Is it fine to open an account to do current account switch

Currently have NatWest(main), Barclays, (savings), Revolut as auxiliary… want to preserve all of these but do current account switching to get £175 bonus from First Direct, can I open an account with Lloyds or some other institution to do this?

What would be impact (have no current or immediate future credit or credit needs) so other than credit score are there any issues? Is there a minimum time to do this?