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Know exactly what you mean, I've been a bit the same in the past. I'm trying to curb myself, and only go for those that I will use from now on. I'm going to do a purge and get rid of some. That is, other than ones that come in handy for loyalty purposes, and ones that I know won't let you open a new account again if you close completely.
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Is this insanity?
Personally…yes, I think it is.
But I don't keep large amounts in EA accounts, and constantly opening new accounts & shifting things around, for a tenner a year, isn't a good use of my time.
IMHO, YMMV etc
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It would be rude not to… 😉
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in my case, it was £0.02 interest - but the weird thing is that the 2p is not showing as a transaction on either account (old or new), nor showing in the generated certificates of interest - the old account opened with £1.08, closed with £1.10 and there is literally no indication of where that 2p came from… my recollection is that updated certificates take a day or two, so will re-check next week.. my last few Cynergy account upgrades wouldn't have generated any interest, so would not have caused a similar situation, but at 4.55%, this account will get funded.
also, I used to have 20+ closed accounts showing online with them, but now seems to be only showing the last 5 closed accounts.
you might be asking the wrong people here! 🤪
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I believe that date changes shortly after the first deposit. Give it a couple of days and it should be correct
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If you need to provide proof of funds to satisfy money-laundering regulations as I did recently (eg property purchase), it can be a nightmare. Although I have a spreadsheet, I hadn't kept a record of movements between accounts and it nearly scuppered my purchase, so if you don't already, I recommend keeping a full audit trail!
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Yes, you shouldn't be leaving a pound in them🙂
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No, it’s exactly what I do!
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The reason I leave a quid (or 1 pence if account allows) is to keep the account open so that I have an electronic trail of statements/tax info which is useful when it comes to HMRC self assessment time without me having to download all the things. If I ever need that hundred quid keeping them all open it will come in handy!
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Sometimes an account can suddenly get a jump in intertest rate, or if the EA account is the last one held then keeping it open can make it easier to open a new account as an existing customer, but otherwise having multiple low balance accounts just creates more work such as recording a few pence interest each month ready for next SA. A purge of such accounts just before the end of the last tax year - plus some mobile apps that do little more than normal web login - was quite helpful.
Downloading is what's needed to support SA whether done at closure or later. It's easy enough with website access but can take a few steps per statement with mobile app only accounts.
Some like PO seem not to give statement access after closure - so that could be where it's worth keeping a tiny balance until statements are available. Cynergy is one that does give access to statements etc for closed accounts after a day or so. Coventry, even though there's no statement access, includes closed accounts in the annual interest statement. Each bank/BS works differently - perhaps a rule requiring closed account statement access would be more helpful than those adding more ISA complications.
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