cwah
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Post by cwah on May 8, 2019 22:52:42 GMT
I have multiple accounts switched anually. Log in can be easy with fingerprint recognition or password managers. once set up they require no maintenance. The IPad I use was an investment incentive I got a few years ago. It takes very little time get up am hour earlier one weekend and get sorted.
I prefer the big wad of cash for switching M&S have ongoing additional £5 credit to shopping card. I get one annual paper statement usually just as I'm about to swap accounts. After 2-3 years you can flip back to the original bank and start the cycle again like the sum that goes round each account to meet the funding criteria. I keep one non flipped account. I switched to M&S for 5% reg saver and got this £250 shopping card and it gets topped up £5 every months. Haven't used it yet - there's no local M&S for convenient food shopping and I don't need anything else they offer on line. May be one day I will make an effort and redeem my bonus I hope there's no expiry date. Only available to switcher, need 2 direct debit on the account and money has to be locked for a year: bank.marksandspencer.com/save-invest/monthly-saver/#For money locked a year I'd rather put it somewhere else
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Post by df on May 9, 2019 10:00:16 GMT
I switched to M&S for 5% reg saver and got this £250 shopping card and it gets topped up £5 every months. Haven't used it yet - there's no local M&S for convenient food shopping and I don't need anything else they offer on line. May be one day I will make an effort and redeem my bonus I hope there's no expiry date. Only available to switcher, need 2 direct debit on the account and money has to be locked for a year: bank.marksandspencer.com/save-invest/monthly-saver/#For money locked a year I'd rather put it somewhere else You can access your money at any time by closing your account.
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cwah
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Post by cwah on May 9, 2019 11:27:30 GMT
You can access your money at any time by closing your account. Still hassle doing that. Opening so many account would also damage your credit rating
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Post by df on May 9, 2019 11:38:59 GMT
You can access your money at any time by closing your account. Still hassle doing that. Opening so many account would also damage your credit rating Would it? I had no idea. Never been interested in my credit rating because I don't borrow (paid my mortgage off very long time ago). My rating must be very bad - I have (or have had) accounts with most UK banks and building societies.
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iRobot
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Post by iRobot on May 9, 2019 11:47:02 GMT
Still hassle doing that. Opening so many account would also damage your credit rating Would it? I had no idea. Never been interested in my credit rating because I don't borrow (paid my mortgage off very long time ago). My rating must be very bad - I have (or have had) accounts with most UK banks and building societies. Indeed - 'would it'? I was aware (anecdotally) that this may be the case for multiple credit card applications but not for current / saving accounts.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on May 9, 2019 11:49:24 GMT
You can access your money at any time by closing your account. Still hassle doing that. Opening so many account would also damage your credit rating Doesn't seem to have affected mine. But I never borrow or go overdrawn
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cwah
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Post by cwah on May 9, 2019 12:02:02 GMT
I carefully check my credit score via multiple platforms (experian, clearscore..) and it does have impact as mine is regularly low.
I tend to change phone provider regularly and switch bank account when they have good switching offer (like the recent natwest £150 switching deal)
Still useful being able to get mortgage when interest rate is all time low
Edit: the impact comes from the credit check BEFORE you open an account. Not the fact you are opening an account or that you have many accounts.
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Post by df on May 9, 2019 12:19:16 GMT
I carefully check my credit score via multiple platforms (experian, clearscore..) and it does have impact as mine is regularly low. I tend to change phone provider regularly and switch bank account when they have good switching offer (like the recent natwest £150 switching deal) Still useful being able to get mortgage when interest rate is all time low Edit: the impact comes from the credit check BEFORE you open an account. Not the fact you are opening an account or that you have many accounts. I see what you mean. They check your credit score in order to open an account and that makes your credit score lower. It doesn't make any difference for me, but out of curiosity, do they check credit score if you're opening another account in the same bank?
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cwah
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Post by cwah on May 9, 2019 12:56:10 GMT
I see what you mean. They check your credit score in order to open an account and that makes your credit score lower. It doesn't make any difference for me, but out of curiosity, do they check credit score if you're opening another account in the same bank? I don't know as it would depend on the bank policy but I can give you 2 real life examples making me think it would be yes: - When I applied for HSBC mortgage, I applied first for a 60% LTV mortgage. It was approved (post credit check). Then I decided to change for the same mortgage but at 75% LTV just a few days later. They had to redo the entire search and a 2nd mark on my credit score to be refused. So to get back the 60% LTV mortgage, I had to apply again, with new credit search, for the 3rd time. It had an enormous impact on my credit score had hasn't yet fully recovered after 2 years. (flat I didn't manage to purchase btw due to Lendy defaults ) - A year ago there was a deal for Three mobile with better deal for new customers than existing ones (I was existing Three mobile customer). So I called the customer service to have the better deal and they told me it's only for new customers. So if I wanted it I had to apply for the new customer deal. They also initiated a credit check as part of the procedure. So my guess is when you open the new account, if you're doing it the same way as new customers would do, they'd just do the credit check as part of their standard procedure.
