Downside to having numerous current accounts scattered about?

Nine_Lives

I have 2x solo FlexAccounts with Nationwide & 1x joint

I also have a current account with Halifax.

I was considering closing one of the FlexAccounts, but then i thought, is there much point?


There will be people with more current accounts than me, so i was wondering, are there any downsides to a load of them with different providers that i can't think of?


Other than a lot of statements through the post ....... which isn't a REAL downside.

mrchagle

K_P83 wrote: »

I have 2x solo FlexAccounts with Nationwide & 1x joint

I also have a current account with Halifax.

I was considering closing one of the FlexAccounts, but then i thought, is there much point?

Can you have more than one FlexAccount then? I didn't realise you could! Have you got a debit card with both?

I have to admit I'm a bit of a 'tart' when it comes to current accounts really. I have an IF, Cahoot, Santander, & Halifax current account. All with very little in apart from Santander which is my main account. I don't see any downside to have various current accounts... but again like you would be intrigued if there if anything negative aspects to having several. I assume unlike credit cards there's no downside to any credit ratings?

vaporate

Why really? I prefer just having one current account and one savings account.

One to mess with, one to strictly save with.

mrchagle

vaporate wrote: »

Why really? I prefer just having one current account and one savings account.

One to mess with, one to strictly save with.

Always handy for any further Nationwide transfer incentives.

Consumerist

With identity theft being a growing concern these days, if you have several accounts up and running do make sure you keep a regular check on all of them in case of unauthorised transactions leading to an unexpected overdraft and charges.
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mrchagle

Consumerist wrote: »

With identity theft being a growing concern these days, if you have several accounts up and running do make sure you keep a regular check on all of them in case of unauthorised transactions leading to an enexpected overdraft and charges.
.

Yes, very careful with things like that. With internet banking, it's much easier to keep a close eye on things.

mrchagle

closed wrote: »

Why do you need more than one personal current account, more paperwork, bureaucracy for what benefit?

Why more paperwork? - Online statements!

Handy have more than one account and one can be used for everyday bills, whilst another for 'personal' money and so forth.

Consumerist

mrchagle wrote: »

I assume unlike credit cards there's no downside to any credit ratings?

It's your access to credit (eg overdrafts) that affects your credit rating rather than the number of accounts you have.
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mrchagle

OK - Thanks. I don't have any overdrafts on any.

mrchagle

closed wrote: »

Online or offline, 4 current accounts will take more management than 1, (or 2 if you include the op's joint account).

Not really - Works for me.

noh

I have 11 current accounts maybe 12 soon.
All opened for a particular purpose either to gain a switching incentive or the £5 payment in the case of the 3 Halifax Reward accounts or the interest rate in the case of the 3 Lloyds Vantage accounts
Haven't ever bothered closing any, apart from A+L ones, as they come in useful if I need one to switch from.
Don't have any problem keeping track of them.