We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Switching/closing very 1st bank account???

Options
:eek:

I have recently been coming across and reading a lot more stuff on switching bank accounts for incentives. I am in the position where I have my own current account which I have had since I was teenager so around 20 years and I also have my joint account.

I have been trying to read into whether it is worth keeping this long standing account or if i should ditch it? it doesn't give me any perks and i was only tempted to stay out of loyalty incase credit rating could be affected in anyway?

Should I keep or switch?

Thanks

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Keep it (for credit rating 'stability' purposes), open another and switch the new one instead.
  • Zanderman
    Zanderman Posts: 4,875 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    If the account isn't costing you anything (i.e. there is no monthly fee etc) then I'd keep it. It's sometimes useful to be able to say that you've had an account with one particular bank for 20+ years as it seems to be one way banks assess your financial stability. If it aint broke don't fix it.

    But there's nothing to stop you applying for another account with the same bank, which is relatively easy as they know all about you already - and then, after that secondary account is open, switching that for an incentive.,
  • moneybairn
    moneybairn Posts: 36 Forumite
    Tenth Anniversary Combo Breaker
    edited 20 January 2016 at 10:25AM
    Ok thanks for that.

    Just open any old bank account and then switch it straight away? The bank I just open the account with wont be bothered ive switched it straight away?
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    In answer to your Qs:

    - Yes
    - No
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    colsten wrote: »
    In answer to your Qs:

    - Yes
    - No

    Doesn't really work as neither of the questions asked (ignoring the middle question mark which isn't a question) can be answered Yes or No.
  • ceredigion
    ceredigion Posts: 3,709 Forumite
    Eighth Anniversary 1,000 Posts Photogenic
    agrinnall wrote: »
    Doesn't really work as neither of the questions asked (ignoring the middle question mark which isn't a question) can be answered Yes or No.
    moneybairn wrote: »
    Ok thanks for that.

    Just open any old bank account and then switch it straight away? Yes The bank I just open the account with wont be bothered ive switched it straight away? No





    .................................
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.