Opening bank accounts for switch incentives

Munchkinsmum

Is there a point where opening too many at once is a problem and what is the general repercussion if so?

clive0510

the bank transfer incentives at the moment are very good. best one I found is tsb- £200 for switching + 5% back for 6 months. not bad for doing nothing. 
however, Martin lewis on his money programme last night, did say that the body that overlooks all this,do monitor things very closely and if you switch too many times it can a negative affect on your credit rating. 
so beware of that.

eskbanker

clive0510 said:

Martin lewis on his money programme last night, did say that the body that overlooks all this,do monitor things very closely and if you switch too many times it can a negative affect on your credit rating. 
so beware of that.

Switching doesn't affect credit ratings but opening new accounts (often, but not always, a precursor to a switch) may. I don't watch the TV programme but there isn't a "body that overlooks all this" as such, except the FCA, who aren't involved with monitoring credit status - there are multiple credit rating agencies who receive data feeds from the banks and provide a consolidated view back to prospective lenders, if that's what you mean.

flaneurs_lobster

clive0510 said:

the bank transfer incentives at the moment are very good. best one I found is tsb- £200 for switching + 5% back for 6 months. not bad for doing nothing. 

There is no "5% back for six months". There is £5/month for six months if you make 20 debit card transactions each month, not quite "doing nothing".