Various savings accounts - close or keep open?

chickmug

I have several savings accounts, 10/15 years old, with no transactions for years, with Halifax & Alliance Leicester but interest rates all rubbish.

My options seem to be to close all and go elsewhere.

Ask if the accounts could be moved to ones paying higher interst rates but would they need to carry out Money Laundering checks.

Are the Alliance Leicester safe to keep money in?

RubyBish

The short answer is yes, I think it is sensible to review your accounts regularly even if we are only talking about small amounts.

However what your post reminded me of is A&L strange policy of requiring identification every time you open a new account.
So if you have 3 accounts with them and you want to open another because the rate is better they will request identification.
From my experience with other banks this isnt normally the case.

Anyway I phoned them up to query this and they confirmed they would not open the new account without receiving a copy of my passport and other such id. So I told them I wanted to close my existing accounts. Even though they didnt 'trust' my identity they were happy to let me close and transfer out several thousand pounds . The operator didnt understand the double standards of the situation which is why I was happy to leave them.

Farway

If no transactions for years you may find they have been moved to "dormant account" status by them

Your first move should be go into barnch and get them updtaed, interest added etc, that way you find out if they are still active

Most savings accounts will need to do money laundering checks, this is not arduous most of the time, often only consists of you sending them a cheque with your name on it, drawn on your account with your bank

Some only need your bank current account details