Advantage of multiple accounts

Rich_T_2

Hi all,

What is the best advantage (or reason for you), of having multiple accounts.

If possible please state how many accounts you have

Rich

melancholly

i openned an A&L current account to get £100 free - but as I get paid every 3 months and the A&L account needs a minimum amount each month to be paid in, i have another account to hold the money in for the other months.
so for me, it's really useful - i don't know how it works for people who get paid monthly!

grumbler

1. Barclays. My oldest account. When I am asked (when applying for something new) how long I am with my bank, I can always give an honest answer.
2. Nationwide. My main account for all DDs, SOs and cheques. Not the best, but always good and well above average. Online banking is one of the best. Good e-savings account. Also the best for using abroad.
3. A&L. Joining incentives. Free worldwide travel insurance (only Europe from the next year), good Online Saver account (can have it without current account with A&L though). Best Regular Saver, unfortunately, not available for me.


4. Smile (£1). Their cash ISA pays higher rate for current account holders. Going to close because have transferred the ISA.
5. Lloyds TSB. Joining incentive. Best rate about 1.5-2 years ago. Just feel too lazy to close it.
6. Cahoot. Joining incentive. £100 interest-free overdraft (used to be £250).

EDIT: All these are current accounts only. Plus ISAs, 2-3 regular saving accounts, few instant access saving accounts, flexible loan account, ...

roswell

I Have in order.
Current account.
Limited savings account. (Excess money at end of each month in current accoutn gets moved over. )
Overflow saving account. ( Once the limited accoutn reaches a certain level the rest comes to this account)

Above are all offset against morgage.
E- savings account - nothing in there yet..
ISA doing nicely.

Egg money ( for shopping Budget ) gets credited each month.

I still need another accoutn with a card for my pocket money ...

So in total have 2 cards 1 x egg money 1 x current account the rest are internet but could do with reviewing to be used better.

Need 1 more card for me.

RichyRich

Current a/c's:-

NatWest
Abbey

NatWest (student a/c) is my main account. Abbey - I just never got round to closing it. But came in really useful as a 'spare' awhile back when NW left me without a card for over 2 months :mad: - just xferred funds over and used that instead

Rich

virgin_moneysaver

current account: Natwest - never loads in there to warrant moving to high int paying c/a a/c as the money is syphoned off to various accounts once salary arrives

savings accounts : Natwest, Egg - looking to open new high payer

Isa: Natwest - rates about the average but ease of instant t/fs

Credit Cards : Natwest for everyday shopping which is paid off in full each month & get my airmiles - to date I've been to Jersey, Guernsey, Dublin & Prague
LLoyds TSB & Ing both for 0% BT - cards are destoyed on receipt use only for 0% interest

Abroad: Nationwide credit card which I only use abroad but this is going to be cancelled once I open their flex account & get the Visa Debit card which is a better option

briona

Rich_T wrote:

Hi all,

What is the best advantage (or reason for you), of having multiple accounts.

If possible please state how many accounts you have

Rich

Hi Rich

For me, the greatest advantage of multiple accounts is that by moving money into different accounts shortly after pay day I can better keep a track of where every penny goes. If the money stayed in my [main] current account I would find it difficult NOT to spend it. By moving the money early on, it's no longer there to spend!!!

Personally, I have five accounts – salary, bills/holidays, savings, every day spending and discretionary spending. Every month a set amount of money is direct debited or moved manually into the relevant accounts.

I think you need to work out WHAT you need the different accounts for [as opposed to seeing how others manage theirs] and then open the best account for your particular need, e.g., if you want to limit your discretionary spending per month, you could open a high interest instant access savings account for that purpose into which your monthly allowance could be direct debited and, once it's gone, it's gone.

Hope this helps

Briona

Chadsman

1. My 1st current ac was with Barclays as a student.
2. That fell into disuse (and is now closed) after I opened a First Direct- I like being able to phone them.
3. ...until I decided I was spending too much on phone calls and wanted to cut back so opened a Nationwide account (who also have better rates).
4. I then became a postgrad and opened a RBS student account for a lovely 2k interest free overdraft

I still use the RBS account occasionally and VERY occasionaly the 1st Direct account (they have currently let me stooze 3k ) but Nationwide remains my main current ac.
I see Coventry BS have launched a pilot current account paying 5.1% which I may look into.
...plus various savings accounts and ISAs.