Should I close my old accounts?

Cheetah

Just opened an account with First Direct and I was wondering whether I should close the accounts I have with Natwest (who I've banked with for 10 years) and Abbey as I won't use them anymore.

Any reason to keep them open?

dalesrider

Always handy to keep a 2nd account open in case you hit any problems. Things like lost/stolen card. Computer problems etc. As other banks have seen this year.

guesswho2000

And I'd keep the oldest one you have, when asked on credit card applications for time with bank, you can put the length of your oldest account, which looks better to a prospective lender.

innovate

dalesrider wrote: »

Always handy to keep a 2nd account open in case you hit any problems. Things like lost/stolen card. Computer problems etc. As other banks have seen this year.

Absolutely agree.

I'd keep a bit of spare money in such accounts, to. Or at least in linked savings accounts.

Cheetah

innovate wrote: »

Absolutely agree.

I'd keep a bit of spare money in such accounts, to. Or at least in linked savings accounts.

I have a credit card tho....so if that's the only reason I will just close them.

Thanks.

mqandy

Just be sure you keep the postal address up to date - and read it.

I luckily stumbled upon some post from an old german account that had introduced fees before my debt got more than the remaining balance I'd forgotten about recently!

[Deleted User]

dalesrider wrote: »

Always handy to keep a 2nd account open in case you hit any problems. Things like lost/stolen card. Computer problems etc. As other banks have seen this year.

Absolutely. Keep one other current account open and the associated debit card in a safe place. I lost my wallet recently (debit and credit cards). The only thing that stopped it being a royal pain in the !!!! was having a second account that I could transfer funds to so that I had a debit card to use while replacements were being sent out.