Does opening an account affect my credit file?

When you open a Monzo account, we’ll look at your credit file to verify your details and to see if we can lend you money. This is called a ‘soft search’ and it won’t affect your credit score - you may see it as a 'quotation search' or 'administration review'.

Lenders can see when you open a new bank account though, and this might affect your credit score.

It’s hard for us to know specifics, because every credit reference agency has their own way of calculating credit scores and there are different factors that go into it.

For example, opening an account could be good for your credit score if you don’t have much credit history. But if you open lots of accounts in a short space of time, your score might go down.