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Money is money, doesn't matter where it is saved, no?
I have a santander 123 account. Can get 3% interest up to 20k
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Having worked for banks in the past, savings accounts, bonds and ISAs generally don't have credit checks On application as you have no ability to borrow against them, they don't appear on your credit file at all, so should not affect the mortgage.
If you are getting an account from a brand new bank however, they may do a credit check as you are new to them.
If the purchase takes an extra couple of months, then the extra interest you get will be pretty minimal, particular compared to any hassle in transferring large amounts of funds close to exchange (no internet banking access, lost access details, requirement to find a branch to send a CHAPS transfer etc)If you already have a mortgage agreed and an offer in place, very rarely do the lenders recheck your credit score, unless you tell them of a material change, address change, job change, etc. I've seen people apply for home improvement personal loans, car finance, open joint bank accounts etc without negative effects, though credit applications are definitely not advised until you complete.
(If the purchase falls though and you have to reply for a new property, with an interest only credit card opened and a £15k loan, things can get complicated)
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skinny
Acliff
@hugo7
We've got an approved mortgage, but things are taking a while. I'm also trying to save quite hard anyway.
The only "savings" accounts I have are now old and shit. I want to open a higher interest bank account but I'm nervous about opening accounts before purchase.
Am I being paranoid or could this have an effect?