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  • FIRST POST
    • static92
    • By static92 11th Jul 17, 4:30 PM
    • 5Posts
    • 0Thanks
    static92
    how many bank account have you got
    • #1
    • 11th Jul 17, 4:30 PM
    how many bank account have you got 11th Jul 17 at 4:30 PM
    hi i wanted to find out how many bank account current accounts or basic accounts do you have or can you open is there a limit of how many you can open?.
Page 1
    • DCFC79
    • By DCFC79 11th Jul 17, 4:48 PM
    • 30,282 Posts
    • 19,157 Thanks
    DCFC79
    • #2
    • 11th Jul 17, 4:48 PM
    • #2
    • 11th Jul 17, 4:48 PM
    hi i wanted to find out how many bank account current accounts or basic accounts do you have or can you open is there a limit of how many you can open?.
    Originally posted by static92
    You can open as many as you like, whether the bank where you try to open the next account accepts you as a customer is anyones guess.

    There is a search function you can use as this qusstion has been asked before.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • eskbanker
    • By eskbanker 11th Jul 17, 5:18 PM
    • 5,801 Posts
    • 5,686 Thanks
    eskbanker
    • #3
    • 11th Jul 17, 5:18 PM
    • #3
    • 11th Jul 17, 5:18 PM
    hi i wanted to find out how many bank account current accounts or basic accounts do you have or can you open is there a limit of how many you can open?.
    Originally posted by static92
    Just to expand on the previous answer, many banks do have limits, so, for example, you can't have more than two Tesco Bank current accounts in your name.

    If you're in the position where basic bank accounts are relevant then chances are you won't be able to open many accounts....

    What do you have in mind?
    • Shakin Steve
    • By Shakin Steve 11th Jul 17, 7:25 PM
    • 1,049 Posts
    • 764 Thanks
    Shakin Steve
    • #4
    • 11th Jul 17, 7:25 PM
    • #4
    • 11th Jul 17, 7:25 PM
    It's all getting a bit out of hand this. I've got three(two of them are Tesco) and I really don't want any more. Lot of faffing for a couple of quid here and there. I blew last months interest from Tesco on coffees.
    I came into this world with nothing and I've got most of it left.
    • Chaykin
    • By Chaykin 11th Jul 17, 7:41 PM
    • 70 Posts
    • 37 Thanks
    Chaykin
    • #5
    • 11th Jul 17, 7:41 PM
    • #5
    • 11th Jul 17, 7:41 PM
    Nine current accounts.
    • worried jim
    • By worried jim 11th Jul 17, 7:48 PM
    • 8,699 Posts
    • 13,276 Thanks
    worried jim
    • #6
    • 11th Jul 17, 7:48 PM
    • #6
    • 11th Jul 17, 7:48 PM
    Two. One for the UK, one for R.o.W.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • Don80
    • By Don80 12th Jul 17, 8:59 AM
    • 196 Posts
    • 77 Thanks
    Don80
    • #7
    • 12th Jul 17, 8:59 AM
    • #7
    • 12th Jul 17, 8:59 AM
    I have 3 current accounts, one with the Bank of Scotland which is my main "day to day spending" account. One with TSB which I use to pay my bills, and one with Halifax which I just opened. I am considering switching one to Nationwide, I had planned to do that with the Halifax account, but am going to look at my interest at TSB and see if the £3 monthly reward would beat that, and switch whichever is least value for money.
    Last edited by Don80; 12-07-2017 at 10:11 AM.
    • phred
    • By phred 12th Jul 17, 10:03 AM
    • 85 Posts
    • 19 Thanks
    phred
    • #8
    • 12th Jul 17, 10:03 AM
    • #8
    • 12th Jul 17, 10:03 AM
    17. Mainly to qualify for regular savings and reward accounts.
    • Kim_13
    • By Kim_13 12th Jul 17, 10:27 AM
    • 1,348 Posts
    • 1,714 Thanks
    Kim_13
    • #9
    • 12th Jul 17, 10:27 AM
    • #9
    • 12th Jul 17, 10:27 AM
    5.

    I have more savings accounts, largely due to never closing ones that aren't used. Reading on here it sounds like it's a faff to close the instant access account that's left from a matured RS so they're just left empty.

