Multiple current accounts?

BankerIq104

hello i am a student and I have one student account and one general current account. I want to open another one with nationwide. Would this impact my credit score? thanks

MattMattMattUK

BankerIq104 said:

hello i am a student and I have one student account and one general current account. I want to open another one with nationwide. Would this impact my credit score? thanks

Your credit score is pointless and meaningless, you can safely ignore it.

You can have as many current accounts as the banks will let you have, some have various requirements, but in general there is no issue with having more current accounts. If you also apply for an overdraft on the account that will show on your credit report, as well as the account opening itself being recorded.

Can I ask why you feel you need a third current account and what you expect to gain from it?

PRAISETHESUN

If you ask around on here you'll get the full gamut of people who only have a single current account through to people who hold current accounts with every single provider who offer one. Up to you if you believe there is something to gain from opening a third account.

As above you can safely ignore your credit score/rating, but you do need to focus on the actual credit history information presented on your credit files. Applying for a new current account usually results in a hard credit search, which will impact your ability to get credit in the short term. A single search is neither here or there really in the scheme of things however and isn't something to worry about.

BankerIq104

Yes I wanted to open an account with nationwide for their cash back. Also as an extra pot of money in case I need it

BankerIq104

PRAISETHESUN said:

If you ask around on here you'll get the full gamut of people who only have a single current account through to people who hold current accounts with every single provider who offer one. Up to you if you believe there is something to gain from opening a third account.

As above you can safely ignore your credit score/rating, but you do need to focus on the actual credit history information presented on your credit files. Applying for a new current account usually results in a hard credit search, which will impact your ability to get credit in the short term. A single search is neither here or there really in the scheme of things however and isn't something to worry about.

Yes I wanted to open an account with nationwide for their cash back. Also as an extra pot of money in case I need it 

BankerIq104

MattMattMattUK said:

BankerIq104 said:

hello i am a student and I have one student account and one general current account. I want to open another one with nationwide. Would this impact my credit score? thanks

Your credit score is pointless and meaningless, you can safely ignore it.

You can have as many current accounts as the banks will let you have, some have various requirements, but in general there is no issue with having more current accounts. If you also apply for an overdraft on the account that will show on your credit report, as well as the account opening itself being recorded.

Can I ask why you feel you need a third current account and what you expect to gain from it?

Yes I wanted to open an account with nationwide for their cash back. Also as an extra pot of money in case I need it 

Middle_of_the_Road

16 at present, although only a few have any funds going through them. All serve a purpose, mainly to be able to open a regular saver.

Edited to add:

If you're starting the switching for cash process, you could currently get three other payouts.

You could take the Nationwide offer, and once they pay out, switch again to one of the others.

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#switch

Alternatively, you could open A Chase account, who allow you to instantly add multiple current accounts in their app, and use those for switching.
I've done 8 or 9 so far over the past couple of years.

PRAISETHESUN

BankerIq104 said:

PRAISETHESUN said:

If you ask around on here you'll get the full gamut of people who only have a single current account through to people who hold current accounts with every single provider who offer one. Up to you if you believe there is something to gain from opening a third account.

As above you can safely ignore your credit score/rating, but you do need to focus on the actual credit history information presented on your credit files. Applying for a new current account usually results in a hard credit search, which will impact your ability to get credit in the short term. A single search is neither here or there really in the scheme of things however and isn't something to worry about.

Yes I wanted to open an account with nationwide for their cash back. Also as an extra pot of money in case I need it 

Cashback? If you're referring to their switch incentive, then I'd recommend looking to make sure you understand exactly how it works. You need to use the current account switch service (CASS) which requires you to close one of your existing accounts with another bank. More details can be found below:

https://www.nationwide.co.uk/current-accounts/switch/

friolento

MattMattMattUK said:

 

Can I ask why you feel you need a third current account and what you expect to gain from it?

There are plenty of reasons why people might want a third (/fourth /fifth etc) current account. Having spares for switching is one reason, having access to good regular savers (First Direct, Zopa, Club Lloyds etc) or to a credit card (e.g. Chase) another. Nobody should feel compelled to justify their reasoning, and in my experience not even banks are asking in their online applications.

danny13579

PRAISETHESUN said:

Cashback? If you're referring to their switch incentive, then I'd recommend looking to make sure you understand exactly how it works. You need to use the current account switch service (CASS) which requires you to close one of your existing accounts with another bank. More details can be found below:

https://www.nationwide.co.uk/current-accounts/switch/

I think they may mean the 1% cashback on debit card spending for the first year of the Flex Direct account.

PRAISETHESUN

danny13579 said:

PRAISETHESUN said:

Cashback? If you're referring to their switch incentive, then I'd recommend looking to make sure you understand exactly how it works. You need to use the current account switch service (CASS) which requires you to close one of your existing accounts with another bank. More details can be found below:

https://www.nationwide.co.uk/current-accounts/switch/

I think they may mean the 1% cashback on debit card spending for the first year of the Flex Direct account.

Oh! That makes much more sense. Been so long since I was a new customer I didn't realise what they were offering these days