Current accounts open or close?

money_grows

Hi All,

I have a few current account with different providers.
Some of which don't get used much.
Is it best to close these accounts or keep them open?
Some of the accounts i'm looking to close I've had for 12-18 months. My main account I have had for a few years to keep long term history.
Any ideas what's best to do?

Thanks.

tunde10

I would personally close them if you have only had short-term and there is no special benefits to keeping them.

Lith

tunde10 wrote: »

I would personally close them if you have only had short-term and there is no special benefits to keeping them.

unwise,

keep them open (YOU NEVER KNOW..)


Just keep them open, i have 4 accounts... and only use 2.


i wouldn't close them, but that's just me.

Gromitt

I only keep accounts open which have a use, but I'd never reduce my amount of current accounts to less than 3:

Main account which my salary is paid into
Bill payment account
Backup account in case either of the above 2 are not working on a particular day (It's been known to happen that a particular banking network is down)

Preferably 4: Spare account in case of 'move your account to us for £££' incentives.

I currently have 5 as I thought might as well keep my Nationwide account open as I've got savings with them, plus its not even reported on my credit report.

lolavix

I have 2 - the account my salary gets paid into, and one to paid my direct debits, but I do have 5 savings accounts! I'd rather not have a lot of accounts open that I don't use.

Some banks will also close them if you don't use them for a long time, so keep your eye out for letters saying you need to let them know if you want to keep the account open :-)

barak

lolavix wrote: »

.....Some banks will also close them if you don't use them for a long time, so keep your eye out for letters saying you need to let them know if you want to keep the account open :-)

...and if you don't ever use a debit card, the bank may stop renewing it when it expires.

vickssinex

I suppose another disadvantage of keeping an account open is that you can't take advantage of introductory offers from the bank.

scott_lithgows

Keep any which dont use the word "santander"

System

I suggest you keep at least 2 current accounts (including your main one).

The spare should be with a bank/building society unrelated to your main one incase their systems are down or they take a dislike (to you) and close your accounts.

money_grows

Many thanks for your comments.

It's nice to have a good sort out lol.

Just closed Lloyds Tsb got 1 maybe two to go!

Gromitt

I would have kept the TSB one open, they are one of the few banks to pay interest on current accounts.