Is it worth switching my old unused account

okigen

Hi all, I'm considering taking up the switching offer from HSBC. I currently have 2 accounts which can be used for switching: one is Monzo which I used occasionally for travelling, and the other is the NatWest account which only holds 11p for the last 7 years.

I'm thinking of switching the NatWest as I want to keep Monzo for travelling. It's my second oldest account (the oldest one is Lloyds). I want to get my first mortgage next year so wondering if switching the Natwest will hurt my credit score teribbly?

Tragen

your score is only visible to you, for the purposes of marketing (persuading you to take up products). It is not seen by lenders. 
Lenders can use whatever criteria they want, it's possible some might not like those which have shorter relationships with banks, but it'll likely be a small part of the equation.

I would get yourself a basic bank account and switch that, keeping your natwest account (assuming you're happy with them?) and monzo.

SebH

Tragen is right that your "credit score" is a oversimplification only visible to you. However, you are right to be thinking that when applying for a mortgage lenders will be very interested in your "credit history". Basically, this comprises of all the information that CRAs hold about you, and they will augment it with information from your application or that they have asked you for, as well as consideration of how you have run your current account. It is best to not have too much activity in the immediate run-up to applying, so I would say that if possible you should try to avoid opening new accounts or switching within the 12 months before you apply (and especially the last 6 months). It won't make the difference on it's own, but average age of accounts and overall account stability will be a factor in their decision, and it might "tilt the scales" against you. So just be aware of that. Full disclosure: I'm not an industry insider, but that is my best understanding of it based on reading up on these things and doing my best to understand how CRAs work.

Eco_Miser

If there have been no transactions on the NatWest account for 7 years, make sure it's still active. Santander won't switch away my untouched for 6 years account until I go into branch with ID.