To remind you that if you have little used bank accounts you should set up a standing order ot keep them open?

[listsandbudgets]

Just that really.

2 of my old Halifax accounts became dormant - my own fault I just let it slip and kept thinking I'd sort it out. They didn't have enormous sums of money but I suppose I always thought of them as a bit of an emergency fallback fund. It took me ages to get them reinstated and I had to go in branch with ID etc. It was a real pain and while they're dormant you can't use them.

They told me just to set up a small standing order to keep them open even if its only a fiver or tenner every 2-3 months - that way they're showing transactions and won't become dormant.

If they’re old the interest rates will be awful. Better to close them and open a new account with a better interest rate and then shop about when it ends. Much more financially rewarding than a low to zero rate and having no I set up direct debits.

Just move the money to the bank you do use into the highest interest savings accounts you can get.

Yes, they go fallow and it's an absolute pain getting them back especially if the bank staff don't understand the process. One of mine took 18 months and multiple members of staff before I got it back.

Every March/April (start/end of financial year so easier to remember) I put a tenner in.

why bother? You can open a new bank account online in minutes if you needed to, which will likely have far better interest rates. If you stick £10 a month in there and then forget about them again (or something happens to you and your next of kin only knows about your main accounts) you could end up with a few hundred quid lost. Whereas put them in an account with decent interest (Chase has 4% atm even on current accounts) you'd at least make some money back. Lots of places you can split into 'pots' or different accounts if you want to keep some money separate.

If you are desperate to keep these random accounts open then the standing order can just be a few pence, doesn't have to be as much as a fiver.

Don't see the point if you don't use it. You can open bank accounts online with the bank your current account is with.

Or close them if theres no good reason to keep them open

Some have multiple bank accounts as your money is only protected up to 80K so you may want to separate for better protection

@kitsuneghost
Ohh I don't even have £80 so don't think about those things 😂😂

If you are desperate to keep these random accounts open then the standing order can just be a few pence, doesn't have to be as much as a fiver. You can do standing order from A to B and for an equal amount a few days later from B to A. I once, at the building society’s suggestion, had this arrangement because both accounts then were eligible as a “regular saver” account getting higher interest.

Some have multiple bank accounts as your money is only protected up to 80K so you may want to separate for better protection. Important point. Though I think it’s £85k, not £80k.

Well it's nothing to do with the £80k limit... I wish

However as well as liking it as an emergency fall back (and it's currently at 3.8%) which isn't too bad I am always conscious that things can go wrong with banks for one reason or another and it's useful to have another you can get cash from, make payments from etc. I think I'm just slightly cautious