Closing Savings Account - Any Negative Consequences for future?

buyer95 · 11-07-2022 5:34pm #1

Hi all,

I am 26 years old and this Saturday I will be moving to Vancouver. I plan to remain there for two years. I have been keeping most of my savings in my credit union account, but have about 1.5k in my Bank of Ireland Savings Account. I will be bringing this money with me. When I went to withdraw the money online it gave me the option of closing the savings account and emptying it. I am wondering will this have any negative consequences in the future? Should I leave a small amount in it and just keep it there even though I wont be paying in to it? As I say all my savings are in the credit union account, but I do plan on bringing this money also.

Any help/guidance is appreciated.

Atlantic Dawn · 11-07-2022 5:39pm

I'd be inclined to leave it open with €100 or so left in it so you have an account here that you can transfer money to before and when you return.

The process to open an account here now is rather time consuming and gets more complicated if you are trying to do it while overseas or when you come back and have no immediate proof of address which is a requirement.

buyer95 · 11-07-2022 9:20pm

https://www.boards.ie/discussion/comment/119322707#Comment_119322707

I'll be leaving my current account open it's just the savings account I'm thinking about closing.

Citrus_8 · 11-07-2022 11:47pm

https://www.boards.ie/discussion/comment/119323684#Comment_119323684

Exactly. It's as easy to open it online as to close it. There's no negative impact.

AnRothar · 13-07-2022 11:11am

https://www.boards.ie/discussion/comment/119323684#Comment_119323684

If the current account has fees and savings has none, it might make more sense to keep the savings account and close the current account.

coylemj · 16-07-2022 12:15pm

OP, keep the BoI savings account and every 6 months or so transfer money in or out of it. So it doesn't get flagged as a dormant account. Better still, open a second savings account and every now and then, login and move a small amount between the two accounts. BoI allow you to have two savings accounts.

There will be no 'negative' effect if you close the account, it's just that you will avoid the hassle involved in opening a new account when you return. For example, to open an account as a new customer, a bank here will (for proof of your adddress) ask you to produce a bank statement or utility bill from within the previous 6 months and that will be a problem if you've just landed back from Canada. So keep the account open. You say you have a current account with the credit union, I would close that account if there are monthly fees but for the same reason as above, I would keep the CU share account open.

In summary, keep any account open that doesn't involve ongoing fees.

macvin · 16-07-2022 12:20pm

Just close it.

You have a CU account and that can now do all the things you'd ever need to do and you probably don't know how long you will be in Canada.

There's absolutely no negativity attached with having a closed account and there's no benefit in keeping it open

Closing Savings Account - Any Negative Consequences for future?

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