HELP! I can't stop opening new savings accounts!!

Meadows

My hubby and I have 15 accounts between us at present, but unfortunately three of them (:mad: Along with a large amount of money, Locked in Limbo:eek:) is with Icesave.

Woodyrocks

I used to be terrible but after the recent events I think I am going to start centralising my savings accounts and stick with the top 3 only.

nicko33

scott_lithgows wrote: »

I,m always opening new accounts with something in mind to save for (new car,another kid etc)

You have an account at the sperm bank? :rotfl:

maz_student

Lynt wrote: »

I always had my savings in just one place, and didn't think twice.
Now, I keep opening new accounts that look 'safe'.

Is there a Addicted to Opening Savings Accounts support group anywhere?:o

Lyn (trying to resist looking at Martin's 'Best' list again)

Sorry if this is a naive question... Im new to all this :A
Doesnt this mean that your money is being spread out? Isn't it better to have a few accounts (with more money in them), rather than lots of different accounts with very little in each one? What are the advantages of having lots of different accounts?

LucyTheDwarf

scott_lithgows wrote: »

I,m always opening new accounts with something in mind to save for (new car,another kid etc)

The true "I have a problem with savings accounts" test:

Do you open the account because you're expecting a baby, or do you make a baby because you want a new savings account?

TRUSt_NO_1_2

Speculator wrote: »

I have over 150 accounts!

You're from Hong Kong ?

No it's an ISA not 150.

TRUSt_NO_1_2

LucyTheDwarf wrote: »

The true "I have a problem with savings accounts" test:

Do you open the account because you're expecting a baby, or do you make a baby because you want a new savings account?

You should open a Mini ISA.

Savings_Dave

maz_student wrote: »

Doesn't this mean that your money is being spread out? Isn't it better to have a few accounts (with more money in them), rather than lots of different accounts with very little in each one? What are the advantages of having lots of different accounts?

Well if you have the time and patience its better to spread it around into smaller amounts (e.g. £1000-£2,000) with different banks/buildling socities.

• better flexibility - you can have different types of savings (ISA, regular savers, fixed rate bonds, index linked, high interest savings)
• easier to 'tart' for better rates / options to move money...with many multiple accounts you don't have to move all your money in one go.
• you not tieing up all your money in one pot (some savings shouldn't be touched / some shoud have easy access)
• the only trouble is the usernames / setting up transfers. Also IF a bank fails then the compenstation is per institution. So having many differnet accounts opens you up to that £50,000 limit if banks merge (although as I've pointed out start with smaller amounts). An example might be Santander who've acquired Abbey, A&L and part Bradford & Bingley.

Its been made easier for me as I've always used Microsoft Money 2005 to track and organise my multiple accounts. Things have run smoothly and I've only phoned one bank in two years. I input everything manually and plan well ahead too.

This is my point of view and is of course not a holy grail others may disagree

Speculator

nilrem wrote: »

Some of us have all our cash locked up in Icesave and have little to save!:mad:

150 accounts how on earth do you keep them organised? :eek:

I use Excel and religiously update it everytime I make a transaction. I also have a full size 4 drawer filing cabinet to keep all my documents etc.

Gwhiz

innovate wrote: »

I have been using MS Money for years but Microsoft are now longer supporting the UK version, and I could do with something a little more up-to-date.

Anyone know of any good software I could upgrade to (must have import from MS Money)?

There's nowt wrong with the old one. It still works a treat!