Can opening multiple savings accounts hurt your credit score? I’m Haley Lyons with your Bankrate.com Personal Finance Minute.

Sometimes banks will do a “hard inquiry” on your credit report, even though you are not applying for credit. A hard inquiry will affect your credit score, but not by a lot. 

For most people, one additional credit inquiry will take less than five points off their FICO score. However, inquiries can have a greater impact if you have few accounts or a short credit history.

Large numbers of inquiries also mean greater risk: People with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports.

A hard inquiry stays on your credit report for two years, but only impacts your credit score for one year. Ask the bank before applying for the new account whether it will pull your credit report.

Moving the money to where you’re getting a higher rate will improve your returns and should have a minimal impact on your credit score.

To find out more on this and other personal finance inquiries, log on to Bankrate.com, I’m Haley Lyons.