Should I keep or close my Old Bank Account?

Rockoctopus

Hello

I've had a bank account with HSBC for 18 years but lately I've not impressed with their customer service or the lack of extras such as cash etc. I've opened up a Santander 123 account and am toying with swtiching because of the perks they offer and much better customer service. I've always been told that its worth keeping old accounts for credit ratings but one of my work colleagues who is clued up about these things, has advised me that bank loyalty doesn't matter so much anymore. Should I downgrade my HSBC account to a basic account or close it all together? Would a basic account count as much as an advance acount on a credit score? I also have two other long standing accounts at two other banks (15 and 18 years repectively).

Any advice or opinions would be grand

grumbler

With two other longstanding accounts there is no point in keeping the third one. Switch it for a bonus instead of closing. Then switch again... and again.

Archi_Bald

Have you made use of the HSBC Save Together offer?

Rockoctopus

grumbler wrote: »

With two other longstanding accounts there is no point in keeping the third one. Switch it for a bonus instead of closing. Then switch again... and again.

Thanks Grumbler! One of the other long standing accounts is a credit card. Will that count for as much as a bank account in credit ratings?

Rockoctopus

Archi_Bald wrote: »

Have you made use of the HSBC Save Together offer?

Thanks Archi Bald! No I haven't made use of the HSBC Save Together ISA. I wasn't aware of the scheme. It looks like it might be worth my sticking with HSBC for a few more months. I need to compare the £120 I would get from that with switching rewards.