Surplus accounts
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puttee
Posts: 19 Forumite
Doing a bit of a review of my situation.
What with shifting money around to get the best savings interests over the years I appear to have quite a few bank accounts which I no longer use and sitting with small amounts of money in basically to keep them open. Some sitting besides other accounts at the same bank (e.g. Barclays current which I use often and an old ESavings which is still open with a nominal amount in). And others just one account with a bank/BS, for instance I have a Leeds BS which used to have a fair bit of money in it, now sitting with £100 after money transferred for a better rate.
Is there any advantage to just keeping them as they are (I always assumed best to keep so that if I the bank happens to offer a good product then I can easily open since I already have an account)? Or is there an advantage to closing them down?
I did an internet search and found little to sway me one way or the other (main concerns seemed about credit rating impacts or forgetting the account and 'losing' the money in them - neither apply to me).
TIA
What with shifting money around to get the best savings interests over the years I appear to have quite a few bank accounts which I no longer use and sitting with small amounts of money in basically to keep them open. Some sitting besides other accounts at the same bank (e.g. Barclays current which I use often and an old ESavings which is still open with a nominal amount in). And others just one account with a bank/BS, for instance I have a Leeds BS which used to have a fair bit of money in it, now sitting with £100 after money transferred for a better rate.
Is there any advantage to just keeping them as they are (I always assumed best to keep so that if I the bank happens to offer a good product then I can easily open since I already have an account)? Or is there an advantage to closing them down?
I did an internet search and found little to sway me one way or the other (main concerns seemed about credit rating impacts or forgetting the account and 'losing' the money in them - neither apply to me).
TIA
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I also have a number of "dormant" accounts for the same reason. However, generally I have kept them open but they don't have any money in them at all. I don't know if there is a risk that if they shut them down it will not look good, but most of them are savers with banks that I still have active accounts with, so I suppose it may not be the same situation as yours, but my feeling is that whilst I will not close them myself I don't want to keep money in them either and if the bank decides to close them then hopefully this will not be a problem. Sorry, it probably doesn't answer your question but I thought I would explain my thinking on it.
Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.0 -
I think there's just as much chance of missing out on good products which are only available to new customers as hanging on to these accounts and hoping for a good product for existing customers.
Whilst I can also admit to having a couple of 'dormant' accounts, I think I'd probably close them and put the money where it might do some good. I don't see much point in keeping them open and hoping for something to come along.Debt 1/1/17 - Credit Cards £17,280.23; overdrafts £3,777.24
Debt 5/1/18 - Credit Cards £3,188; overdrafts £00 -
Unless of course they are current a/cs that can be 'groomed' for a switch elsewhere when a good offer comes along- that is , if you haven't run out of 'new' banks to try! After all an odd 'welcome handshake' is usually more than you can earn in interest .Being polite and pleasant doesn't cost anything! --
Many thanks
-Stash bust:in 2022:337
Stash bust :2023. 120duvets, 24 bags, 43 dog coats, 2 scrunchies, 10 mittens, 6 bootees, 8 glass cases, 2 A6 notebooks, 59 cards, 6 lav bags,36 angels,9 bones, 1 knee blanket, 1 lined bag,3 owls, 88 pyramids = total 420 total spend £5. Total for 'Dogs for Good' £546.82
2024:23 Doggy duvets,29 pyramids, 6 hottie covers, 4 knit hats,13 crochet angels,1 shopper, 87cards=163 £86 spent!!!0
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