Switching accounts just to close them?

tom222

I have a couple of Nationwide current accounts I don't use at all that I want to close. I know it's probably easier just to go in branch but I don't know the pin numbers so I was going to just switch them both into my TSB accounts purely just to close them.

Basically what I'm asking is would this have any kind of detrimental effect on credit reports/relationships with the bank?

YorkshireBoy

I've done it myself, with no detrimental effect.

Super_Whiskey

If the TSB account is already open and you're just switching balances and d/ds & s/os across then it's hardly worth thinking about in terms of your credit rating. It's the same as you transferring the money and instructing the the companies involved to take the money from your TSB account.

Sam_J12

I just did this with Santander123. I don't think there is a problem with it.

Kernel_Sanders

If you don't have the resources to keep a 5% current account going, one wonders why you don't use these accounts to make some capital with the switching.

badger09

Kernel_Sanders wrote: »

If you don't have the resources to keep a 5% current account going, one wonders why you don't use these accounts to make some capital with the switching.

Why do you assume OP doesn't 'have the resources to keep a 5% current account going? He may have a Flex Direct which has come to the end of its 5%:cool:.

Agree about using it/them for switching bonuses though:)

20aday

It won't have any detrimental effect whatsoever.

In fact I switched from NatWest to Halifax in December to qualify for the Halifax £100 bonus.

Just over a month later and I'm switching to Yorkshire Bank for their £150 incentive too.

tom222

Thanks everyone, I've now started the switch on them both. I've received all possible switching bonuses so no way I could have made anything out of them. I was just doing some admin and wanted rid.