After current Acc switch - having two current accounts on file...

Tara100

Hi. I've switched current accounts - Barclays to Nat West.

My credit scoring is excellent and I want to keep it that way, but I'll have two current accounts registered, and surely that's going to cause a negative affect?

What do you suggest please?
I need to keep the Barclays account open for a few months to make sure all goes properly switch-wise, but should I then close it down fully? I've had the account for 30 years and it's always been in credit.

Thanks

MovingForwards

I've got 3 current accounts, many people have more.

It's the contents of the credit reports you need to keep an eye on, make sure there's no late / missed payments, unrecognised accounts etc.

The score and rating are not seen / used by financial institutions, as they have their own internal algorithms for assessing applications.

Emmia

I have 5 current accounts in 2 different banks in use for various things...

MDMD

Did you switch using the Formal current account switch service or did you manually move things over.

Using the service will automatically close your account.

sourcrates

Things that impact your credit worthiness, include defaults/late or missed payments/any kind of insolvency/not been on the electoral role/moving house frequently/any kind of fraud.

Things that don`t impact your credit worthiness, multiple bank accounts/credit card or loan accounts (as long as they are affordable) mobile phone contracts/using the just eat app etc etc.

No one see`s that "score" but you, try not to overthink things.

Tara100

MDMD said:

Did you switch using the Formal current account switch service or did you manually move things over.

Using the service will automatically close your account.

Hello. I did the switch through Nat West very recently for the £150 offer. 
I forgot they close the old account ☺️

Thanks!

cymruchris

Tara100 said:

MDMD said:

Did you switch using the Formal current account switch service or did you manually move things over.

Using the service will automatically close your account.

Hello. I did the switch through Nat West very recently for the £150 offer. 
I forgot they close the old account ☺️

Thanks!

It's often recommended that you have two current accounts with different banks (not of the same group) so that if ever there's an issue with an account - you're not left without access to banking facilities. Sometimes systems go down, sometimes there'll be a transaction that might trigger an investigation and sometimes people lose an ATM card - so for whatever reason - it's worth having a second account with at least a few pounds set aside just in case.  I have 4 current accounts over 4 different banks/banking groups.