    @Don80 - If you would like to bag the Nationwide incentive, remember that you'll need to switch an account with 2 DD's on.
    Last edited by Kim_13; 12-07-2017 at 10:31 AM.
    Sealed Pot 11 #520 ~ /£100
    VSP 2017 #9 ~ £108.83/£250.00
    CCCC 2017 #1 ~ £200.95/£120.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • schiff
    • By schiff 12th Jul 17, 11:02 AM
    • 17,714 Posts
    • 9,045 Thanks
    schiff
    hi i wanted to find out how many bank account current accounts or basic accounts do you have or can you open is there a limit of how many you can open?.
    Originally posted by static92
    If you use them for savings as most of us do, there is Nationwide, TSB, Tesco(2), Bank of Scotland(3) and Santander, all of which credit interest at 1.5% minimum, some permit a high interest regular saver. Add First Direct for the regular saver, HSBC and M&S for the switching bonus and the regular saver. And there are more.

    It's something of a bonanza for the fairly well fixed.
    • Don80
    • By Don80 12th Jul 17, 11:35 AM
    • 196 Posts
    • 77 Thanks
    Don80
    hi i wanted to find out how many bank account current accounts or basic accounts do you have or can you open is there a limit of how many you can open?.
    Originally posted by static92
    There is no simple answer - it depends on your circumstances. Theoretically you could have accounts with every bank - as long as you meet their eligibility criteria to open the account. This is usually minimum payments into the account (some banks exclude internal transfers) so you might need to earn enough. E.g. I couldn't get the HSBC one on offer at the moment as I earn less than needed to meet the minimum payments into the account.

    Some banks have requirements to get interest/bonus payments. For example, Bank of Scotland won't pay you interest if you go overdrawn in a month. Halifax needs you to pay in £750, stay in credit, and have 2 active direct debits to get the £3 a month on their Reward account. If you don't meet these criteria you just have a plain old account.

    Banks have different rules about how many accounts you can hold with them. Some banks will allow you to have 2 accounts but may stipulate that one must be in joint names.

    Why you want more than one account is a different question. Do you want another account to pay your bills? Are you chasing interest or switching bonuses?
    • AndyPK
    • By AndyPK 12th Jul 17, 12:30 PM
    • 2,441 Posts
    • 654 Thanks
    AndyPK
    To start with you kinda have 2 options.


    Option 1 - Have 3 (e.g BOS) accounts accounts with the same provider. The advantage is you have 1 password to remember, and are familiar with the opening procedure to be able to repeat a 2nd and 3rd time and not have so many ID requirements on the 2nd or 3rd openings.
    The disadvantage on accounts that require a monthly payment in of ~£1K is that the T&Cs say it can't come in from their own brand, so it's good to have multiple banks.
    I'm sure BOS T&C's say this, but it doesn't seam to be enforced according to ppl on here.



    Option 2 - You start by having 1 account with the decent providers, and later open a 2nd account with the ones that will allow you to when you have money to put in them. (by then, may not permit a 2nd account!)
    Last edited by AndyPK; 12-07-2017 at 12:38 PM.
    • eskbanker
    • By eskbanker 12th Jul 17, 12:56 PM
    • 5,801 Posts
    • 5,686 Thanks
    eskbanker
    I'm sure BOS T&C's say this
    Originally posted by AndyPK
    No they don't, there is no mention of funding needing to be external in https://www.bankofscotland.co.uk/assets/pdf/bankaccounts/pdf/classic-vantage-conditions.pdf:
    Classic Account with Vantage

    If you have Vantage added to your Classic Account it gives you the benefit of credit interest on your current account if you comply with the Vantage conditions.

    You can have a maximum of three accounts with Vantage.

    The Vantage conditions are that each month you must:
    • pay into your account at least £1,000 during the calendar month;
    • [...]
    • clivep
    • By clivep 12th Jul 17, 1:23 PM
    • 178 Posts
    • 63 Thanks
    clivep
    No they don't, there is no mention of funding needing to be external in https://www.bankofscotland.co.uk/assets/pdf/bankaccounts/pdf/classic-vantage-conditions.pdf:
    Originally posted by eskbanker
    I can confirm this is correct as my BOS accounts are funded by one another. It is also the case for multiple Tesco current accounts.
    • zzzt
    • By zzzt 13th Jul 17, 1:07 PM
    • 224 Posts
    • 227 Thanks
    zzzt
    I currently have four bank accounts:

    - Main current account that salary goes in and direct debits come out of.
    - TSB current account which earns 3% interest and gives me cashback when using the debit card - I use account this for buying groceries and any debit card purchases.
    - 2x Tesco current account with which earn interest and they don't do anything else, no other money ever enters or leaves them.

    I used to have two others accounts as well. One was an account I had since I was about 8 years old. I kept it open for a long time because I thought it looked good to have a long history of an account that's never been overdrawn and a "history" with a bank, but I don't think that's true so closed it a couple of years ago.

