2nd Bank account - To close or not to close?

214jay

Hi

I recently paid off all my debts from university a couple of years back. The last debt being a sizable student account overdraft which I have recently cleared :j

My question is now that I have paid off the debts is there any point in keeping this account? - My concern is that within the next year I will be looking to get a mortgage so I am trying to keep everything in check and well balanced. I already have a primary bank account which I have had for many years so I am hoping I can close this 'spare' account.

Thanks!

Mark_In_Hampshire

I don't know that there's one "right answer" on this one.

I'd have thought that if your credit reference file shows you have two bank accounts, and e.g. both have OD facilities but you don't use the OD on one of them, then you are shown to have credit available which you're not using - which I believed to be a thumbs-up in terms of creditworthiness.

Absinthe_Fairy

Personally, I'd always recommend having at least two current accounts with some sort of debit card facility, so that if one card is lost or stolen, or if there's some sort of fraud on the account, you can transfer your money to the other account so you can still access it.

scottishblondie

Having a "spare" account is very useful. If you only have one then you leave yourself open to problems if you loose your card etc. I'd keep it.

pmduk

I'd keep it open, a friend recently had his main account frozen after suffering an attempted fraud. He'd have been in trouble without his backup account.

coolesticeking

As others have said, always keep one spare.. In case the account is frozen etc.

And, should banks tighten the belt in future it might be harder to open another account depending on it's type so that would be another hassle you would not have to go through.

214jay

Thanks folks! All very good recommendations, much appreciated. I Will keep it open just in case!