New bank account and credit rating

invuk

A lot of the best savings accounts require you to open a bank account. If I were to open a new bank account would this affect my credit rating. Thanks.

flaneurs_lobster

Depends on the institution, some don't do a hard search (eg Chase), most do. A hard search shows on your credit report. 

Your credit rating is whatever a prospective lender decides it is depending on their criteria for lending.

Your credit score is a number made up by the credit reference agencies that only you see.

The opening of one or two new current accounts is unlikely to have any practical impact unless you are thinking of applying for a large amount of credit (mortgage, car etc) in the near future.

invuk

Thanks for your reply. My concern is I maybe looking for a mortgage in the near team but have some money which is not working as hard as it could be for me. I may have to limit the number of accounts I open I guess.

flaneurs_lobster

invuk said:

Thanks for your reply. My concern is I maybe looking for a mortgage in the near team but have some money which is not working as hard as it could be for me. I may have to limit the number of accounts I open I guess.

How much cash are you looking to save? Lump sum? Regular deposits? Where is your money currently? When will you need to access the funds?

Are you a taxpayer? Higher rate?

There are reasonable savings products out there that don't need current accounts or hard searches, but (of course) the choice will depend on the above questions (and others).

SH88SH88

invuk said:

Thanks for your reply. My concern is I maybe looking for a mortgage in the near team but have some money which is not working as hard as it could be for me. I may have to limit the number of accounts I open I guess.

Open a Coop Cashminder account,  then you will be entitled to open a Coop Regular Saver which currently pays 7% . 'Cashminder' is the Coop name for their 'basic' current account.  Pretty sure you won't need a hard check for this.