Is it worth keeping these bank accounts open?

Jimmy_Neutron

I have used up all the banking switching incentives. I have several accounts which I keep a tiny amount of money in but do I need these accounts as the interest rates are dire?

Two Bank of Scotland Vantage accounts
One Tesco current account (no direct debits required)
Three Tesco Internet Saver accounts

scoot65

I've recently closed my three BOS Vantage accounts (had been empty since approx. August of last year)

Once I've emptied my Tesco Internet Saver Account, I'll be closing it along with my two Tesco current accounts.

Now that the interest rates on these accounts are poor, they are of no use to me.... also, I don't have the amount Direct Debits needed to meet the requirements of the bank accounts.

sal_III

If you are not using them and they have paid out all the switch incentives / bonus interests, why keep them? It's not like closing a bank account is an onerous process.

colsten

I like to keep 1 account per bank/BS open if I can, in order not to lose access to online banking and to the app, and in case they do an 'existing customers only' deal, which some BSs are doing. It remains to be seen how long I can maintain this plan, as there are now some providers who lock your access if you have no activity for 12+ months. I haven't yet worked out whether logging in counts as activity.

I don't expect to miss out on any switch offers, as I have basically done all of them and the T&Cs are increasingly excluding you if you have previously switched. I also have a feeling that switching offers will be far and few between in the future. I would of course be very happy if I was wrong on that

colsten

sal_III wrote: »

If you are not using them and they have paid out all the switch incentives / bonus interests, why keep them? It's not like closing a bank account is an onerous process.

Have you tried closing a Fineco account? You can easily lose the will to live trying that.

If you do expect future switching offers (I don't), it's a good plan to keep one or two current accounts in reserve so you can strike as soon as the offer appears. Old savings accounts can be useful to retain online/app access, and for offers limited to existing customers. In fact, I have even opened a handful of savings accounts, with terrible interest rates, simply to achieve existing customer status.

YorkshireBoy

Jimmy_Neutron wrote: »

I have used up all the banking switching incentives.

Two Bank of Scotland Vantage accounts
One Tesco current account (no direct debits required)

scoot65 wrote:

I've recently closed my three BOS Vantage accounts (had been empty since approx. August of last year)

Once I've emptied my Tesco Internet Saver Account, I'll be closing it along with my two Tesco current accounts.

These could all have been switched to Santander earlier this summer...for (a minimum of) £400 worth of Amazon vouchers.

scoot65

YorkshireBoy wrote: »

These could all have been switched to Santander earlier this summer...for (a minimum of) £400 worth of Amazon vouchers.

Thanks for the info, I was not aware of that.

Hmm, Looks like I've missed a trick there!

francismay

YorkshireBoy wrote: »

These could all have been switched to Santander earlier this summer...for (a minimum of) £400 worth of Amazon vouchers.

What is the benefit/offers of having this account?

Zero_Sum

The Tesco current account is useful if you stumble accross a qualifying financial product you can deposit money via their debit card to get free clubcard points from cash recycling.

Zero_Sum

francismay wrote: »

What is the benefit/offers of having this account?

Cashback on household bills from DD's

claire07

As above I was thinking of closing BoS and Tesco accounts but saw YorkshireBoy's post saying they could have been switched to Santander earlier this summer for Amazon vouchers.

I must have had a total senior moment as I also totally missed reading about this but was wondering if anyone thinks there is any likelihood of this offer returning (I know this requires a crystal ball but I am so annoyed with myself for missing it!)