How long until an account (NS&I in this question) gets marked as dormant?

B0bbyEwing

Looking at having an end of year spring clean & basically getting rid of any accounts I don't use. Streamlining the spreadsheet & management.

Since Halifax chopped their rewards I have no use for the NS&I account. Since I help manage numerous family members accounts also that's 5 accounts in total.

I was just about to begin the process of shutting them down & thought ... what if at some point in the near future, Halifax have a change of heart & bring the rewards back (or some other bank where spending is a requirement).

It'd be much less of a ballache to just leave them with £1 in each than to have to go through the process of setting it all up again.

But then I wondered about them becoming dormant & whether that'd be a pain in the backside in itself to get it up & running again.



On a side note, one thing I've certainly NOT missed is the ridiculous need to enter your login details TWICE for NS&I!!! Very annoying.

mta999

Not sure exactly what you are asking because for example with Direct Saver if you don't leave a pound in it then they close it down immediately the balance goes to 0

If you mean premium Bonds then your premium bond holder number simply remains in your account showing zero balance and if you log on you will see it there

Or are you asking how soon they remove your log on details if you have no money in any account?

B0bbyEwing

mta999 said:

Not sure exactly what you are asking because for example with Direct Saver if you don't leave a pound in it then they close it down immediately the balance goes to 0

If you mean premium Bonds then your premium bond holder number simply remains in your account showing zero balance and if you log on you will see it there

Or are you asking how soon they remove your log on details if you have no money in any account?

I'm asking about...

B0bbyEwing said:

Since Halifax chopped their rewards I have no use for the NS&I account. Since I help manage numerous family members accounts also that's 5 accounts in total.

I was just about to begin the process of shutting them down & thought ... what if at some point in the near future, Halifax have a change of heart & bring the rewards back (or some other bank where spending is a requirement).

The account that many of us on here had in order to meet the £500 spending requirement for the Halifax Rewards £5/month.

I don't know what name it's got.

I know if you drop to £0 then they close the account.

I'm not talking about premium bonds

eskbanker

B0bbyEwing said:

mta999 said:

Not sure exactly what you are asking because for example with Direct Saver if you don't leave a pound in it then they close it down immediately the balance goes to 0

If you mean premium Bonds then your premium bond holder number simply remains in your account showing zero balance and if you log on you will see it there

Or are you asking how soon they remove your log on details if you have no money in any account?

I'm asking about...

B0bbyEwing said:

Since Halifax chopped their rewards I have no use for the NS&I account. Since I help manage numerous family members accounts also that's 5 accounts in total.

I was just about to begin the process of shutting them down & thought ... what if at some point in the near future, Halifax have a change of heart & bring the rewards back (or some other bank where spending is a requirement).

The account that many of us on here had in order to meet the £500 spending requirement for the Halifax Rewards £5/month.

I don't know what name it's got.

I'd suggest that it would be productive to ascertain exactly what account you're referring to, in more specific terms than 'one that others on here had'!  Not saying that I'm aware of them having differential dormancy treatment by account but obviously if you need to check Ts & Cs or end up having to contact them then knowing the product name is pretty important....

mta999

As above it would be helpful to know the name of the account but I suspect if you're talking about Halifax then you're talking about a Direct Saver where you can make deposits from your debit card and therefore 'spend' 500 pounds from your Halifax account

if it is a Direct Saver then as I said in the beginning it is either open (with money in it) or closed if it has a zero balance - there is no such thing as dormancy for this account

B0bbyEwing

Ah yes the direct saver, that's the one.

I'm asking because I've had it with some current accounts where the bank gets in touch to say it's not been used in a while & it's going to get marked as dormant or whatever.

mta999 said:

I suspect if you're talking about Halifax 

Not sure why it's an if. It's pretty clear I am - I mentioned them.