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  • FIRST POST
    • Sea Shell
    • By Sea Shell 25th Mar 17, 10:19 AM
    • 387Posts
    • 342Thanks
    Sea Shell
    Multiple Accounts - when to consolidate?
    • #1
    • 25th Mar 17, 10:19 AM
    Multiple Accounts - when to consolidate? 25th Mar 17 at 10:19 AM
    Hi all.

    We have most of the Interest Paying Current Accounts and Reg Savers, plus some fixed rate deals etc. Obviously we want to make our money work as hard as it can for us, to enable early retirement in the not to distant future.

    At the moment I have the time, inclination, need and mental agility to manage all this, but I realise that at some stage we'll probably need to simplify this all down to a more manageable number of accounts (for our own sanity if nothing else!!)

    Do I really want to be doing all this in my dotage.

    At what point have you decided "enough is enough" and just simplified your banking...or are you still happy to jump through all the hoops for those extra few £££ a month.

    Would you wait until you reach an age where you'll be drawing your pensions, so you know what money you have coming in on a regular basis, and if that is enough??

    Interested in what your plans are. Thanks
Page 3
    • iAMaLONDONER
    • By iAMaLONDONER 12th May 17, 12:56 PM
    • 1,614 Posts
    • 386 Thanks
    iAMaLONDONER
    I think if you have a big pile of £ then you can just set up standing orders and forget about them. If there's any chance that a payment could be a few days late and complicate everything, meaning you actually have to stay on top of it all, then it's not worth it. I've recently consolidated for this reason.

    I've also noticed that credit card cashback and switching bonuses could be much more lucrative than interest for me.
    Originally posted by theburningcat
    Hard to get more than 0.5% cashback or 1% with AMEX nowadays
    • badger09
    • By badger09 12th May 17, 1:39 PM
    • 5,122 Posts
    • 4,337 Thanks
    badger09
    I've dealt with the executor hassle issue by having detailed notes of all the accounts (and utilities etc) printed out and kept in an appropriately labeled file on an obvious place on my desk. A bit morbid perhaps, but I see it as no different to taking out a life insurance policy to make things easier for family if the worst happens. Added to which, there is enough money so the executors can hand everything over to professionals to sort out so they don't have to do anything else
    Originally posted by EachPenny
    All my details are on spreadsheets on an encrypted password protected USB stick, with appropriate backup

    My husband is one of my executors but he'd be completely flummoxed by it. My son knows the master and spreadsheet passwords, but as he's in Hong Kong, he wouldn't be able to do anything with it immediately.


    Surely you aren't getting bored of making a little extra money here and there?
    Originally posted by EachPenny
    Hate to admit it on MSE, but yes
    • EachPenny
    • By EachPenny 12th May 17, 2:14 PM
    • 2,102 Posts
    • 2,999 Thanks
    EachPenny
    Hate to admit it on MSE, but yes
    Originally posted by badger09
    Hopefully this will be picked up by the mods so you can be banished from the site

    There are days when I stop myself and think that doing a transfer today rather than tomorrow won't even earn a penny of extra interest. That is such a different world to the one I used to live in where my primary current account often had around £20k in it earning no interest, but I was so busy at work that my free time was too precious to spend shuffling money around.

    With that experience, my top tip to people is never get so busy earning money that you don't have time to keep an eye on where you are spending (or losing) it.
    "In the future, everyone will be rich for 15 minutes"
    • teddysmum
    • By teddysmum 12th May 17, 3:28 PM
    • 8,217 Posts
    • 4,891 Thanks
    teddysmum
    It was much simpler, when banks paid no interest, but you could put all your spare money in one savings account with a good interest rate.


