Question about switching current account/history with bank?

klane

Hopefully you guys might know more than me...

I've been considering switching my current account, to either First Direct or A&L, based on current offers, interest rates, cashback & quidco deals etc.

I have had my current account with NatWest for YEARS. I opened it as a teen as a card plus account, upgraded it to a student account when I went to uni, upgraded it to a graduate account when I left... and I'm now 30. So I've had this account for probably 15 years.

I think my credit history is probably okay/good... a few blips perhaps on the odd late payment, but nothing too major. A couple credit card refusals along the way (from the same parent company, I discovered... MBNA) but have others, all fine.

When I recently was in Nat West for an enquiry on a loan (which I didnt take out, and don't plan to) I was told I had such great credit history with them I was fast tracked and not even checked again before being offered one (they'd have given me £5000 for 5 years on the spot). Now and again, probably like most banks, they screw up and I get really fed up and think about leaving. If I was to leave and go elsewhere, does that change my credit rating? I mean in the sense, that is it better to have 15 years history with someone (even they they aren't amazing) than to have no history with someone else? Or does it make no difference whatsoever?

I'm not anticipating any financial disasters (fingers crossed!) but you never know, and my husband and I do have some debts (over £10,000 but managable, just, and being reduced). We also have our joint account with them which the bulk of our salaries gets transferred into for bills & mortgage payments. (My hubby's current account is with HSBC).

Any thoughts/advice? Thanks.

YorkshireBoy

"Time with bank" is a key stability indicator when being credit scored.

There's nothing wrong with switching banks (in fact, it's encouraged) but so long as you don't close down* the NatWest account your credit 'rating' won't be affected.


* You may need to run the odd transaction through the account to stop it being flagged as dormant. Also, you may find NatWest withdraw/reduce any agreed overdraft facilities if your salary is no longer mandated to the account.