Closing Long standing Bank account

stuart30

Ive applied and been accepted for the M&S bank account (with gift) but part of the deal is your old account is closed as its a full switch deal.

If done manually you get to keep open old account but don't get the switching gift.

Question is the account i'm switching ive had around 8 years (Natwest basic account..never had chance to up grade)..how big of a negative impact would it be closing it.

Appreciate companies like to see stable accounts..second longest is maybe 18 months ish.

DCFC79

I don't know about the impact but what you should have done is opened up an account for the purpose of using as part of the switch.

stuart30

DCFC79 wrote: »

I don't know about the impact but what you should have done is opened up an account for the purpose of using as part of the switch.

I do have several spare (as in never used) accounts,did think about opening couple of direct debits with one of those and switch,but wasn't sure how long they take to go live.?

Received switching paper work today...think ive a 30 day limit.

Just used Lloyds account to set up couple of direct debits,check M&S terms and think as both direct debits are less than 13 months old,should be fine.

Fingers crossed.

amfan

I closed the Natwest basic account I'd had for 11 years two years ago, in favour of a First Direct account (with gift offer).

To the best of my knowledge it had no negative impact on my creditworthiness, I was able to obtain a new credit card and overdraft shortly after. If anything, my long standing account with Natwest was pointless to continue as they refused to see me as credit worthy, despite having nothing in my credit file to the contrary.

National_Debtline

Hi Stuart30

Every creditor is going to have their own way of assessing your credit worthiness, but I can’t see any particular issues in closing down the account. Although some creditors may like to see a long term relationship with your bank it is really common for people to change accounts for better deals these days.

Depending on what else your credit report shows there may be sufficient information for a future creditor to assess your ability to handle credit.

Susie

@Natdebtline

stuart30

Thanks Guys...have a Lloyds account thats not used so ive just sent up two direct debits,should be ok.

Will leave natwest for now...and see what happens.