any point keeping spare current accounts?

toasterman

Hi,
I've been with one bank for years, for most things.
However, a few years back when I lived near Swindon, I wanted a Mondex card (remember them?) so signed up for another bank account with HSBC (only two banks were giving out cards).

I never bothered to cancel it, nor put any money in it. I just get a statement every year saying I have a nil balance.

A few years later, I was looking at starting a business. At the time, Barclays were giving 18months fee-free instead of the usual 12, if you had a personal account with them as well. Because of this, I signed up to a personal account with them. The business idea was then axed before we signed any agreement for the business account.

So I have two current accounts, both with nil balances, that I'm not using and don't really have any plans to use them. I have been keeping them "just in case" (of what, I don't know).

Does this harm my credit rating in any way? Is there any real point to keeping them? I did think if I got myself blacklisted and couldn't therefore get bank accounts with facilities, I could use the others - but I have no plans to do this, and I'm generally not too bad with money.

Any thoughts, everyone?

BASFORDLAD

keep it. u never know when u might need it

a&akay

On the pro side you never know what will be offerred based on having a current account, ie Barclays with a 10% regular saver for account holders out of the blue and Lloyds a O% no fee credit card, even if only for a select few. On the con side A&L are offering a 12% regular saver but only for new customers, with a 3 month limbo if you close your old account to get one. We all need a crystal ball!

mleonard79

I don't think having more than one current account impacts upon your credit rating so long as there is no overdraft facility with the accounts (as this would count as available credit like unused credit card balances as far as I'm aware.) So like others have said I would probably be inclined to hang onto them for the moment just in case any good deals for existing customers come up.

Regards

Michelle

BASFORDLAD

But not all current accounts post to agencys.Does anyone know if nationwide post thier current account behaviour to experian etc?

BYould

I have a basic flexaccount with Nationwide and they do report account use to Experian and Equifax.

BASFORDLAD

Even without an overdraftr on it?

Edinburghlass_2

Should you ever consider claiming back bank charges on accounts that you use its wise to have another account in the "background"

BYould

Yeah I have no overdraft and they report to Experian and Equifax once a month. However I also hold a Cooperative Bank Cashminder account and they don't bother.

sofa_surfer

BYould wrote:

Yeah I have no overdraft and they report to Experian and Equifax once a month.

I'll second that - my basic Flexaccount is present in all 3 major CRAs

BASFORDLAD

I suppose its because flexaccount is a form of credit while the cashminder isnt. I dont think banks take notice of bank account overdrafts in the same way.