OddsMonkey

6 thoughts on “The Full Guide to Bank Account Switching

  1. I am not sure if it is fully confirmed, but might be worth noting that I think if you shuffle frequently it can slightly impact your credit score as they often run a credit check before opening your account. So might be worth putting a disclaimer that this might not be the best thing to do if you are saying looking to get a mortgage and have a borderline credit rating for whatever it is you need credit for?

  2. Great guide! I’ve made £200 this year from switching two different accounts. Hopefully about to make another £100 from Nationwide’s refer-a-friend offer.

    I think Iain, above, is right – opening too many accounts in a short space of time will impact your credit score, which might be a concern if you’re thinking of getting a loan or a mortgage in the next year.

    1. Hey, thanks!

      Yeah, there would definitely be a temporary ‘negative’ against your credit files, but this would be the same if you got a mobile phone contract and a broadband package within a short amount of time. In my opinion, it’s nothing to really worry about. If your affordability passes and you’ve never defaulted, you’ll almost definitely find a lender. The only time I may warn to hold off a little would be if you’re barely in the affordability range for the credit you’re applying for, even then though – small things like this probably wouldn’t be the deciding factor.

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