There are often concerns about hard credit inquiries when you open checking or savings accounts. These can ding your credit score. In an interview for this Yahoo Finance article
, the Fair Isaac CEO wasn't asked specifically about hard credit inquiries, but he was asked about how one's credit score is affected when applying for a loan. According to the CEO "it depends on the kind of product you're shopping for." He said that applying for 5 car loans over a short time span won't have an effect, but applying for 5 credit cards would since that implies you're in need of credit. Based on this, you would think it shouldn't ding your score for applying for deposit accounts.