Is more than one bank account better?

gettinnerdy
gettinnerdy Posts: 27 Forumite
in Budgeting & bank accounts
I have two current accounts now, down from 6 as I've been consolidating.

I have a Barclays Bank Account and a Halifax Current Account - and I don't pay any fees for either of them.

I'm wondering what the majority of people do...

Have one current account for everything? Or if many of you have two - and maybe use one just for direct debits and the monthly bills and each month transfer just enough money into the bill paying Account to cover all the bills?

Or do you find it easier just to have the one account with everything there?

Which do you think is best? 31 votes

Lloyd’s Bank
54%
No_6ffacoffipawbThomas_CrownHardSpendMarkFromCornwalljayIIwmb194dj1471ApathyceredigionMissus_Hydetempus_fugitUnknownradoslaffgettinnerdyHappyFrogMalc00 17 votes
Halifax Bank
45%
southantrim3d123datlexWiltstarMvacheronolder_wiserSuperHanDrp8713PsychoBobDon80timmy963janeskips2ShannonP_ 14 votes
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Comments

  • surreysaver
    surreysaver Posts: 4,095 Forumite
    Name Dropper First Anniversary First Post
    Easiest? One, maybe two in case one stops working. Most lucrative? I've currently got 12. Depends how much time you want to spend micomanaging your money - although moving money can be automated to a degree, you still need to keep on top of it.
    I consider myself to be a male feminist. Is that allowed?
  • colsten
    colsten Posts: 17,597 Forumite
    First Anniversary Photogenic Name Dropper First Post
    It is a sound idea to have at least 2 current accounts, at different and unconnected banks. Provided you keep money in both, it can protect you from any problems that may occur with one of them.

    On this forum, many people have many more than just 2 accounts as they are using them as savings accounts, or as access to savings accounts.
  • Geoff1963
    Geoff1963 Posts: 1,088 Forumite
    More than one, but not too many.
    It can be useful to have an account which is generally empty, for any transactions which might seem a little suspicious, to limit the damage.
    Several accounts means several x the daily cash withdrawal limit.
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    Keep at least 2 - more if it suits you.
  • CKhalvashi
    CKhalvashi Posts: 12,056 Forumite
    First Anniversary First Post Photogenic Name Dropper
    2 is always best.

    I got stuck in London until a friend helped when Lloyds systems went down about 5 years ago around Christmas.

    Had I had another card with me (it was my fault I didn't, I admit that) it would have saved about an hour and the £20 of fuel I had to give someone else for dealing with it for me.
    💙💛 💔
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    First Post Combo Breaker
    It's not only better, it's foolish not to have at least 2 entirely separate accounts, as explained by colsten.
  • datlex
    datlex Posts: 2,239 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Halifax Bank
    Given poor interest rates on money and lack of pay rises, I have several to earn rewards and interest. I found my finances improved no ended when I moved from 1 account to 2 accounts. Since then I have a number which I use for rewards. I use banking apps to check my accounts daily. It doesn't take much work at all. I have done so since I had only a couple. Anyone with internet access who does not check their accounts at least once a week is quite frankly stupid.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • katejo
    katejo Posts: 3,813 Forumite
    Name Dropper First Anniversary First Post
    I have 2. A main one which takes my salary, pays regular bills and has all my DD's. A 2nd one which is a savings account in principle but which pays for non essential expenses/projects/holidays. I transfer money into it each month and it also feeds other savings accounts.
  • gettinnerdy
    gettinnerdy Posts: 27 Forumite
    Lloyd’s Bank
    Based on People’s views, if you have experience of both - which bank out of the two do you believe offers better service and better products?
  • ceredigion
    ceredigion Posts: 3,709 Forumite
    First Anniversary Photogenic First Post
    Lloyd’s Bank
    Why ?
    ..............
This discussion has been closed.
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