Opening a new bank account does not directly hurt your credit score, but the way you open it might
A bank account itself—checking, savings, money market—does not appear on your credit report. Banks do not report account activity to the three credit bureaus (Equifax, Experian, TransUnion). Your credit score measures how you borrow and repay money, not how you manage deposits.
What can affect your score is the hard inquiry that some banks run when you open an account. A hard inquiry happens when a bank checks your credit to decide whether to open the account or what terms to offer. This inquiry shows up on your credit report and typically lowers your score by a few points—usually between 5 and 10 points, though the impact varies by person and scoring model.
The damage is temporary. Hard inquiries fall off your credit report after 12 months and stop affecting your score after about six months. If you open multiple accounts in a short window, each one can trigger a separate inquiry, which compounds the effect.
Key Takeaways
- Bank accounts themselves do not report to credit bureaus, so opening an account does not build or damage your credit history.
- A hard inquiry from a bank can lower your score by a few points, but only if the bank runs a credit check—not all banks do.
- Opening several accounts within a few weeks can trigger multiple hard inquiries, each one lowering your score slightly.
- The impact of a hard inquiry fades after six months and disappears from your report after 12 months.
- Closing a bank account does not affect your credit score at all.
When a bank runs a credit check and when it does not
Not every bank checks your credit when you open an account. Many banks—especially online banks and credit unions—only check ChexSystems, a banking history database that is separate from credit bureaus. A ChexSystems check does not affect your credit score.
Banks that do run a credit check are usually looking for risk: they want to see whether you have a history of overdrafts, unpaid accounts, or fraud. Traditional banks and some regional banks are more likely to pull your credit than online-only banks. If you are unsure, call the bank before you open the account and ask what they check.
Some banks offer accounts with no credit check at all—these are often called second-chance accounts or basic checking accounts. They may come with lower limits or monthly fees, but they let you open an account without any inquiry hitting your credit report.
How multiple hard inquiries add up
If you open three bank accounts in one month and each bank runs a hard inquiry, your credit report will show three separate inquiries. Each one typically costs you a few points. The combined effect can be more noticeable than a single inquiry—perhaps 15 to 30 points total, depending on your starting score and the scoring model used.
Credit scoring models treat multiple inquiries differently depending on timing. If you open accounts within 14 to 45 days of each other, some models count them as a single inquiry (because they assume you are rate-shopping). Others count each one separately. The exact window varies by model, so there is no may provide that opening accounts close together will protect your score.
The practical takeaway: if you need multiple accounts, space them out by at least a month or two if your credit score matters to you right now. If you are not planning to borrow money soon, the temporary dip is usually not worth worrying about.
Why closing an account does not hurt your score the same way
Closing a bank account has no direct impact on your credit score because banks do not report account closures to credit bureaus. You can close as many checking or savings accounts as you want without triggering any inquiry or damaging your score.
The only exception is if closing an account causes your account to go negative (overdrawn). If you do not pay the overdraft, the bank may send it to collections, and that will show up on your credit report. But the closure itself is invisible to credit bureaus.
The difference between bank accounts and credit accounts
Bank accounts and credit accounts are tracked by different systems. A bank account is a place to store money. A credit account—a credit card, loan, or line of credit—is money you borrow and repay. Only credit accounts appear on your credit report.
Opening a credit card, personal loan, or car loan will affect your credit score because those are credit inquiries. Opening a bank account will not, unless the bank runs a hard inquiry on your credit report as part of their approval process.
If you are trying to build credit, opening bank accounts will not help. You need credit accounts—credit cards, installment loans, or credit-builder loans—to establish a credit history. Bank accounts are useful for managing money, but they do not contribute to your credit profile.
What to do if you need multiple accounts and want to protect your score
If you are opening accounts for practical reasons—a joint account with a partner, a separate account for a business, a high-yield savings account—and you are concerned about your credit score, ask each bank upfront whether they run a credit check. Many will tell you over the phone or on their website.
Prioritize banks that use ChexSystems only or offer accounts with no credit check. Online banks like Ally, Charles Schwab, and Discover often skip the credit inquiry. Credit unions frequently do the same. If you need a traditional bank, call ahead and ask.
If you do get multiple hard inquiries, do not panic. The impact is small and temporary. Focus on the things that matter much more to your score: paying bills on time, keeping credit card balances low, and not closing old credit accounts. A few points from a bank inquiry will recover on its own within months.
Frequently Asked Questions
Will opening a savings account hurt my credit?
A savings account will not hurt your credit unless the bank runs a hard inquiry. Most banks that offer savings accounts do not check your credit—they may only check ChexSystems. Call the bank and ask before you open the account.
Does opening a joint bank account with someone affect their credit?
No. Bank accounts do not report to credit bureaus, so opening a joint account does not appear on either person's credit report. The bank may run a credit check on both applicants, which would show up as a hard inquiry for each person, but the account itself is invisible to credit scoring.
How long does a hard inquiry from a bank stay on my credit report?
A hard inquiry stays on your credit report for 12 months, but it stops affecting your credit score after about six months. After 12 months, it disappears from your report entirely.
Can I open a bank account if I have bad credit?
Yes. Banks that check credit may deny you if you have a history of overdrafts or fraud, but many banks offer second-chance accounts with no credit check. You can also try credit unions or online banks, which often do not pull your credit at all.
If I close a bank account, will my credit score go up?
No. Closing a bank account does not affect your credit score because banks do not report account closures to credit bureaus. Your score will not change either way.