Should I close old savings accounts?

UncleZen

I currently leave old savings accounts open with £1 in. But if I do that I can't take advantage of rates available to new customers I assume. Is it advisable to close old accounts?

badger09

UncleZen wrote: »

I currently leave old savings accounts open with £1 in. But if I do that I can't take advantage of rates available to new customers I assume. Is it advisable to close old accounts?

Unless you have a particular reason to keep them open (eg feeder account for regular saver, to qualify for a higher rate on another account) I would close them.

You'll have fewer accounts to keep tack of (and fewer passwords to remember for online accounts) and you'll qualify, in time, for 'new customers only' deals.

Newly_retired

On the other hand, one of those banks/building societies may come up with a half decent account and if you have already got your ID checked and an online account with them you can make quick use of that.

benalder284

Not sure I could be bothered with all the hassle of remembering where they were, passwords/PINs etc - how long do you keep them and have you ever actually started re-using one?