Does opening a savings account affect my credit score?
Though credit reports typically do not list information about income, investments, or savings accounts, some banks may perform a hard inquiry when you are opening a savings account, which could affect your credit score. Therefore, it’s best to check with the bank about its credit check policies.
A bank might want to do a credit check for a number of reasons. A credit report contains your credit history, including what types of bank accounts you have, how long they’ve been open, whether or not you pay your bills on time, and if you’ve ever filed for bankruptcy.
There are two types of credit checks: hard and soft credit inquiries. A hard credit inquiry or pull happens when prospective lenders or financial institutions check your credit report to make a lending decision, such as whether or not to give you a loan. Such an inquiry can adversely affect your credit score for around two years. A soft pull occurs when a company checks your credit report as part of a background check and does not affect you in any major way.
Note: Please check with your bank, as this example may not apply to your individual circumstance.
Related questions View all
-
Q. Why Am I Still Receiving Statements?
We at Stash are legally required to send our clients statements for their account(s) in any month in which there was any activity or funds in the account. If you believe you should not have received a statement, log back into your account to see if your accounts are fully closed and… If you are fully closed with no funds in any of your account(s): Since your account is now fully closed and unfunded this would be your final statement.…
-
Q. Trying to Link your Stash with TD Bank?
As of April 25th, 2022, at 12:01a.m. ET, TD Bank implemented a change that requires all institutions, including Stash, to re-link once every 90 days if you linked your account via the Instant Link option using Plaid. What this means for Stash customers who are linked to a TD Bank account: This will not impact any deposits you make from your account,…
-
Q. Why did you sell part of my investments to cover my monthly subscription fee?
The way we initially attempt to charge the fee differs. We’ll try to pull from your Portfolio cash, linked debit/credit card, or Stash Banking1 balance first. If that doesn’t work, then we’ll sell a portion of your holdings in your Personal Invest Portfolio to cover the fee.…
Didn’t find your question?
Tell us what you’re looking for, and we’ll search for resources that could help.
Ask your question