Closing a recently opened, unused savings account

karcher

As per the title, is closing a BS savings account, which has never been used, likely to affect credit records/rating if you are about to apply for a new mortgage.

Thanks in advance.

LighterWallet

Going from my recent credit check/report I saw that account openings/closings were recorded.
That being said, would it affect it negatively? Difficult to say, although personally I just left old accounts as they were until AFTER the mortgage has been approved just in case.

cjv

Savings accounts are not reported to the credit agencies

karcher

cjv wrote: »

Savings accounts are not reported to the credit agencies

Thanks for your reply.

This may sound like a daft question but how do you define a savings account from any other?

Jaglad111

I opened a basic Santander account with no request for overdraft, purely as a backup, the account is reported. If you close yours and it is reported then it will lower you average time of account, which may or may not be a criteria of individual lenders.

cjv

karcher wrote: »

Thanks for your reply.

This may sound like a daft question but how do you define a savings account from any other?

For example, if you opened a Nationwide current account this would be reported on your credit file. If you also opened an instant access savings account with Nationwide, this would not appear on your credit file.

Remember you can check your credit reports for free with Noddle, Clearscore and MSE credit club. This will show you all the accounts you hold which are being reported to the credit agencies. Probably a good idea to do this before applying for any Mortgage, as it will let you spot mistakes or errors in your credit history which you are unaware of