The banks that don’t let you re-open accounts 

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The suppliers that you could’t return to

Sadly closing your account at these standard banks and suppliers may imply you received’t ever be capable of rejoin.

Chase

Chase says that at the moment prospects can’t reapply for an account in the event that they’ve beforehand closed one. The financial institution says that permitting prospects to ‘re-onboard’ after they’ve left isn’t a ‘performance’ it gives for the time being.

Nevertheless, these guidelines solely apply once you shut your complete account down. As you’ll be able to open as many as 10 present accounts with Chase, you’ll be able to switch additional “dummy” accounts away to reap the benefits of bank switching offers. Simply make sure you depart no less than one Chase account open.

Chip

When you have a Shares and Shares ISA open or a Money ISA open and also you shut your Chip account, you received’t be capable of open an funding account or Money ISA sooner or later.

The identical goes for once you request an ISA transfer from Chip to a different supplier.

I requested Chip for extra data on this however it didn’t reply to any requests for remark.

Starling

Starling says it’s unable to supply any new accounts to earlier account holders for the time being though it says that is non permanent. It’s because it’s at the moment performing some ‘work behind the scenes’ however will reopen new account functions to earlier prospects ‘very quickly’.

Nevertheless, one former buyer within the Be Clever With Your Cash Facebook group stated this difficulty has been ongoing for 2 years – however Starling didn’t reply to any requests for remark.

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The suppliers that do permit prospects to return

After we requested these banks, all of them stated you might reopen an account – however keep in mind this isn’t a assure. Every account can have acceptance standards so that you’ll nonetheless want to fulfill this in your software.

HSBC/First Direct

Prospects who’ve banked with HSBC or First Direct beforehand after which closed their accounts are free to open one other account with both financial institution sooner or later. That is so long as they meet any related eligibility standards on the level of re-applying.

Lloyds/Halifax/BOS

Lloyds says prospects who shut their checking account received’t be prevented from re-opening one, offering affordability and eligibility standards is met.

Metro

Prospects who’ve beforehand closed an account can come again at a later date and re-open a brand new one.

Monzo

The digital financial institution says it does let prospects re-open accounts in the event that they shut them. Nevertheless you’ll have to attend 30 days earlier than attempting, and also you’ll must contact buyer companies first. Plus, Monzo says there’s no assure it’ll be capable of re-open your account once you request it.

Nationwide

Nationwide says, as a common rule, there’d be no difficulty with a buyer opening a brand new account at a later date in the event that they’ve closed one beforehand.

Nevertheless, that is offering you continue to meet the account standards. For instance in case your credit score rating decreases otherwise you transfer overseas, you won’t be capable of open a brand new account. 

In the event you come again to Nationwide you additionally won’t qualify for introductory gives. For instance, prospects who open a FlexDirect current account can solely profit from the 5% credit score curiosity and cashback provide as soon as, so that you’d not get it when you re-apply for this account sooner or later.

Plum

Plum prospects can re-open their Plum account after closing it. In instances the place you’ll be able to’t do that robotically, the shopper companies staff will enable you to do it manually.

Revolut

In the event you’ve closed your Revolut account you’ll be able to open a brand new one. Or you might try to re-open the closed one though Revolut says it’s not as simple. You’ll must have your ID doc with you and open an in-app chat with Revolut Help. Workers will then look into whether or not they can re-activate your account for you.

Santander

Santander permits prospects to open an account with it once more in the event that they’ve beforehand had an account, supplied they meet all the opposite eligibility necessities. It says there is no such thing as a restrict to the time period which must cross between closing the account and opening a brand new one, nonetheless there are restrictions round benefitting from a switching incentive.

Buying and selling 212

Prospects who’ve closed their accounts with Buying and selling 212 can open a brand new account at any time with the identical e-mail deal with that was beforehand used or a distinct one. This is applicable to everybody, and there aren’t any particular exceptions.

TSB

TSB says there aren’t any restrictions that will forestall a buyer who had beforehand cancelled a product with TSB coming again to take out one other sooner or later.

Amelia’s evaluation

There doesn’t appear to be a logical motive why some suppliers received’t allow you to open an account when you’ve closed one beforehand, whereas different banks do. It simply looks like a cynical ploy to cease prospects leaving. 

The excellent news is that if you’re with certainly one of these banks and also you wish to transfer your cash elsewhere, there’s no hurt in conserving your account open with a small quantity in it. Simply be sure to examine your supplier’s guidelines about dormant accounts to keep away from your account being frozen on account of it not getting used.