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macq
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Post by macq on May 9, 2019 13:16:27 GMT
in theory when you open savings accounts/products such as NS&I or HL or with banks etc they can use a soft search with Experian or others to check your details and confirm your ID this will not effect your rating.Its a more in depth check for current accounts,loans etc which can have an impact (as found by so called "rate tarts" who chase better credit cards)
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r00lish67
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Post by r00lish67 on May 9, 2019 14:05:41 GMT
I track my credit report using clearscore. Opening bank accounts only has any effect if you take the overdraft option, as obviously this extends the amount of credit you have access to and so your risk. So, just decline the overdraft if you want to open more.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 9, 2019 17:19:45 GMT
I switched to M&S for 5% reg saver and got this £250 shopping card and it gets topped up £5 every months. Haven't used it yet - there's no local M&S for convenient food shopping and I don't need anything else they offer on line. May be one day I will make an effort and redeem my bonus I hope there's no expiry date. Only available to switcher, need 2 direct debit on the account and money has to be locked for a year: bank.marksandspencer.com/save-invest/monthly-saver/#For money locked a year I'd rather put it somewhere else Just take the switching bonus you don't need to use the saver account. I move £1000 round 4 banks to meet the funding criteria. DD can be TV Licence, TV/ Broadband ,Electric,Gas ,Netflix, Mobile bill,Insurance Premium, Lottery, Football pools,Council tax, Car tax, have a M&S credit card. Spend a pound and have balance paid in full Enough there to service numerous current accounts
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 9, 2019 17:28:49 GMT
I track my credit report using clearscore. Opening bank accounts only has any effect if you take the overdraft option, as obviously this extends the amount of credit you have access to and so your risk. So, just decline the overdraft if you want to open more. Good tip . Use Noddle as well.
If switching any change rectifies once the account closure is recorded.
Take credits all out at same time max out the O% zero fee option for current account reansfer to an account with interest then pay from account with Direct Debit. So intrest on their money fully secured and good for your credit score. Win Win
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aju
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Post by aju on May 25, 2019 13:50:41 GMT
I track my credit report using clearscore. Opening bank accounts only has any effect if you take the overdraft option, as obviously this extends the amount of credit you have access to and so your risk. So, just decline the overdraft if you want to open more. Good tip . Use Noddle as well.
If switching any change rectifies once the account closure is recorded.
Take credits all out at same time max out the O% zero fee option for current account reansfer to an account with interest then pay from account with Direct Debit. So intrest on their money fully secured and good for your credit score. Win Win
Watch out with that one, we did this stoozing stuff back in 2007 and nearly got burned with the Icelandics when they went south in the crash. Very sweaty palms for a couple of months. Came alright in the end but not sure the UK govt would bail next time around. I've mentioned this in other threads. With the CC rates 2/3% we get offered on 0% for periods on the stoozed part it must be quite hard to make the rates to make it worth really it, in my own that is view of course. We too use noddle, clearscore and MSE credit checker etc etc to track credit changes etc. I usually create PDF of the reports and then check them using PDF compare tools to see where the changes are. Did catch my son being linked to me incorrectly a few years back which was useful as his credit history was not that great at the time.
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aju
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Post by aju on Jun 29, 2019 10:20:44 GMT
In my mind, it's more like having to manage multiple bank accounts. Receiving 10X more paper. Login is usually a pain due to security. Then your account can be locked. And you need to verify identity. And you need to keep track for when the plan change. And fees. Just feels like load of hassle for this. But yeah if I was retired and had time I could consider Not really "managing" May be because I was doing it for long time, but it it doesn't feel like hard work. Hardly any paper. Login is easy for most, but I don't have to do it very often. I've had locked online access to TSB account once, a bit of pain, but it was resolved. Good thing about banks is that you always get notified for maturity dates and any interest/T&C changes well in advance. The only one I have to pay fee for is Santander, but after cash back from utility bills it is around £2 a months, considering 5% on £200 per month (monthly saver) all together as a package works fine. Santander made a good move with reg saver - it is now automatically renewed as long as you keep your SO open-dated. I know this is a bit old but was wondering do you really get 5% on the santander Regular (Monthly) saver (Issue6), mine ran out and was moved into a 3% Issue 7 in Feb - automatically that is with my open ended S/O. It's still slightly better than Marcus overall but I notice it's been reduced down to 2.5% for Issue 8 so next time we will have to decide where to move to but by then Marcus will be lower as the bonus (0.15%) will have run out. BTW when we were playing the Current account interest chasing game we had many many accounts (over 30 or more between us )and it was fun never seemed to affect credit rating though. We made over £3000 on HFX alone until they all started to drop the rates and made it pretty much too much bother - especially when tesco stopped DD funding of their savings accounts. We still have TSB, Tesco and one Santander gaining interest but am about to withdraw tesco as its rate has dropped below Marcus. Will still us it for Clubcard points etc.
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