Can One Close Old Bank Accounts & Open New Ones?

[Kieranight]

Hi Guys,

The only UK banks that I know are ok with mismatched names are HSBC, Smile, Santander, Nationwide, and Natwest, and from what I've read we should only have maximum 2 current accounts and 3 savings account per bank, so maximum 25 bank accounts overall.

I've already used most of these 25 on previous eBay/PayPal accounts, most of which I want to close & then open new eBay/PayPals (Not due to limitations or stealth issues, it's just necessary for my current situation), so hence I won't be able to open many new accounts, due to a lack of available bank accounts that aren't already linked to a PayPal.

Does anyone please know if you're able to close & re-open bank accounts (e.g. Close a saving account and then opening the same type of saving account some time after) without getting flagged/your account closed by the bank? And if so, is there a certain amount of time you need to wait before closing/re-opening, or a certain maximum number you can close in a given time period, or a certain maximum number you can close ever?

Thanks in advance

[mc_vobla]

I am not sure about UK, but in US you can just walk into the bank and request to change account numbers.
I usually come up with an excuse like my bank account numbers were compromised, but I am pretty sure they don't care as long as you as stay their client.

[JamesNorth101]

Closing and opening is ok so long as you space it out a bit

Barclays is form, Halifax is fine most the time

4 savings accounts is also fine

[Kieranight]

Originally Posted by mc_vobla

I am not sure about UK, but in US you can just walk into the bank and request to change account numbers.
I usually come up with an excuse like my bank account numbers were compromised, but I am pretty sure they don't care as long as you as stay their client.

Ah ok, thank you very much, I've never heard of this before - I'll email some of the banks and see what their response is.

[Kieranight]

Originally Posted by JamesNorth101

Closing and opening is ok so long as you space it out a bit

Barclays is form, Halifax is fine most the time

4 savings accounts is also fine

Ah ok, that's great news, thanks! Please could you kindly elaborate on how long you'd recommend leaving between closing and opening, and how long to leave between subsequent closings?

Thanks for the 4 savings account tip, that'll help a bunch! May I please ask, do you personally use Barclays and Halifax?

[Arkham_Joker]

i open a savers each time i delete one, i use halifax and lloyds

[Kieranight]

Originally Posted by Arkham_Joker

i open a savers each time i delete one, i use halifax and lloyds

Ah ok, thanks for the advice

As others have already said, you can easily open and close accounts in your online banking with some banks.

If I closed one, I'd always leave it a week before opening another. I never had issues.

[JamesNorth101]

Originally Posted by Kieranight

Ah ok, that's great news, thanks! Please could you kindly elaborate on how long you'd recommend leaving between closing and opening, and how long to leave between subsequent closings?

Thanks for the 4 savings account tip, that'll help a bunch! May I please ask, do you personally use Barclays and Halifax?

Not exact time, few weeks would be fine. Just spread it across accounts so it’s even

[Play]

Stick to savings accounts, they're much easier to open and close.

They also don't hinder your credit rating.

[Kieranight]

Originally Posted by Play

Stick to savings accounts, they're much easier to open and close.

They also don't hinder your credit rating.

Ah ok, thanks for the advice, will do

[sax4]

After a while of opening and closing you may be unable to open or close accounts at Halifax, you'll get a message saying it needs to be done in the branch

[Kieranight]

Originally Posted by sax4

After a while of opening and closing you may be unable to open or close accounts at Halifax, you'll get a message saying it needs to be done in the branch

Oh right, thanks for letting me know. I think I'll probably avoid Halifax.

[Play]

Originally Posted by Kieranight

Oh right, thanks for letting me know. I think I'll probably avoid Halifax.

Halifax, Lloyds, TSB - those i'd recommend you avoid. Although no concrete evidence to suggest you cannot use them with stealth accounts, generally they are known to cause issues.

You have so many others to choose from, which all work perfectly fine.

[Twisty]

I use pretty much all the banks on the High Street except Halifax, Lloyd's and TSB (these banks use a different payment processing system to other High Street banks).

How quickly you open another account after closing one can depend on how long you've been banking with the bank. I have no issues with opening a new one hours after closing one with HSBC, Natwest and Barclays . I've been doing it a long time so have my own methodology. Although, probably best to stay safe and wait a week or so.

[Kieranight]

Originally Posted by Play

Halifax, Lloyds, TSB - those i'd recommend you avoid. Although no concrete evidence to suggest you cannot use them with stealth accounts, generally they are known to cause issues.

You have so many others to choose from, which all work perfectly fine.

Originally Posted by Twisty

I use pretty much all the banks on the High Street except Halifax, Lloyd's and TSB (these banks use a different payment processing system to other High Street banks).

How quickly you open another account after closing one can depend on how long you've been banking with the bank. I have no issues with opening a new one hours after closing one with HSBC, Natwest and Barclays . I've been doing it a long time so have my own methodology. Although, probably best to stay safe and wait a week or so.

Ah ok, thanks guys. That's great to hear that other banks are ok to use, and that some people regularly close and open accounts. Thanks for all the help, it's much appreciated

[JML82]

Originally Posted by Kieranight

Ah ok, thanks guys. That's great to hear that other banks are ok to use, and that some people regularly close and open accounts. Thanks for all the help, it's much appreciated

I use Metro bank and they only allow 5 online saving accounts (ones you can open via the app) at a time, I walked into the branch the other day closed all 5 and then jumped on the app and re-opened, no questions asked.

[Play]

Originally Posted by JML82

I use Metro bank and they only allow 5 online saving accounts (ones you can open via the app) at a time, I walked into the branch the other day closed all 5 and then jumped on the app and re-opened, no questions asked.

It's not about them asking questions right away, it's about raising flags on your account. Some banks monitor this more so than others.

So closing numerous accounts, opening a bunch right after, may not be an issue now, but you may well have action taken against you after, i.e. not being permitted to open accounts online any more etc.

[Never Settle]

Just dont open and close on same day will raise flags and bank can close your account at any time when it comes to manual review.

Theres nothing wrong with lloyds, halifax, tsb and bank of scotland
You can easily open and close there savers online
I've used them for years not a problem with mismatching names and putting 10k + in a month

[JamesNorth101]

Originally Posted by JML82

I use Metro bank and they only allow 5 online saving accounts (ones you can open via the app) at a time, I walked into the branch the other day closed all 5 and then jumped on the app and re-opened, no questions asked.

Yet. No questions yet.

It’s a few months down the line that issues happen and questions are asked

[Pandoras_box]

Originally Posted by Play

Stick to savings accounts, they're much easier to open and close.

They also don't hinder your credit rating.

So true. I never use current accounts for eBay. The footprint on my credit file would be a no-no.