I have recently switched my current account to Lloyds Bank. Does switching your current account affect your credit rating? Are there any negatives to switching?
As part of the switching process, your new bank will carry out a search on your credit record. Although this search will show up on your credit record, it should not have any major impact on your credit rating.
If there are several searches carried out within a short timescale, that is when you may see a dip in your credit score. Frequent searches could be viewed as a sign you have financial issues and are constantly looking for more credit.
Switching should not cause you any problems, except perhaps a little inconvenience – new bank details to give to your employer, new cards, PINs and online banking to get used to – but nothing to worry about, especially if it means you get a bank account that is more suitable for your needs.
Andrew Haggar is the founder of personal finance website Moneycomms.co.uk
Best current accounts
|
Best account for… |
Account |
Benefit |
Notes |
|
Switching perks |
HSBC Advance |
Get £175 if you switch and open a linked 2.75% regular savings account |
You must pay in £1,750 a month |
|
Interest |
Nationwide FlexDirect |
5% interest on up to £2,500 for the first 12 months |
Must pay in £1,000 a month |
|
Overdraft |
First Direct |
Interest-free £250 overdraft |
|
|
Cashback |
NatWest Reward |
2% cashback on bills and £150 switching reward |
£2 monthly fees and must pay in £1,500 a month |
Source Moneywise - 29 years of helping you with your finances https://ift.tt/2Ts7y22
ليست هناك تعليقات:
إرسال تعليق