When to close savings accounts?

TomC_3

I've got quite a few savings accounts that used to get me good rates, but I've since found better ones, so now they've got just a small amount in to keep them open. One's an ING 5% with about £10, as I now use A+L 5.35% - and I've also got a Coventry BS one with a cashcard that keeps the £500 minimum in and that's it.

Question is - is it worth me closing these, or would it be better to keep them open in the event they increase their rates?

Thanks.

Reaper

Close them. It is very rare for an old account to suddenly become competitive again. In fact I can't think of a single example. Instead they keep launching new products and let the old ones rot.

Even if it did suddenly get competitive it would be with a 6 months introductory bonus or similar which existing customers would not get.

Of the ones you mention ING is the only one to consider keeping as it has stayed consistently high for a long period of time. However even then there is no reason why you can't just re-open it again in the future.

Kazza242

Reaper wrote:

Of the ones you mention ING is the only one to consider keeping as it has stayed consistently high for a long period of time. However even then there is no reason why you can't just re-open it again in the future.

I agree with what Reaper has said about keeping the ING account. They have paid a consistently good (non-bonus) rate. Why close it, and then have to potentially go through all the bother of opening a new ING account, especially when their minimum operating balance is only £1.

Walletwatch

Agree largely with what has been said above, just to add that any accounts you do decide to keep open, do ensure that you check the T&Cs whether they have some requirement that you login n number of times a month, or something - else it may cause your account being marked as dormant or unclaimed.