credit check? I applied for a Lloyds credit card in June and I don’t want too many credit checks as I want to apply for a balance transfer card around Christmas time.
thanks!

With the Halifax you can open a second current account in seconds and then switch that one to HSBC for the free money. HSBC are fussy about who they accept and do a hard credit check each time you apply so if you get rejected don't be tempted to try again. One hard credit check will have no impact on your credit worthiness.

datlex

Unless a requirement of a switch don't select the overdraft option on any account you open.  You certainly can have several.  Some banks such as Halifax and Barclays allow you to have multiple accounts.  And you can have accounts across multiple banking organisations.  It can help you get some extra money each month taking advantage of reward, cashback and linked savers, even if you are on a relatively low income and have relatively low savings.