Are there any advantages to an 'older' current account?

qqg3

I feel like I know the answer to this one already...

I've had a NatWest current account for nearly 10 years, I'm looking to switch to Firstdirect but am wondering if there are any disadvantages to losing an account of that age? I would be switching using the 7 day service so as I understand it, I am not able to maintain the 'old' account.

stclair

It looks better when you answer the question how long you had your bank account during an application, it shows a good sign of stability.

colsten

Just open another Natwest account and when you have the debit card and set up any DDs that might be required, switch that account.

[Deleted User]

I've had my Lloyds account for 40 years. I opened a 123 account last month, but I'm not closing the old one, it's free!

Sharon87

I would definitely keep it open, especially if you want to apply for any credit products (credit card, mortgage.etc) as another poster says, it shows stability. I've had one bank account since I was 11, not a current account obviously, but I've had a current account since I was 18 (10 years) so even though I have moved house quite a bit that shows my finances are more stable than me moving!

jfdi

I've had my main bank account (free!) for over 40 years. Others come and go depending on deals and what I'm doing at the time, but having had no trouble with the bank etc I intend keeping it! They don't offer it any more.

qqg3

Thanks for the responses guys. I'll figure out how to keep it.

I noticed some banks do 7 day switches and let you keep the 'old' account open, it's not clear whether FirstDirect offer that so I'll have to give them a ring.

HappyMJ

qqg3 wrote: »

Thanks for the responses guys. I'll figure out how to keep it.

I noticed some banks do 7 day switches and let you keep the 'old' account open, it's not clear whether FirstDirect offer that so I'll have to give them a ring.

That won't qualify you for any switching incentive though. You have to close the old account for the switch incentive to be paid.

qqg3

Good point! I'll guess I'll go with colsten's idea and open an extra account with NatWest (if they'll let me) or whoever and use that for the switch.

stclair

qqg3 wrote: »

Good point! I'll guess I'll go with colsten's idea and open an extra account with NatWest (if they'll let me) or whoever and use that for the switch.

Just bare in mind you'll be credit searched for both applications if you intend to apply for any further credit.

No_6

48 years for me with my original Nat West account.
Just open another donor account with them to switch.
Still like their online banking and the fact that I have only had
a couple of small problems ,that were sorted really quick, in all 48 years.
Mind you I don't keep any surplus money in the account !