2nd account as a switching mule.

John_L_M wrote: »

Thanks to everyone who has replied to my original post. I should point out, just to be absolutely clear, that I am talking about current accounts in my sole name, not current accounts in the name of a business or limited company or savings accounts. I have held many different savings accounts at banks and building societies especially during the height of the ‘carpet bagging’ frenzy of the 1990’s.




Whenever I have tried to open a new current account at a high street bank the staff have always asked me where my current account was with and told me that would have to be closed when opening the new account with them.

I supposed that I just took it on face value to be true and did not question it too much, especially the second or third time this happened when I tried to open a new current account at a different high street bank, and received the same answer.

I can see why having two or three current accounts would be advantageous, first to keep switching and getting the account opening bonuses but also some current accounts allow you to have a linked savings account where, subject to minimum amounts being paid into your current account each month, you can get unto 5% interest when you deposit unto £250 per month in the savings account. ( I have such an account with the Nationwide BS.)

I have to say I am wondering why anyone would want more than three or four current accounts though, just think of the postman bringing all those bank statements, and the size of your wallets, mine is full of loyalty cards, my debit card and two credit cards, if you have 10 or 12 or 19+2 joint current accounts that means the same number of cheque books and debit cards/ATM cards!

Yes, we are all talking about having multiple, personal current accounts in our sole names. I also have double figures of them.

The banks want your business, they want you to do all your banking with them. It is not in their interests to admit you can have many. They will push the switching service which automatically closes down your old account. In reality you can open as many as you like without ever having to switch the old one. Opening them online might help if you don't want to have to discuss it with bank staff.

I have mine for the various incentives. 3% interest on max £3,000 here, as you say access to a 5% savings account there, free travel insurance at another, and so on and so on. If "normal" savings accounts gave interest rates as good as these I wouldn't bother. If these accounts paid interest on unlimited balances I'd only have one. However when they all only pay interest on small pots, I have lots of those small pots. I'm saving for a house deposit so need to keep it all working hard for me!

As for the state of my wallet - yes, I have a stack of debit cards but they live in the safe at home*. I only actually carry the two for my "working" sole and joint accounts. I don't request cheque books - these days most banks ask if you want one rather than sending them by default. Most of my accounts are set to paperless but I admit the poor postie probably does wonder why I have so many letters from financial institutions especially when there's a wave of them all changing some minor element of their T&Cs.

Despite all this I have been "loyal" to my main sole current account for 34 years :rotfl:

* Don't cut up the debit cards - if you want to switch the account later you'll need it so would have to waste time ordering another and might miss a deal.

As others have said, all of mine are sole personal current accounts. I accept that I'm probably at the upper end of the 'how many accounts' spectrum:o

I've opened most of them over several years for the interest they offer, or access to regular savers. A few have been switched for a cash incentive but I've never actually opened a 'donor' account for this purpose.

I don't ask for a chequebook so just have one for my main account which I've held for over 40 years. Debit cards are kept safe at home.

I'm retired and have both the time and inclination for this 'game' though it is becoming less rewarding.

It is common sense to have at least 2 current accounts with separate banking groups, and obviously if you can maximise the interest/cashback/switch incentive, so much the better.

Good luck and come back if you have any specific queries.