    It's hard to believe that at one time you could earn over 10%interest and the people in charge of calculating the impact of savings on benefits still seem to live in those times (or like to pretend that that's what they believe.)
    • EachPenny
    • By EachPenny 12th May 17, 3:57 PM
    • 2,102 Posts
    • 2,999 Thanks
    EachPenny
    It was much simpler, when banks paid no interest, but you could put all your spare money in one savings account with a good interest rate.
    Originally posted by teddysmum
    I do remember when interest on current accounts first started, but with the banks I used the interest dwindled to 0.1% (Barclays) and then stopped altogether around 2008. The more recent high interest rates on current accounts seem to me to be more like bribes, along with the switching bonus, to get new current account customers. If it wasn't so easy to switch you have to wonder if the rates would be anywhere near as high as they are. Not complaining though
    "In the future, everyone will be rich for 15 minutes"
    • Marvo5
    • By Marvo5 12th May 17, 6:03 PM
    • 89 Posts
    • 79 Thanks
    Marvo5
    When I retired I took a useful lump sum and the task at hand was to find a home for it all. Three Santander 123 accounts took a large chunk and at that time at 3%. I've also put money in the usual suspects, HBOS, TSB, Tesco, Nationwide, etc, then of course there was the ISA, which now holds a considerable amount. Now I've reached that point where I can no longer sustain them all so will have to start closing some. Two of the three Santander accounts have gone, the money now in the Atom bank. The third will become a Santander 123 lite soon once it dips below £4000. I'm going to switch one of the HBOS accounts when it reduces to 2% next month, move it to the co-op to claim the £110 bonus. Once I have that then it'll be a switch to a fourth Tesco account. After that, who knows? There's a Nationwide branch in our local village so for pure convenience I guess that will be one of the last to go.

    I'm with Badger, it's not much fun now and the rewards are pitiful in all honesty, I find it very hard to get excited about a new Virgin saver that is going to make me £60 over a year. Anyway I don't need that money, I doubt I'll live long enough to spend what I've got and if I do, I guess some care home will soon run that down to nothing.

    I'm going to go and buy a coffee.
    • EachPenny
    • By EachPenny 12th May 17, 8:37 PM
    • 2,102 Posts
    • 2,999 Thanks
    EachPenny
    I'm going to switch one of the HBOS accounts when it reduces to 2% next month, move it to the co-op to claim the £110 bonus.

    I'm going to go and buy a coffee.
    Originally posted by Marvo5
    Hope you enjoyed the coffee

    I wouldn't hang around too long on the Co-op switch - it is anyone's guess how long the £110 offer will still be around given their current difficulties. Also, my switch took nearly a month to complete, so you could probably get your application in now and still not have the BOS account closed until mid-June.
    "In the future, everyone will be rich for 15 minutes"
    • getmore4less
    • By getmore4less 13th May 17, 5:10 AM
    • 29,776 Posts
    • 17,804 Thanks
    getmore4less
    If you want to squeeze a bit more on this add 0% purchase credit cards to the portfolio and stooze that money into savers.

    Use maturing accounts to pay off the CC.

    that way not only are you making your money work a bit harder for you you are free money to get a little extra.
    • Sea Shell
    • By Sea Shell 13th May 17, 7:21 AM
    • 387 Posts
    • 342 Thanks
    Sea Shell
    I've got all the in/out Standing order stuff ticking along...it's just making sure that you still meet all the criteria for the various accounts.

    I wanted to cancel my gym membership...and I suddenly thought....oh I need that DD, right, where shall I get another one from!!!!

    We've filled our S&S ISA's this year, so there's a lot less cash sloshing around, what with that and on-going pension contributions, we shall be whittling away at the cash over the next few years. Then hopefully some of these accounts can go.

    We've not bothered with any Reg Savers paying 2% or less i.e. TSB once they've matured.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Marvo5
    • By Marvo5 13th May 17, 7:56 AM
    • 89 Posts
    • 79 Thanks
    Marvo5
    Thanks for the advice EachPenny, I'll bear it in mind. Trouble is I've already been stung once this year, waited until two direct debits had paid out in a month with Santander before switching them, only to find they had to be "active" on the account at the time the interest was due so I lost £25.

    I think this is the whole point, you can fiddle and fart about to make a couple of quid here and there and then lose far more in an instant. I recently got a speeding ticket, my fault but there went the interest on one and a half Santander regular savers for the year. It's why I went for Atom, okay it's only 2% but no minimum amounts, Direct Debits or standing orders just a healthy dollop of cash dropping into my account each month.
    • PParka
    • By PParka 14th May 17, 8:38 PM
    • 191 Posts
    • 69 Thanks
    PParka
    Well I bit the bullet and decided to simplify our accounts.
    Between myself and my wife, we had 40 different accounts including current accounts, regular savers and 0% credit cards. We've reduced the number of accounts from 40 to a measly 21 !
    Once some of the regular savers and 0% cards come to an end, we should be left with fewer than 10 accounts.

    I've kept anything paying over 3%, but all the rest have gone.
    I even switched my Barclays current account that I had held for over 25 years.

    We decided that having so many accounts to earn an extra few £'s a month wasn't worth it anymore. Instead we've topped up our S&S ISA's which will hopefully gain more in the long term.
    Last edited by PParka; 14-05-2017 at 8:55 PM.
    • Sea Shell
    • By Sea Shell 15th Jul 17, 8:58 PM
    • 387 Posts
    • 342 Thanks
    Sea Shell
    1 year fixed account matured and closed....2 more Virgin Reg Savers opened.

