Switching bank account before applying for mortgage

ddraiggoch2021

Hi folks. 

Wonder if you could help me. 

My husband and I are looking to buy a house in August/September. I have set up an account with Monzo as I prefer how it helps me save. 

I am currently with Nationwide (15 years plus). 

Before I close it down completely I wanted to check how wise this is before applying in the coming months. 

Thanks in advance!

PRAISETHESUN

I'd avoid any new credit applications in the months leading up to your mortgage application, but if all you're doing is switching existing accounts (ie. no new credit searches) then there shouldn't be any issues I'd of thought

Daliah

Your Nationwide account shows that you handle a credit account long term. If I were you, I would keep it for that reason alone. You don't have to use it at all, but an occasional small deposit, followed by a withdrawal, once a year might show them that you are still alive.

But I would also keep it as a backup account. You never know whether something goes wrong, and having an instant backup is a good idea. You also get some member and "loyalty" offers from Nationwide from time to time. For instance, as a current account holder, you are entered into their monthly £1m prize draw atm.

As and if Nationwide ever charge for your dormant account, you can review whether you want to continue.

enthusiasticsaver

I would keep the Nationwide as having a long term bank account looks better on a mortgage application.  Always best to have two separate bank accounts anyway in case one of them has a massive IT failure.  You could use one for bills (Nationwide) and Monzo for spending/saving pots. 

ddraiggoch2021

Thanks all for your comments, so helpful - in that case, I will keep Nationwide for bills and Monzo for spending and saving. Thank you!