close bank accounts?

jph_2

Hello,

In switching bank/isa accounts recently i have not closed a number of current or isa accounts in different orgnisations. In doing so i am reflecting on two questions and would appreciate any advice:
1.what are the benefits or penalties of retaining or closing accounts?
2. does this affect any credit rating? or other means testing devices?

I would appreciate any comments or advice

Thanks

jph

Sharon87

Well I had a dormant current account with Halifax a while ago, I didn't use it for probably about a year, and nothing happened.

I think (correct me if I'm wrong people) your credit score looks better if you've had an account for ages, rather than a brand new one.

How many accounts do you have? I'd keep one of them open atleast as an alternative if anything goes wrong with your new one. (you never know what the customer service is like until you have a problem lol)

jph_2

Sharon87:
That was my thought- there is no harm, though it would be nice to know if others see benefits or detriments to having "old" accounts still open. I have, including new accounts:
4 current accounts
3 savings accounts
3 cash ISAs

All types of accounts are with different institutions. Some have a specific purpose, e.g. nationwide to take cash out abroad, others are not used.

jennifernil

I too have several accounts with a few banks, all have their own purpose, a few are there to give quick alternative homes if required in the future. Easier to keep an account with a few pounds in it than to start over.

I have 3 current accounts (2 of them joint)
7 savings accounts
6 fixed rate savers
1 regular saver
1 ISA