Is it worth keeping bank accounts open?

Sunshine_and_Roses

I am trying to streamline my accounts, and have a few dormant accounts with a few quid in (nothing going in or out) which I opened for the switching bonuses.  These are:
First Direct (joint account)
Nationwide Flex
Nat West Select
HSBC
Tesco
I switched accounts from Barclays, M&S and Halifax, so unable to switch to these
I have my main current account and our joint account with Santander, which I will be switching to 123 Lite in May and transferring balance to Marcus.  I have my ISA at Nationwide at 1.3%, and have £1500 in TSB Classic Plus.
Is it worth keeping the dormant accounts open?  Not sure if I can switch back to other banks for bonuses in future, or if there are any I have missed out.
Thanks. 

fenwick458

I would close the First Direct, Natwest and HSBC ones because every couple of years you can get a switch bonuses from them, but if you have an open account with them you can't get it. 
may as well keep tesco & NW to use as accounts to switch in the future when these offers come back around because I doubt Tesco will offer bonuses in the future, and nationwide don't mind of you already have accounts they just pay you £100 to switch any account to them.
you might find it's often quite difficult to just close them, Natwest (business) and Halifax made it incredibly difficult for me to close down old accounts, had to go in with ID, fill in forms, write letters....

colsten

fenwick458 said:

I would close the First Direct, Natwest and HSBC ones because every couple of years you can get a switch bonuses from them

First Direct's offer terms have always said that you are not eligible if you ever had any account with them.

First Direct and HSBC also have some of the best Regular Saver accounts so if you are a saver, it's worth thinking twice before closing the accounts.

fenwick458 said:

you might find it's often quite difficult to just close them, Natwest (business) and Halifax made it incredibly difficult for me to close down old accounts, had to go in with ID, fill in forms, write letters....

The way to get round all that hassle is by just using a CASS switch into an existing account. Unless it's a switch for an incentive, it's worth deleting any payees, SOs and DDs before you switch so you don't have to clean up after the switch.

colsten

Whether to close your old, unused accounts or to keep them in the hope you could use them for a switch offer is entirely down to you.

fenwick458

colsten said:
First Direct's offer terms have always said that you are not eligible if you ever had any account with them.

The way to get round all that hassle is by just using a CASS switch into an existing account. Unless it's a switch for an incentive, it's worth deleting any payees, SOs and DDs before you switch so you don't have to clean up after the switch.

I'm sure i've read of someone getting a FD bonus twice on this forum and a 5 year rule was mentioned?? i havent had one since about 2016 and was thinking of re-applying next time they come round its worth a try. theres loads of examples of banks t&c's saying one thing, but if you try you can get them. multiple classic plus accounts, bonuses from RBS, natwest and ulster bank at the same time, TSB's RAF offer seems to pay out no mater what; I switched an account with one DD and it worked, a friend already had a TSB account and switched to them and got the offer and it worked

handy to know about the switching into an existing account thanks

oli356

Wonder if I could get the FD bonus.. Been 7 years since I had an account with them.. Hmm. Might have to try it. 

badger09

Agree with colsten. FD have a very long memory and I've never seen any evidence of them paying switch incentive to anyone who has previously had an account with them

scragend

I used to have a First Direct account back when it first launched internet banking in the early 2000s. There was no switching incentive involved back then, and I didn't have the account very long, but I did have it.

I switched into FD in May 2018 and I wasn't sure whether they would give me the incentive (it was £100 at the time) but they did.

So "ever" in FD terms must be less than 18 years!

YorkshireBoy

badger09 said:

Agree with colsten. FD have a very long memory and I've never seen any evidence of them paying switch incentive to anyone who has previously had an account with them

I received a second incentive just over a year ago when I rejoined them. I can't remember when I had the first one (and also the leaving present), but suspect it was 10-12 years ago, maybe a little longer. I posted about the second payment on here a short while ago (acknowledged I may have got lucky), and posted re the first payment at the time I left...on a discussion about valid reasons for getting the leaving present. So there's some "evidence" on here.

colsten

OK folks, switch away and let us know whether it worked for you. I can't try I myself since I am currently into my 9th RS with them.

badger09

scragend said:

I used to have a First Direct account back when it first launched internet banking in the early 2000s. There was no switching incentive involved back then, and I didn't have the account very long, but I did have it.

I switched into FD in May 2018 and I wasn't sure whether they would give me the incentive (it was £100 at the time) but they did.

So "ever" in FD terms must be less than 18 years!

YorkshireBoy said:

badger09 said:

Agree with colsten. FD have a very long memory and I've never seen any evidence of them paying switch incentive to anyone who has previously had an account with them

I received a second incentive just over a year ago when I rejoined them. I can't remember when I had the first one (and also the leaving present), but suspect it was 10-12 years ago, maybe a little longer. I posted about the second payment on here a short while ago (acknowledged I may have got lucky), and posted re the first payment at the time I left...on a discussion about valid reasons for getting the leaving present. So there's some "evidence" on here.

I stand, or rather, sit, corrected