Is there a benefit to keeping extra accounts open or should I close them?

isayhello

I've got a number of current accounts that I opened over the years including Tescos and Nationwide, Halifax etc. I really only use 1 or 2 and was thinking of closing the others which I don't use. Is there anything wrong with actually having them open even if they don't have much money in them and aren't used? The benefit of closing them for me is that it's just easier to mentally keep track of what I have and where? so curious to see what other people do as I've seen some posters with many many accounts.

Thrugelmir

No harm in occasional housekeeping to keep ones affairs tidy. 

eskbanker

It can be handy having spare accounts available for use with switching incentives....

jimjames

I've had spare accounts for some time but with Tesco & TSB interest coming to an end and having taken up most of the available offers over the years I'm now closing them - well actually moving them to consolidate in another account

Eco_Miser

There may be a benefit in keeping unused current accounts until they can be switched to another account for a reward.

Don't wait too long though, as the account may be marked as abandoned, and you'll need to go into branch with ID before you can do anything with it.

datlex

I find them useful for budgeting purposes.  

YorkshireBoy

I was thankful we had a spare 10 accounts when Santander ran their (£1,000) Amazon voucher switching offer a couple of years ago.
So will they run another? Will someone else run a promotion with equally sloppy T&Cs? I think it's worth keeping the 20+ spare accounts we have just in case. 

Sea_Shell

I've got a few kicking around with 0 balance as Bs&BSs seem to make closing accounts much more hassle than opening them.

Savings accounts from maturing RSs are the worst.  Why can't they all have a close via mobile or internet banking option? 😡

My worry is they'll change the T&Cs on them, and start charging, and I'll miss the email notifying me.

colsten

Yes and no.

Depending on the type of account, it might be an advantage or a disadvantage, as some offers are only available to existing account holders whilst others are only available to new account holders.

I tend to keep savings accounts open and switch current accounts for a switch bonus. It doesn't always work in my favour but it often does.

isayhello

Thanks, it seems often with the switch deals though that the account needs to have some DD's set up on it or actively be used but if these spare accounts are just there without being used you couldn't just switch from them right? I'd have to set up some DD's I guess.

eskbanker

isayhello said:

Thanks, it seems often with the switch deals though that the account needs to have some DD's set up on it or actively be used but if these spare accounts are just there without being used you couldn't just switch from them right? I'd have to set up some DD's I guess.

It's always necessary to study the terms of switching incentives (as with any other offer or product), but, yes, you may need to make some minor adjustments to sacrificial accounts in order to satisfy the preconditions - most who are tempted by such incentives view this as a price worth paying....