Should I close my unused account?

iAMaLONDONER

I have a cash card account which I opened last March - it's now been disused for about a year and only has 1 pound in it.

I know it will not be on my credit report (partly as I opened it when I was 17 and it's not a current account)

Should I just make a purchase of a quid and close it down and save the planet with no more useless statements!

dr_adidas01

iAMaLONDONER wrote: »

I have a cash card account which I opened last March - it's now been disused for about a year and only has 1 pound in it.

I know it will not be on my credit report (partly as I opened it when I was 17 and it's not a current account)

Should I just make a purchase of a quid and close it down and save the planet with no more useless statements!

How do you know it won't be on your credit file, you don't say whom your cash card account is with??

Most basic accounts are reported to the CRA's these days. If its your longest open account then it would be wise to leave it open as it will show stability to lenders.

You might want to transfer money to and from it occasionally to stop it becoming dormant.

iAMaLONDONER

dr_adidas01 wrote: »

How do you know it won't be on your credit file, you don't say whom your cash card account is with??

Most basic accounts are reported to the CRA's these days. If its your longest open account then it would be wise to leave it open as it will show stability to lenders.

You might want to transfer money to and from it occasionally to stop it becoming dormant.

It's so disused I've forgotten the online bank details!

I've had it since March 2012 and it's with Metro bank and hasn't showed on ANY of the 3 CRAs so far!

My next oldest account is from April 2012 so I wouldn't be losing much at all by dumping this account..or would I?

DCFC79

Just close it if your not going to use it.

iAMaLONDONER

DCFC79 wrote: »

Just close it if your not going to use it.

Ok I'll clear the pound and close it on Thursday

iAMaLONDONER

DCFC79 wrote: »

Just close it if your not going to use it.

What happens if I close it before spending the pound?

Will they send me a cheque for a pound?

Goldiegirl

I imagine you have another bank account somewhere?

If you give them the sorting code number and bank account number they can pay the money into your other account.

iAMaLONDONER

Goldiegirl wrote: »

I imagine you have another bank account somewhere?

If you give them the sorting code number and bank account number they can pay the money into your other account.

Of course! I have 4 others so I would BUT this one is basic and so they say they can't transfer any money to any non-MB account

[Deleted User]

Hang on. Why not make a couple of direct debits from it (if it allows), then do an account transfer to the Halifax for the free £100 when they do that offer from time to time?

iAMaLONDONER

billbennett wrote: »

Hang on. Why not make a couple of direct debits from it (if it allows), then do an account transfer to the Halifax for the free £100 when they do that offer from time to time?

Hmm but I can't be bothered with that tbh!

Plus I don't want to open another account for 6 months as I've already opened 3 in a month lool!