    That's a +1 for this month then......
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Ken68
    • By Ken68 16th Jul 17, 9:31 AM
    • 6,264 Posts
    • 3,966 Thanks
    Ken68
    Minus 3 since your first post Seashell.... now down to 13 Regular Savers plus the associated bank accounts. Three more that mature in August, one in September and so on.
    An inheritance clicks in April, so it could be said I need more accounts or less in that I no longer need to save.
    • badger09
    • By badger09 16th Jul 17, 10:47 AM
    • 5,122 Posts
    • 4,337 Thanks
    badger09
    I've definitely decided 'less is more'

    I haven't renewed either of my recently matured regular savers, nor did I go for the recent Chorley, Leeds or Virgin offerings. I will renew anything paying 3% and above, but nothing below that. Might even ditch my YB Direct current account paying 1.5%, once the RS it feeds matures.

    It was fun while it lasted, but I'm bored now
    • MDMD
    • By MDMD 16th Jul 17, 11:00 AM
    • 256 Posts
    • 130 Thanks
    MDMD
    I've decided I can't be bothered anymore for around £3 ish a month especially after 40% tax. Keeping anything at 3% and above. Going to just pay more into my pension, or start living a bit!

    I've now closed all my Virgin Money 'e' Regular Savers, keeping the Store ones for now as a 'running away fund' but not opening any more. Will probably ditch the Matchday next time I go past a store. TSB Plus going when the 5% cash back ends. Might also get rid of BOS and the Leeds ones to fund the pension payments
    • badger09
    • By badger09 16th Jul 17, 11:19 AM
    • 5,122 Posts
    • 4,337 Thanks
    badger09
    Apologies to anyone reading this thread who is struggling to make ends meet.

    I do realise that those of us posting here are in a fortunate position which some can only dream about
    • surreysaver
    • By surreysaver 16th Jul 17, 5:59 PM
    • 2,247 Posts
    • 1,272 Thanks
    surreysaver
    I used to do that Snoozing stuff about 10 years ago until a baby came along, work got in the way and interest rates went down. I had (have still got) a tracker offset mortgage, so back when the interest rate on it was 6-7%, it was worth my time and hassle managing it all. Then I stopped.
    However, three months ago I broke my ankle and have been off sick, so have had the time to resurrect my old hobby. So. Even though my mortgage rate is only 1%, I reckon I will now be raking in about £100-150 per month chasing 2% regular savers, fixed savings accounts and higher interest current accounts.
    I consider myself to be a male feminist. Is that allowed?
    • bigadaj
    • By bigadaj 16th Jul 17, 8:05 PM
    • 9,945 Posts
    • 6,349 Thanks
    bigadaj
    You snooze, you lose,..,
    • Sea Shell
    • By Sea Shell 17th Jul 17, 6:47 AM
    • 387 Posts
    • 342 Thanks
    Sea Shell
    Apologies to anyone reading this thread who is struggling to make ends meet.

    I do realise that those of us posting here are in a fortunate position which some can only dream about
    Originally posted by badger09
    I realise that these boards are full of people with many different financial situations, some with far greater savings/investments/pensions than me, and also those who are in the red, some by serious amounts.

    Do the Debt Free board posters read the Savings & Investment boards too....that'll make their eyes bleed!!!

    However, I do not feel guilty about the financial situation I find myself in. We've worked hard, saved hard, and made decisions through life that have resulted in our position. None of it's fallen into our lap!! (and yes, I realise that one wrong move and it could all be gone!!)
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • bigadaj
    • By bigadaj 17th Jul 17, 10:30 PM
    • 9,945 Posts
    • 6,349 Thanks
    bigadaj
    I realise that these boards are full of people with many different financial situations, some with far greater savings/investments/pensions than me, and also those who are in the red, some by serious amounts.

    Do the Debt Free board posters read the Savings & Investment boards too....that'll make their eyes bleed!!!

    However, I do not feel guilty about the financial situation I find myself in. We've worked hard, saved hard, and made decisions through life that have resulted in our position. None of it's fallen into our lap!! (and yes, I realise that one wrong move and it could all be gone!!)
    Originally posted by Sea Shell
    It's probably the pensions board that would be the eye opener.

    Particularly now people are being offered the multiples on the cetv for a db pension, someone with a 'small' pension paying a few grand a year is being offered multiple six figures to buy them out.
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