    The other was an account which I used to use for protection. Essentially my salary went into my main current account, and this other account was used to "pay myself". Each month I'd transfer some money into it, and I used that account for all card purchases at shops, cash machines and online. The idea was if anything bad ever happened to the card details, there was only ever a few hundred pounds at risk instead of all the money in my main current account.

    I no longer do that. I basically use credit cards and the TSB account for the same purpose.
    • vacheron
    • By vacheron 13th Jul 17, 1:48 PM
    • 721 Posts
    • 645 Thanks
    vacheron
    I have five.
    1. Halifax as my main personal account and salary paying in. I moved back to them for the £125 switching bonus (and because HSBC who I'd previously moved to for their switching bonus sucked).

    2. Barclays mortgage current account which I cycle £800 to each month and have one DD's coming from to to get the £12 Blue Rewards bonus each month.

    3. Barclays Premier account with £0 balance because my offset mortgage makes me eligible and I used it for the English Heratage Membership. Otherwise it's pretty useless.

    4. Santander Joint account for the £20K savings limit and cashback, plus the majority of our household bills and DD's.

    5. Santander 123 Personal purely for the £20K savings.

    I also have 2 regular savers running on the Santander and Halifax accounts.

    Personally that is more than enough for me. I've not got the time to be faffing about for an extra 0.5% on a £2000 limit.
    Last edited by vacheron; 13-07-2017 at 1:50 PM.
    • The rich buy assets.
    • The poor only have expenses.
    • The middle class buy liabilities they think are assets.
    Robert T. Kiyosaki
    • Jlawson118
    • By Jlawson118 13th Jul 17, 6:34 PM
    • 829 Posts
    • 109 Thanks
    Jlawson118
    There isn't a limit, you can have as many as you want! A lot of people have many accounts for the different offers such as interest, cash back, cash back on bills etc.

    I've currently got three;

    1. First Direct - Where my income goes into, where I have an overdraft and where my credit cards are set up as Direct Debits too.

    2. Halifax - Used to be my general spending/outgoings account but it's not really doing much now as I mainly spend on my credit card because of points. Although my phone bill & gym membership come out of there which keeps me eligible for the £3 monthly reward. Though I recently posted on here that I might be changing that soon

    3. Metro Bank - I've only had this account for a few months as I wanted the free cash withdrawals on a recent European trip, after that I haven't really used it, which seemed a waste of time making the added journey to open the account. Although it's a new and modern bank, they do things kind of differently and I can see big things coming to it the more they expand.
    • datlex
    • By datlex 13th Jul 17, 11:53 PM
    • 1,409 Posts
    • 1,210 Thanks
    datlex
    I have 7 current accounts. Pay into one, one holds my money waiting for bills plus an amount awaiting to go into a monthly saver plus any other spare money allocated to savings, three pay my bills funded by the bills holding account each one of those pays a reward, one mirrors my credit card so it is paid in full and one is in effect a savings account. I then have 4 savings accounts. One monthly saver linked to pay account, one ready to move money out when bills holding account is over the interest threshold and move back in if it falls below threshold, one small account to which £1 is paid monthly by DD as part of requirements on pay account and finally one savings accounts to which I send the interest and reward payments each month which along with various reward points is my Christmas savings fund. This currently meets my needs. I review this regularly.
    • SevenOfNine
    • By SevenOfNine 14th Jul 17, 9:32 AM
    • 1,164 Posts
    • 1,108 Thanks
    SevenOfNine
    2 Lloyds Club (1 mine & 1 joint)

    2 BoS (mine & hubby has another 2)

    1 Santander 123 (mine)

    3 TSB Classic Plus (2 mine, 1 joint & hubby also has another 1)

    2 Tesco (mine & hubby has another 2)

    1 Nationwide FlexDirect (mine & hubby has another 1)

    1 Nationwide FlexPlus (joint)

    ..........& this is so TOTALLY you MSE users fault! It's a fraction of what a lot of you have but it encouraged me to be more adventurous, to take advantage of better interest rates & prised me out of my comfort zone of ONE bank a/c & ONE spare.

    Pretty much they just 'feed' each other, paired up as opposed to a 'round robin' feed. Tick along pretty well unattended using SO's.

    Thank you all & good luck OP.


    PS Spreadsheet & structure chart has been a necessary requirement!
    Seen it all, done it all, can't remember most of it.
    • planteria
    • By planteria 30th Jul 17, 6:35 PM
    • 4,852 Posts
    • 1,062 Thanks
    planteria
    10 personal. 2 business.
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