Closing Banks Accounts

JayS_3

Hi

I'm moving from Halifax to First Direct, does anyone know if there is any good reason for not closing my original current account with the Halifax?

I can't think of one, but I vaguely remember someone asking this question in another thread (which I can't find now), and someone answering with a good reason not to close the original account.

What do you think?

Thanks for any help.

JayS

Walletwatch

Hi Jay

While there may be no reason to retain the Hfx account, not sure if there's any reason to close it down either, so far as there is no requirement to maintain / deposit a minimum amount per month into the account.

I would keep the acct alive for two reasons -

I have a Halifax Websaver, which offers the avge going rate today - around 5%. If they were to suddenly raise rates to a level higher than the average rate in the market, a combination of the Websaver and the current acct would ensure I have the dual advantage of the high interest rate offered by the Websaver and accessibility offered by the current acct. Opening an acct afresh may not be worth the effort at that stage.

By virtue of being a customer, you may get introductory offers on their other products like their credit cards, which you wouldn't if you were to close the acct.

Have done the same with my ING acct (left a nominal sum of £500 there, when we opened our egg acct for the higher intro rate), and plan to do the same with egg once the intro rate expires shortly, and we move to the next best rate on offer (maybe A&L)

JayS_3

Thank you Walle****ch

Yes, I see you point about the Websaver, I think I may keep the account open.

Many thanks again

JayS