Closing Multiple Accounts

NebulaNova

Hi, I have a good few accounts empty accounts now from taking up offers for ISA's and savings and I am wanting to close them.

Am I right in saying that it's best to download a copy of all statements from an account you're about to close so you have a trail of where your money has been in case you need to prove anything in the future, or is this not important?

Thanks

Farway

Personally I would, in fact I am. Just working on Better safe than Sorry, and in light of some recent threads where source of money is being questioned

friolento

https://forums.moneysavingexpert.com/discussion/6677274/closing-multiple-accounts

I don’t bother personally as I don’t plan for major purchases (house etc), and I am happy that I have sufficient records for HMRC should they ask for details.

But I think it’s probably good housekeeping to have at least digital copies of statements for the last 6-10 years, and/or keeping the closing statements which many providers still send you in the Post.

Cisco001

I usually keep it for I while for check HMRC interest calculation

NebulaNova

Thanks, I think I'll do that and then request account closures.

How soon can you re-open an account once the account is closed, as in, T212? I would like another ISA with them.

luci

https://forums.moneysavingexpert.com/discussion/6677274/closing-multiple-accounts

Yes. It would be prudent to download them in case you need them in future. Now, I only download the final statement rather than every monthly statement as I did in the past.

flaneurs_lobster

Personally I would too, renamed to something obvious and intelligible.

Although I received 3 separate letters yesterday from LBG with closing statements from my 8% RS closing/opening frenzy, despite having paperless set to 'Yes'.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82078494#Comment_82078494

If you plan to open another Isa with T212 I wouldn't close the account. I'm not sure about T212 but there are some providers that won't allow you to open a new account once you've closed your last e.g., Chase.

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/82078509#Comment_82078509

I was going to close it as it's currently £0, and wondered if I closed then re-opened a new one, I could get their decent rates.

LHW99

https://forums.moneysavingexpert.com/discussion/comment/82078536#Comment_82078536

Put some money in and then transfer it to the new product?

subjecttocontract

• I think it depends how much money is or has been in the account you want to close. Accounts with just a few £100 probably are not worth bothering with.
• I tend to keep other documents for large amounts such as property sale completion statements or bank transfers of large amounts.