Close or leave accounts open?

intranicity

I am intending to do my banking with the Halifax, but i also have accounts with the Co-op and Santander.

Definitely intend closing the Santander Account, but is there any value in me keeping the Co-op account, I've had it about 6 years, so other than lots of green ticks on my CRA files, can't see any point, but I'm new to all this lol

thanks

blueberrypie

I feel it's useful to have accounts with more than one institution. There are occasions on which a particular bank's ATMs/debit systems are down, or when their on-line banking is down, or a customer's accounts are frozen for some reason, or you lose a debit card, or...well, there are lots of possibilities why a particular account might not be accessible for a while...having a back-up account somewhere else is a good idea, imo.

Example: my partner's ATM card was swallowed by a cash machine a couple of weeks ago. There was no problem with the account or card - the machine did the same thing to lots of people's cards that evening. Fortunately my partner has another account with another bank, with a small amount of money in it, and so it was possible to get cash from that instead, and until the replacement card arrived.

sueeve

I have a couple of savings accounts which I have kept open with minimal amounts when the interest rate dropped. It will be a matter of moments to shift money back if the rates go up. I have a personal account and joint with DH in separate banks, so easy if a machine is out.

[Deleted User]

keeping a few current accounts is very useful (e.g. separating direct debits and own expenses) and as mentioned above in case account is down etc

scott_lithgows

Keep the co-op.If for example Halifax was sold to Santander,not only do you have an escape route,you also can answer truthfully questions like "how long have you been with your bank" on credit card applications.
I had a YBS card (beer money account!) when doing my banking with B+B for years,its now my main account and co-op card took its place in the pub with me.