Current account advice

novicedealer

Hi

Not really sure if this is the place to ask, but how many bank accounts can you realistically have?

I currently have 3 in my name, my personal one, a joint one for bills, and another I use for switching bonuses.

I'm thinking of opening a Zopa account to get cash back on our council tax and phone bill, but is that too much before credit score takes a nosey dive or does it not really affect it too much?

Thanks in advance

eskbanker

You can have as many as you want - it's true that opening a lot in a short period of time generates multiple hard credit searches but in itself that shouldn't be an issue unless you're about to remortgage, etc.

QrizB

Not really sure if this is the place to ask, but how many bank accounts can you realistically have?

You can have dozens, if you really want to!

Brie

You're the only one that sees the credit score. If you apply for credit the bank/creditor will look at your credit history and their own records not the fictional scores that are sold to us by Transunion and the rest.

SiliconChip

The limit is how many you can realistically manage. I've seen posts on here suggesting people have hundreds of accounts, but if you were to check them all daily you'd never get anything else done. I have 8 current accounts, 15 savings accounts plus an S&S ISA, and 7 credit cards. Some of them I check every day, most less often but all of them at least weekly.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82192029#Comment_82192029

This is true - but providers can see how many hard searches you have had over the last year or so, and decline credit applications if they conclude you are desperate for credit. This may or may not matter to you. In any event, when applying for current accounts, you shouldn't ask for an overdraft unless you particularly want an overdraft.

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/6689310/current-account-advice

One more account with Zopa will make little difference. As mentioned, don't request an overdraft if you don't need one with them.

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/82192116#Comment_82192116

It's an issue if you open lots of credit yes but current accounts are a minor thing if you don't have an overdraft as there is no credit available

friolento

https://forums.moneysavingexpert.com/discussion/comment/82192859#Comment_82192859

Most banks do a hard search for current account applications even if you do not request an overdraft

Neil_Jones

https://forums.moneysavingexpert.com/discussion/6689310/current-account-advice

If you're with Santander you can get cashback on phone/council tax through the Edge account, and upgrading an account shouldn't generate a new credit check. Caveat is monthly fee and 1% cashback but the cashback is capped at £10 a month.

Zopa may give you 3% cashback on anything you shove through it but that is capped at £4.50 a month so while it may give you more for everything, if you spend more than £150 (depending on your location and your council tax band that can be more than £150 a month on its own) you' you're at the £4.50 ceiling level with Zopa. Santander's equivalent offering means your monthly payments would have to be £1k a month to hit their ceiling.

But to answer the question you have as many current accounts as you want. I have four I may open a Zopa account and shift direct debits that Santander don't pay cashback on to it if Zopa are going to instead and then pretty much everything I pay out gets some form of reward.

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/82193641#Comment_82193641

Yes but that's not what I was pointing out - lenders can see searches, they can see you applied and opened a current account - there is clearly no "desperation for credit" when you are not applying for any credit.