Opening Multiple Accounts (+Switching Bonus) and First Direct Application

Ch1ll1Phlakes

Hi. I'm relatively financially savy and have had a switching bonus before. However, I'm looking at opening new current accounts for linked savings accounts and the exchange rates on the debit cards as I will be travelling to Europe for a holiday for the very first time. With upcoming expenses switching bonuses are going to be useful however I'm wondering how many accounts would be reasonable to open before it starts becoming a red flag when providers are checking my credit report.

I've had three main current accounts for 5-10 years, with one for a credit card, one for an overdraft and one for my main spending and wages. I've recently opened the Zopa Biscuit and am considering opening the First Direct 1st Account and Virgin Money Everyday Account for the associated regular savers and debit cards as well as using the switch bonus for First Direct (which would require a further account opened to switch as I want to hold all my current ones).

Anyone did something similar to this or any recommendations on how to proceed with this. Or even is this sensible? Many thanks in advance.

Nasqueron

I have loads, one main one for pay, and most bills and several linked to savers, Co-Op, Nationwide, First Direct, RBS, Santander (x2), and a leftover one at Virgin from a previous bonus. No harm in having them, worst case the empty one might get closed after not being used. 

Ch1ll1Phlakes

Nasqueron said:

I have loads, one main one for pay, and most bills and several linked to savers, Co-Op, Nationwide, First Direct, RBS, Santander (x2), and a leftover one at Virgin from a previous bonus. No harm in having them, worst case the empty one might get closed after not being used. 

How quickly did you open them all? That's more my issue is that I don't want rejected by one due to applying for too many.

Nasqueron

 I did 11 switches over 27 months but generally in batches for switching, 4 in 22 Feb-Oct, 3 in 23 Feb-Nov, 4 in 24 Jan-May

Generally if your credit history is fine and you're not after overdrafts it's no biggy. I either swap them on a switch or leave them if there is anything useful. I've even re-opened accounts after switching out later on, did a Co-Op switch out in May 24 and opened a new one this summer for their regular saver; I've switched out of Nationwide twice and have had one for 18 months with the regular saver for the Fair Share bonus

Ch1ll1Phlakes

Nasqueron said:

 I did 11 switches over 27 months but generally in batches for switching, 4 in 22 Feb-Oct, 3 in 23 Feb-Nov, 4 in 24 Jan-May

Generally if your credit history is fine and you're not after overdrafts it's no biggy. I either swap them on a switch or leave them if there is anything useful. I've even re-opened accounts after switching out later on, did a Co-Op switch out in May 24 and opened a new one this summer for their regular saver; I've switched out of Nationwide twice and have had one for 18 months with the regular saver for the Fair Share bonus

Ok thanks. Glad it seems to work ok. I imagine your kinda looking at opening 1 new account per month when you're doing these batches?

I've already opened three this month. Didn't really take a lot of effort so didn't realise until today how close together they were.

Nasqueron

Ch1ll1Phlakes said:

Nasqueron said:

 I did 11 switches over 27 months but generally in batches for switching, 4 in 22 Feb-Oct, 3 in 23 Feb-Nov, 4 in 24 Jan-May

Generally if your credit history is fine and you're not after overdrafts it's no biggy. I either swap them on a switch or leave them if there is anything useful. I've even re-opened accounts after switching out later on, did a Co-Op switch out in May 24 and opened a new one this summer for their regular saver; I've switched out of Nationwide twice and have had one for 18 months with the regular saver for the Fair Share bonus

Ok thanks. Glad it seems to work ok. I imagine your kinda looking at opening 1 new account per month when you're doing these batches?

I've already opened three this month. Didn't really take a lot of effort so didn't realise until today how close together they were.

I just opened them when the offers came out, just waiting for the dates to potentially reset

vic_sf49

Ch1ll1Phlakes said:

Nasqueron said:

I have loads, one main one for pay, and most bills and several linked to savers, Co-Op, Nationwide, First Direct, RBS, Santander (x2), and a leftover one at Virgin from a previous bonus. No harm in having them, worst case the empty one might get closed after not being used. 

How quickly did you open them all? That's more my issue is that I don't want rejected by one due to applying for too many.

When current accounts used to offer decent things, I know I opened 2 x Santander accounts, one immediately after the other.

And 3 x Bank of Scotland accounts (or RBS, whichever), immediately after the other. Had to phone up to do the 2nd and 3rd on this occasion, as computer said no, but human on the phone sorted it. So maybe a 20 min process, from start to finish, due to having to phone. 

Ch1ll1Phlakes

Thanks for the replies. They are much appreciated.

I applied for two accounts, including First Direct's CA, on Tuesday but have held off opening anything more as I am yet to hear from them. I know they take identity and fraud check very seriously but just wondering if anyone has any recent experience of how long it will take to hear from them. I'd seen a thread talking about it taking two days and the message displayed at the end of the application mentioned 48 hours. 

EDIT: I've updated the thread title to keep up with where I've got to.

Lens

Ch1ll1Phlakes said:

 I'm wondering how many accounts would be reasonable to open before it starts becoming a red flag when providers are checking my credit report.

Glad you asked the question as I’ve been having similar thoughts myself recently regarding how many accounts is too many. Having all these current accounts has not seem to cause any problems so far recently had a new mortgage and a sim only phone contract without issues. Interested to see comments from others about this.

I have 7 current accounts that I actually use (see below), some of which have been switched quite a few times. Recently I have been introduced to Top Cashback and have opened 2 additional accounts with Santander for cashback and amazon vouchers (total £40/130) making new total accounts open to 9. I notice there is an offer for £60 with First Direct so considering if that would be a step too far!

For your interest I currently I have the following current accounts:

Nationwide x4 - Main account paid into (used to be Barclays), joint account for Bills/mortgage, Shopping account joint (this was supposed to budget weekly shopping but doesn’t really work), Dog account joint (food/ pet insurance, spare money for vet etc). Regular saver and ISA.

First Direct x1 – Car account (Insurance, AA membership, save money for garage/new car in future). This account has been switched many times over the past 2 years as it had 2 direct debits (Barclays – Nationwide – Lloyds – Santander – First Direct).

TSB x1 – Leisure account (

Barclays x1 – This was main account for years but just have it open now for Barclaycard and I believe its beneficial for credit rating to have a long open account. Could possibly close this account though.