Benefits of established checking account
December 27, 2006 12:16 PM Subscribe
Is there any benefit to keeping a checking account open?
posted by dios to work & money (13 answers total) 2 users marked this as a favorite
I have a re-discovered checking account. It's been open since 1995 and was an old personal account before I got married. Once I got married, I have been using the joint account in a difference bank ever since. I thought I had closed it out, but I just realized it still is there with about a grand just sitting in it. When I did use it before I got married, I passed a lot of money through it. But it hasn't really been used in 3 or 4 years.
I'm thinking about closing it. But I don't want to close it if there is some benefit to keeping it around. So I am asking you smart people: is there a benefit to having a ten-year old checking account? Does it help my credit rating? I seem to recall that having a credit card for a long time is a good thing. Is the same true for a checking account? If I have a long held, but dormant account, would it increase the likelihood of getting a loan or something in the future?
I vaguely recall thinking about keeping it open to have my own account after we were married to have a private account which I could use to buy my wife gifts or for hookers or whatever. But I've clearly not used it and won't. But if there is some tangible benefit to just having it, I'd be fine with leaving the minimum balance ($500 or whatever) just sitting there.