How long do savings accounts last,

puregeordie

when you don't or haven't used them for years?

Just wondering as I have found a savings book for a bog standard halifax savings account and the last time I used it was back in 2007, Has £0 (zero) pennies in it so really this should of been disabled due to inactivity and nothing in it?

Or is it a case that it will always be open until you pop your clogs or close it yourself?

Cheers.

innovate

They most probably last for at least 15 years, but most will also pay you absolute pittance in interest after a relatively short period of time, such as a year from opening.

There's something about dormant accounts - anything with no activity over 15 years can be returned to the community etc. http://www.hmrc.gov.uk/news/dormant-acc-sch-faqs.pdf. Obviously, this is quite irrelevant if there is zero in the account anyway.

No value in keeping a savings account with nothing in it. Equally, there's no benefit to you if you close it - which might involve having to go to a Branch and fending off annoying[STRIKE] advisors [/STRIKE]salesfolk.

ChiefGrasscutter

The account may be marked as dormant after a shorter time - varies between banks.
At that point it will be blocked and to re-activate it/access it you would need to go through re-verifying your ID again - to satisfy them that you are the same person even though you might have moved addresses etc which would complicate matters.

I think now the banks have to write to you at the address they have for you stating they will mark the account as dormant after X weeks unless you transact on it. How much you have in the account is not relevant to whether or not an account is marked as dormant.

I recommend that people do not close the last account with any savings group as having one account live helps considerably in the ease/speed of opening new accounts in the future with them as you are already ID-verified.

puregeordie

OK, Thanks for your informative info.