Is It Normal To Have More Than One Current Account

Leighton_2

chambta wrote: »

and an A&L account with £2500 in that I keep ticking over for the high interest rate for a year.

Ditto that. A&L may call it a current account but in these weird times I call it an instant access high interest savings account.

jo1967

I have 3 - a "budget" account (my name for it) where all the bills are paid from, my wages go in here plus top up from hubby. There is a current account in my name only for child benefit & child tax. These are with Lloyds. Then a further current account with First Direct where hubby's wages go & general spending comes out of (food petrol etc). On top of that there is an ISA & every day saving account.

Boy they start stacking up when you think about it!!

Oblivion

I seem to be in some sort of minority here

Throughout my life I've only ever had one current joint account with HSBC through which all our money passes in or out. I've simply never felt the need to have more than one, and it keeps things simple by having the one place to check daily online.

Not only that, but I've only ever had the one credit card and one debit card. Again, never felt the need to have more.

Of course, I do have savings accounts spread all over the place, but that's a different issue.

Dave.

olly300

OP if a member of banking staff ever interrogates you again when you have not done anything that can be regarded as wrong, interrupt the conversation and ask for a pen and a piece of paper (if you don't have one with you) and write down their full name. Then raise a formal complaint.

Banks don't like you having more than one current account because it means they can not easily get away with treating you badly or selling you stuff as you have comparators.

And I have 3 current accounts with different institutions.

moz86

I've always wondered about this too, good thread! I have *counts on fingers* 4 Current accounts, though that will be going down to 3 when transfer to first direct finished, then I'm getting rid of my lloyds account when the High Court Overdraft fee case is over. Lloyds owe me £60 god damn it! Essentially I will just have 2, but one of those will be Nationwide, for use abroad.

staffie1

I have just switched my current account from Barclays to First Direct. I plan to close the Barclays account and just have the FD account for everything. Reading this thread makes me wonder whether I should retain the Barclays account and use it to help me budget better...

The only complication is that the old account is a Barclays Additions account. £12.50 fee per month, a rediculously high overdraft limit - for which I pay £16 per month insurance for (regarless of whether I'm overdrawn).

I wonder if I can downgrade the Barclays account to a standard one (no monthly fees) and keep it open, even though my salary and direct debits will on the FD account...?

Kavanne

staffie1 wrote: »

I have just switched my current account from Barclays to First Direct. I plan to close the Barclays account and just have the FD account for everything. Reading this thread makes me wonder whether I should retain the Barclays account and use it to help me budget better...

The only complication is that the old account is a Barclays Additions account. £12.50 fee per month, a rediculously high overdraft limit - for which I pay £16 per month insurance for (regarless of whether I'm overdrawn).

I wonder if I can downgrade the Barclays account to a standard one (no monthly fees) and keep it open, even though my salary and direct debits will on the FD account...?

Yep just go to a barclays branch they can take off the additions.

And what is the insurance for on your OD? Cancel it!!

staffie1

thanks Kavanne. Well the insurance on the OD is "payment protection insurance" in case I can't pay off the OD. I used to be heavily OD until about 12 mths ago when I sorted my life out! Although I've never had to claim on it.

Kavanne

Ok well if you are no longer using the OD then cancel the insurance!!

staffie1

Kavanne wrote: »

Ok well if you are no longer using the OD then cancel the insurance!!

I will do just that. Thanks