Should I Close Old Bank Accounts?

davery83

Hi there, sorry if this is a duplicate thread, I couldn't find anything on this before.
Basically, I switched from Halifax to A&L 3 years ago. Before that, I switched to Halifax from Natwest approx 5 years before that.
Now, I still have one current account with Natwest, and 3 current accounts and 2 savings accounts with Halifax, all with only pennies in.
I have a loan & CC with Halifax also, which is now paid from my A&L account although I have no credit with Natwest.
I don't think I'll be going back to them, or need to use them in any emergency, but is it worth me keeping these open for any reason?
Will it improve my credit rating keeping them open, or closing etc?
Thanks for any advice.

CLAPTON

It will probably make no difference to your credit rating whatever you do with them.
Personally I would always keep at least a/c active and in use ..partly in case of fraud or dispute but also if you go abroad atall sometime ATMs refuse one bank card but accept another. ... also there's always the possibility of the bank stopping your card due to unexpected usage so again a backup is useful.
And of course they are harder to open than to simply let run.

Sharon87

I'd close a couple of your Halifax ones. But keep one open with each bank. I like to have back up accounts.

Paul_Herring

davery83 wrote: »

I don't think I'll be going back to them, or need to use them in any emergency, but is it worth me keeping these open for any reason?

Keep at least one account for a backup (and I suggest keep it funded - put your beer money through it for example )

Will it improve my credit rating keeping them open, or closing etc?
Thanks for any advice.

The only possible affect on your credit rating would be if you have overdrafts with them.

Mike1989

Probably keep one account, whichever pays the best interest, if they do at all. Keep a bit of money in it if you ever need it. Personally only ever had one up till yesterday were I got sold one by Barclays. Admitted I agreed to it purely to use online banking but I never went in to get one. Now I have two, so I now have a back up one

withnell

I'd keep them open - they don't hurt being there, and many of the good interest rates on new accounts these days require you to transfer an existing account. If you don't want to risk the bank transfering things wrongly, then by transfering your spare old account lets you manage things yourself while still getting the offer

olly300

I would keep them open. As if you need to open a new account or get a new product with that particular institution they have already ID you so it's less hassle.

Gazzy_B_2

I'd keep them open, it's increasinly difficult now to open new accounts, especially if you fall into unforseen difficulties financially in the future.

Ken68

Keep them and use, Davery ,to transfer to a cashback new account elsewhere, as with the recnt A and L £100 + £5o with quidco.
Just one Direct Debit for transfer qualifies for the kickback.

greyster

keep at least one backup... if you mislay a card or get your account frozen for whatever reason life gets hard without a card. With a second account you have a spare card.