Icesave - will my account automatically close?

rathernot

Something I've not seen addressed on the threads that I've read, or in the FSCS email is this - do I still have an Icesave account, albeit an empty one after the FSCS transfer?

I ask as I assumed that any/all savings accounts you hold can have some sort of impact on your credit rating/credit worthiness and there seems no point having an account "on paper" with an institution that may exist but that isn't usable.

planemad

Yes they are closed, the compensation is full and final settlement.

masonic

These accounts haven't really been there since the bank folded. The system was resurrected by the FSCS to aid the compensation process.

Savings accounts aren't reported to the credit reference agencies and the even searches that are done when opening savings accounts do not get recorded in the credit reports that lenders see. Only accounts with the facility to borrow money impact your credit files.

SGE1

Yep, savings account aren't recorded on your credit files.

Paul_Herring

rathernot wrote: »

I ask as I assumed that any/all savings accounts you hold can have some sort of impact on your credit rating/credit worthiness

The only accounts that can have an impact on your credit 'rating' are those where you can borrow money from (credit cards, some bills, current accounts if you have an overdraft on them.) Since you can't (usually) go into debt on a savings account, they don't count towards your credit score.

rathernot

Cool - thanks all.