We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Downside to having numerous current accounts scattered about?
Comments
-
Why do you need more than one personal current account, more paperwork, bureaucracy for what benefit?
The most obvious reason would be for budgeting (although 4 is a little excessive). I have a bills account (with all my Direct Debits and standing orders), and a "spends" account. My salary goes into the bills account each month, and I transfer over a set amount into the spends account. Simple and effective way of budgeting with what you have left after bills.
As for the paperwork, and "management" online or offline, I agree with mrchagle, the effort is minimal. Internet banking, paper-free documents, log-in every few days to check everything's in order. Simples.Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.0 -
Only any point if they make you money. The HBOS Reward accounts pay a fiver each per month (funding with £1k), Lloyds Vantage pay 4% on £5-7k, so better than many savings accounts. (again require £1 funding)
A&L Premier Direct pays 6% up to £2500, requires £500 funding.
Nationwide Flex gives you free withdrawals etc in Europe, so good for holidays.
Make your accounts work for you.0 -
As for the paperwork, and "management" online or offline, I agree with mrchagle, the effort is minimal. Internet banking, paper-free documents, log-in every few days to check everything's in order. Simples.
The invention of the internet and online banking means keeping track of your account(s) in real time is just awesome. No need to wait until a paper statement comes through to find out any mistakes..If I've help in anyway, please remember to thank me :-)0 -
jennifernil wrote: »
Make your accounts work for you.
Exactly. We all have our reasons for perhaps have multiple accounts. If it works for you, then great! :-)If I've help in anyway, please remember to thank me :-)0 -
-
Can still do the same thing with 1. Pay goes in, DD's go out 7 days later, what's left you can play with.
I agree, but for myself, it's easier to have a set amount in an account which I can run down to £0 if I wish. Direct Debits can be variable in both amount and date, so rather than keeping a running tally while they debit during the month, I have a rounded off figure which would cover all bills (and some), and a set amount transferred out for spending. I therefore do not have to keep a tight rein on my spending, because it's separate from the bills money.Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.0 -
I agree, but for myself, it's easier to have a set amount in an account which I can run down to £0 if I wish. Direct Debits can be variable in both amount and date, so rather than keeping a running tally while they debit during the month, I have a rounded off figure which would cover all bills (and some), and a set amount transferred out for spending. I therefore do not have to keep a tight rein on my spending, because it's separate from the bills money.
That's exactly how I work it with 2 of my current accounts - It's ideal, perfect for just having one account for spending... once it's gone.. it's gone! :eek:If I've help in anyway, please remember to thank me :-)0 -
jennifernil wrote: »Make your accounts work for you.
Right on. This is the true MSE spirit - revenge against those who conspire to oppress us. (Is this a bit OTT ?). :T
.
Warning: In the kingdom of the blind, the one-eyed man is king.
0 -
Consumerist wrote: »Right on. This is the true MSE spirit - revenge against those who conspire to oppress us. (Is this a bit OTT ?). :T
.
Um - True! :-)If I've help in anyway, please remember to thank me :-)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards