Changing bank accounts: affect on credit score

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Caporegime
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I've had enough with Halifax. Been with them for 18 years but their awful service and attitude towards their customers is getting too much.

So I wanna swap to Nationwide, they'll also give me a few quid for doing so.

Thing is, I'm not keen on watching my credit scores drop (I'm aware that the scores are a load of rubbish but for the purpose of this discussion it seems to be a decent metric)

Anyone changed before? Did it affect your credit at all?

If not I might just open another bank account, slowly start moving everything to that and make it more of a gradual process rather than an instant thing, but that's a lot more faff.

Any input appreciated. Cheers!
 
Age of account seems to be the key factor which impacts your score from what I've read online.

It is certainly one of the factors which is listed in Credit Karma as influencing your credit score, for example, but listed as low impact.

As the above poster has said, just keep your old account open with a nominal value and open a new one. Might be an added bonus knowing you'll probably be costing Halifax money by doing that, especially if you switch on paper correspondence.

Only downside is you might not get the bonus from Nationwide as you probably need to use the switching service and close your old account to qualify.

/Salsa
 
Didn't make much of any difference when I swapped from Halifax to FirstDirect. I'd had that account for 20+ years.
I also now have a Starling account which I'll mostly user and I'll swap the first direct as and when I can get the deals.
 
Wouldn't worry about it.
I have loads of credit cards, change my bank account every 1-2 years.
Never really even bothered to think about it with current accounts.

As zefan said. Just keep oldest account active.
 
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Disco_P said:
I did every bank switch offer in 2023 (made £1750 doing so) and the only ones that did hard searches and therefore impacted the credit score were HSBC & Natwest group banks.

Doesn't matter though.
Click to expand...

Yeah I've done same over the years and I think total is about the same. About to do the Lloyds on for 200.
Easy cash.

I even had a stint at coop bank! Eek

I know everyone loves first direct. But I wasn't impressed.
 
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Problem is mortgage stuff tho. We're probs gonna be applying soon and apparently it helps to have a long-standing account.

I'll figure out a loophole to start moving across and keep the Halifax one, need to think it thru tho.
 
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