Personal Finance

closing a bank account affects credit history?

  • Last Updated:
  • Jul 31st, 2009 12:06 am
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[OP]
Newbie
Dec 6, 2007
78 posts

closing a bank account affects credit history?

Hello RFDers!

I am thinking of closing my current scotia bank and move to Canadian Tire savig account (it has the highest saving interest rate so far?) and PC financial ( no bank fee!)

i heard closing a bank account gives some advantages when I get a mortgage.

Could anyone confirm with me??
2 replies
Deal Addict
User avatar
Dec 17, 2008
2485 posts
1480 upvotes
Winnipeg
If your credit score is good - it doesn't matter - any bank will give you a mortgage with a good rate - the days of loyalty are gone in most aspects.

Also closing a bank account does not affect your credit score as its not a credit product - only lines of credit / credit cards, etc

Hope that helps
Shawguy
Moderator
User avatar
Mar 23, 2004
38217 posts
4345 upvotes
Markham
purine5 wrote:
Jul 30th, 2009 11:39 pm
...move to Canadian Tire savig account (it has the highest saving interest rate so far?)
Nop, ppls trust still has the highest saving interest rate.
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

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