Closing oldest bank account

Chris4

My longest standing bank account is with Santander (previously the best buy 123 which I moved onto the lite/free acc) and I want to move my bank account to something better. I'm also looking at getting a mortgage in a few years I assume it's best for my credit to not close my r'elationship' with them completely? It would be convenient to do the transfer service to move all the DDs over etc. If I opened a second account (eg savings) and then transferred the current account to Monzo, would that be best for my credit and retain the "x years with bank" status that seems to be a positive?

DCFC79

Chris4 said:

My longest standing bank account is with Santander (previously the best buy 123 which I moved onto the lite/free acc) and I want to move my bank account to something better. I'm also looking at getting a mortgage in a few years I assume it's best for my credit to not close my r'elationship' with them completely? It would be convenient to do the transfer service to move all the DDs over etc. If I opened a second account (eg savings) and then transferred the current account to Monzo, would that be best for my credit and retain the "x years with bank" status that seems to be a positive?

If you close the Santander account you wont have the account thats been open for the longest. 
If it were me Id keep it open but transfer x amount a month to keep it active.

maxximus75

If you opened a savings account with Santander, it wouldnt show on your credit report so the result would be the same.

You would be better off just opening an account with another bank you're happy with and manually moving your direct debits (only a little hassle unless you have lots?).

Then as mentioned, set up a standing order from your new account to your Santander to keep some activity this keeping your long standing hisotry to the CRA's.

Chris4

DCFC79 said:

Chris4 said:

My longest standing bank account is with Santander (previously the best buy 123 which I moved onto the lite/free acc) and I want to move my bank account to something better. I'm also looking at getting a mortgage in a few years I assume it's best for my credit to not close my r'elationship' with them completely? It would be convenient to do the transfer service to move all the DDs over etc. If I opened a second account (eg savings) and then transferred the current account to Monzo, would that be best for my credit and retain the "x years with bank" status that seems to be a positive?

If you close the Santander account you wont have the account thats been open for the longest. 
If it were me Id keep it open but transfer x amount a month to keep it active.

Is it the duration the account has been open or the duration I've been with the bank that affects credit?

jay1804

The duration of the account, once the account is closed it will no longer count.
Chris4 said:

DCFC79 said:

Chris4 said:

My longest standing bank account is with Santander (previously the best buy 123 which I moved onto the lite/free acc) and I want to move my bank account to something better. I'm also looking at getting a mortgage in a few years I assume it's best for my credit to not close my r'elationship' with them completely? It would be convenient to do the transfer service to move all the DDs over etc. If I opened a second account (eg savings) and then transferred the current account to Monzo, would that be best for my credit and retain the "x years with bank" status that seems to be a positive?

If you close the Santander account you wont have the account thats been open for the longest. 
If it were me Id keep it open but transfer x amount a month to keep it active.

Is it the duration the account has been open or the duration I've been with the bank that affects credit?

Chris4

maxximus75 said:

If you opened a savings account with Santander, it wouldnt show on your credit report so the result would be the same.

You would be better off just opening an account with another bank you're happy with and manually moving your direct debits (only a little hassle unless you have lots?).

Then as mentioned, set up a standing order from your new account to your Santander to keep some activity this keeping your long standing hisotry to the CRA's.

Okay thanks, that sounds doable. 
Is a standing order to a longstanding account common? If you could link me to info about it that would be great

Nebulous2

People who play the bank account switching game to get the bonuses often use what they call a 'donor account' rather than their main account. 

I've previously opened a second Santander current account and switched that. Whether they would still be so willing to open a new current account in the present climate, I don't know. 

Chris4

Nebulous2 said:

People who play the bank account switching game to get the bonuses often use what they call a 'donor account' rather than their main account. 

I've previously opened a second Santander current account and switched that. Whether they would still be so willing to open a new current account in the present climate, I don't know. 

To be honest I'm not going for a switching bonus - I just want a better app (you can't even search transactions with Santander) and a modern bank. Monzo don't offer a bonus, but happy to switch to them. 

Sounds like I'd be best off just manually switching over.