Changing to different savings account.

How many of you, when it comes to changing from one savings supplier to another, mainly to get a better rate, leave a small sum in your previous supplier. Or do you close the account completely. 

Comments

  • mebu60
    mebu60 Posts: 889 Forumite
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    I usually leave £1, has paid for itself many times over with ease of subsequent switching when that provider is ToTP again or for qualifying for loyalty issues.

    Occasionally, when the provider has been a PITA, Chorley, looking at you, I will close the account if I have no desire to use them again. 
  • wmb194
    wmb194 Posts: 3,299 Forumite
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    If the minimum balance is zero I leave zero and keep it open.
  • Bigwheels1111
    Bigwheels1111 Posts: 2,351 Forumite
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    The £1 pry bar special.
    Worked for Skipton last year, I just leave a pound in and low and behold a 7.5% regular saver was offered.
    For members that had had an account for a year or more.
  • I have previously, but now I never close a savings account. I find it easier to maintain records by having online access to previous statements.
  • allegro120
    allegro120 Posts: 810 Forumite
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    tsmiggy54 said:
    How many of you, when it comes to changing from one savings supplier to another, mainly to get a better rate, leave a small sum in your previous supplier. Or do you close the account completely. 
    I keep them opened, it saves the time and effort opening them again when they become competitive again.  And if they don't, keeping them doesn't do any damage. Some of them don't even have a minimum operating balance.
  • friolento
    friolento Posts: 1,091 Forumite
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    I generally keep on account open, with a minimum balance
  • boingy
    boingy Posts: 1,314 Forumite
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    I'm a bit of both. Some of the savings accounts I've had have been with institutions who seem to be stuck in the dark ages and are just slow and unresponsive. So I kick those into touch. Others I keep open with about a quid in them. 

  • tsmiggy54
    tsmiggy54 Posts: 37 Forumite
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    Thank you folks, some great advice. And some i had not thought about. Thanks
  • brucefan_2
    brucefan_2 Posts: 166 Forumite
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    I mostly keep them open for the reasons mentioned already.

    I have also specifically opened a number of accounts and deposited the minimum to build membership time for possible future 'Members only' special rates.
    £6000 in 2023
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