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Is it bad for my credit rating if i close down a bank account or savings account?


i have 2 bank accounts and i only ever use one, also i have acquired 3 savings accounts over the years and only use 1 so i want to close down what i dont need, should i really be doing this?

Hi, I know exactly what you mean, it's not easy. Personally I would not close any of the banks accounts as it is rather hard to get a new account these days. As long as you are not being charged anything keep them open, you might need references etc one day.

Re savings accounts, well, if you are not using the other, you are right, seem silly to have them, but wait!!!, if they are Builiding Society accounts, what if the B/Society amalgimated - depending on how long they have been open ie 10 year or more, you could be entitled to dividends providing you have a certain amount in them.. If less than years or amount required, then, there would be no return for you. So as you already have a live account, do you really need the others??? You decide.

Best of luck - hope you make the right decision.
Closing these accounts down won't affect your credit rating-
i dont think this can effect your credit rating.
I doubt it, wouldn't close my only credit card though.
Don't worry - this will have no effect at all (unless you close it with an unpaid overdraft or charges outstanding)
Only if you make a habit of doing it pretty often.
It won't impact your credit rating, but closing credit cards will.

Make sure your checking account has a linked savings account or credit card as overdraft protection....don't run naked. Keep the one that offers free checking with or without direct deposit and nearby ATMs to keep your costs down.

Unless you have Quicken and actually use it, I would only have one checking account and one linked savings account to retain my sanity.
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