Chase Bank

Dream_Chaser

Hi all. 

I’ve had a UK Chase account for about three years (since they started to offer a bank account in the UK). Initially it was great with the cashback offer but I no longer use it. It did offer a good linked savings account but the interest rate has now dropped so I am no longer using the account. 

I just wondered what people’s views were on whether I close the account or leave it open? Will it be contributing towards my credit rating or not?

My main current account off re free debit card usage abroad so I don’t really see any reason to keep chase. 

Thanks in advance. 

Sam_666

If you close it, you will never be able to open it again.
Credit rating will be affected if you dont pay your debt.

Dream_Chaser

Sam_666 said:

If you close it, you will never be able to open it again.
Credit rating will be affected if you dont pay your debt.

Thanks. No debt so shouldn’t make a difference. 

Why never be able to open again? Is it something they add in their T&C? 

Theleak250

“Never” being able to open it again is perhaps a bit strong. At the moment their system does not allow ex customers to return. This is a systems limitation which they have suggested could change in the future, but at the moment if you do close your account you cannot open a new one .

ThePirates

Don't close your Chase account!

It's very simple to open additional accounts with them which can be used for account transfer bonuses. I made £1250 last year for less than an hour's work. Loads of threads on this forum about how to do it!

https://forums.moneysavingexpert.com/discussion/6588790/is-switching-bank-s-for-the-cash-bonus-es-worth-the-effort

friolento

Closing the account could have a tiny negative effect on on your creditworthiness because it would be reflected in your account stability / longevity. It’s so tiny that you can safely ignore it.

If you do decide to close despite the risk of never being able to get one again, switch the account for a switch bonus. 

flaneurs_lobster

Don't know if you just have the one other current account but it's always a good idea to have a backup JIC. Mine's sitting with a quid in it, actually thinking of resurrecting it this month as I've maxed out the cashback on my daily spend CC, 

Newbie_John

Close it, it only gets worse with time.

steven141

I closed mine too. The last perk being withdrawn was the last straw.

PRAISETHESUN

I keep mine open purely as a source of additional dummy accounts for switching. I'm up to account number 16 at the moment...

wiseonesomeofthetime

Mine is still active as it's the only account I can pay my Chase credit card DD from 🤷‍♂️