Is It Normal To Have More Than One Current Account

Extant

staffie1 wrote: »

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...?

Yes, you can - it is nice and simple to remove both those features in a branch.

I'd remove them and then leave the account open - it wouldn't cost you anything, and you'd still have the account and the overdraft to fall back on if you needed it.

horsechestnut

I have had 2 accounts for as long as I can remember; both with A&L. One is where my money goes in, then I transfer money across to the second for my bills. This means that i never go overdrawn because I know exactly what comes out of each account.
They are both linked to a savings account, so any money left over is saved up for larger annual bills without the temptation to spend it!!

giruzz

One current account with Halifax
One joint current account with Nationwide

One joint current account with HSBC - only used by my dad&mum when they are in they UK (two weeks a year)

Just applied for the new A&L current account only because they offer 100GBP + 50 from cashback kings.

Am I strange?

giruzz

p1an0player

If you are a good moneysavingexpert, you might find you need the following:

- one with an Electron card for Ryanair flights
- a Nationwide account for foreign travel
- one that does Faster Payments
- one that offers free travel insurance ( eg A&L)
- stoozing accounts (eg free overdrafts)
- one that pays high interest if in credit
- one which has a branch nearby
- one which allows high cash withdrawals over the counter (some don't)
- one which allows bill payments over the counter
- one which has good Post Office access
- one dummy main account with the odd direct debit on in case you get an incentive for switching direct debits elsewhere
- one that pays you to have it eg Halifax
- feeder accounts which are a condition of getting a good regular savings account
- other current accounts that offered good incentive for opening

It's also worth bearing in mind that some fee-paying cash machines are free for holders of certain cards (eg A&L)

456789

Nice post p1an0player - actually I just applied for an account with an electron card

Think I will try for an Abbey Zero rather than Nationwide

ShelfStacker_3

p1an0player wrote: »

If you are a good moneysavingexpert, you might find you need the following:

- one with an Electron card for Ryanair flights
- a Nationwide account for foreign travel
- one that does Faster Payments
- one that offers free travel insurance ( eg A&L)
- stoozing accounts (eg free overdrafts)
- one that pays high interest if in credit
- one which has a branch nearby
- one which allows high cash withdrawals over the counter (some don't)
- one which allows bill payments over the counter
- one which has good Post Office access
- one dummy main account with the odd direct debit on in case you get an incentive for switching direct debits elsewhere
- one that pays you to have it eg Halifax
- feeder accounts which are a condition of getting a good regular savings account
- other current accounts that offered good incentive for opening

It's also worth bearing in mind that some fee-paying cash machines are free for holders of certain cards (eg A&L)

Honestly, even if it does make me an MSE genius or something, I doubt many people could really be bothered with all that for the sake of a few quid.

p1an0player

ShelfStacker wrote: »

Honestly, even if it does make me an MSE genius or something, I doubt many people could really be bothered with all that for the sake of a few quid.

ideally some of those features can be combined in one account!

mooomin

I have three current accounts:

1 with Halifax for my wages to go into, and I do my spending money from this account. This is now a Reward Account.

1 with Halifax which I used to use for my overdraft until it became a Reward Account, and I didn't want to be charged for being overdrawn so...

...transferred to Alliance and Leicester to get interest-free overdraft and £100 cash from them (And hopefully £50 from Quidco!)

As I have now paid off the previously overdrawn Halifax account, I am maintaining a payment into it so that I can claim my £5 per month, so I will be making £120 per year from them with my two account. Aha!

Leighton_2

BarclaysManager wrote: »

Yes, you can - it is nice and simple to remove both those features in a branch.

I'd remove them and then leave the account open - it wouldn't cost you anything, and you'd still have the account and the overdraft to fall back on if you needed it.

I've successfully removed Additions from two Barclays current accounts over the 'phone. Just have to be firm as they will try to persuade you otherwise (naturally). I never use the overdraft facility but reatain it just in case. But beware without additions the OD rate is 17.9%.

staffie1

Leighton wrote: »

I've successfully removed Additions from two Barclays current accounts over the 'phone. Just have to be firm as they will try to persuade you otherwise (naturally). I never use the overdraft facility but reatain it just in case. But beware without additions the OD rate is 17.9%.

I've just removed Additions over the phone too - nice and easy - didn't try to persuade me otherwise, and didn't try to sell me anything either. Very pleasant lady dealth with it quickly and it's all done. Even promised to refund the Additions fee if I get charged again (it's due on 1st of the mth).

However I need to go into a Barclays branch to remove the OD insurance which she said would be very straightforward, so I'll do that tomorrow.
:T