Downside to having numerous current accounts scattered about?

marc.faulkner

I also have several current accounts, mostly with different providers.

The main reason for this (apart from the perks available when you open the account) is that it gives me a more flexible approach to accessing large amounts of cash if I need to. The daily withdrawal limit on my "main" current account card is, I believe, £450 - meaning that if I need to access more cash than this in one go I would have to go into a branch. That's all well and good unless it's a Sunday/Bank Holiday or out of hours.

Now, with my other accounts and faster payments I can log in online and fire money off to the various other accounts, up to their withdrawal limits, and then access it from a cash machine.

Across the accounts that I have, this gives me almost immediate access to £1900 should I need it, without having to rely on credit card withdrawals and therefore racking up charges.

td_007

Consumerist wrote: »

Right on. This is the true MSE spirit - revenge against those who conspire to oppress us. (Is this a bit OTT ?). :T
.

Not at all...in fact that is the way to go. I have current a/c for the interest/reward it gives- my collection includes:
3x Lloyds TSB Vantage
3x Halifax Rwd
2x Abbey (Santander)
2x A&L
1x Nationwide
1x Halifax Easycash
1x BoS cardcash

In the process closing HSBC as the linked regular saver finishes 1st week March. Had opened the a/c for Quidco cashback - the 8% regular saver was the added bonus

benoit

How do you get multiple flex accounts at Nationwide? Do you just re-apply normally?

mrchagle

td_007 wrote: »

Not at all...in fact that is the way to go. I have current a/c for the interest/reward it gives- my collection includes:
3x Lloyds TSB Vantage
3x Halifax Rwd
2x Abbey (Santander)
2x A&L
1x Nationwide
1x Halifax Easycash
1x BoS cardcash

Wow! Now that really is a long list of accounts.

You just apply normally if you want additional current accounts at the same institution?

benoit

Thats what i wanna know. ?

Nine_Lives

benoit wrote: »

How do you get multiple flex accounts at Nationwide? Do you just re-apply normally?

That's all i did

1st time i did it, my application was pending for ages. I asked my mum to pop in and ask what was what as i was at work 7 struggled to get into a branch. She was told that i needed to call the branch for a chat as they couldn't understand why i wanted another

I didn't bother.

Some time later i filled in another application form (can't remember whether this one was paper & handed in or another online form). The form was submitted & then they gave me the card etc

marc.faulkner wrote: »

Now, with my other accounts and faster payments I can log in online and fire money off to the various other accounts, up to their withdrawal limits, and then access it from a cash machine.

Across the accounts that I have, this gives me almost immediate access to £1900 should I need it, without having to rely on credit card withdrawals and therefore racking up charges.

Indeed. This is how i raised enough cash in a day to pay for my car, otherwise i'd have been a bit stuffed.

vaporate

Lansdowne wrote: »

Right, since no-one has quoted any downsides:
1) Much hassle registering change of address when moving house.
2) Risk of fraud being unnoticed because you don't use the account
3) Risk of overdraft penalty charges if you get muddled and make a payment by mistake from an empty account
4) Can't take up an offer for 'new customers only'
5) Risk of an account being declared dormant if not used for more than (1yr?), according to some threads here
6) Risk of overlooking important correspondence (e.g. introduction of charges on the account)
7) Looking like a weirdo for having 11 bank accounts.

And the advantages:
1) Makes it easier to open another account (e.g. bond) as they already have your ID
2) Looking like a rich so and so for having 11 bank accounts.

So true! :jWas waiting for that.

anna42hmr

having read the comments on here about the negatives, there are a couple listed that i didnt think of (not being able to get new customer promo and the dormant account issue)

but for me the positives do outweigh the negatives.

i currently have an account with lloyds tsb which my salary is paid into and direct debits / standing orders come out of and leave in only what is due to come out month

then i have a nationwide flex account which i put £35 a month into and forget about for future holiday spending money (therefore i dont dip into the savings accounts)

3 halifax reward accounts (for the £5's) plus i put £10 a month into each and leave it there as emergency fund money (ie incase of insurance claims excesses etc - came very useful for paying the vet bill for my dog this month etc) (have a couple payments in and out of them so halifax can see being used apart from the transfers for the reward)

then my living off account which is natwest, so what ever is left in lloyds after all the bills/direct debits/standing order outgoings etc and the money to nationwide acc and halifax acc is out is swept into natwest and that is my spending money for the month

i only started having more than 1 account 18 months ago and can say that since then i have never been overdrawn as i know what is in natwest is what i can spend and no more and no less

benoit

It does get a bit addictive once you realize just how many 'piggyback' accounts you can actually get from the different banks. I wonder if the smaller building societies are as flexible with multiple accounts?

mrchagle

benoit wrote: »

It does get a bit addictive once you realize just how many 'piggyback' accounts you can actually get from the different banks. I wonder if the smaller building societies are as flexible with multiple accounts?

I know! I've got 4 now all with different institutions - Now I know you can have piggybacks accounts with the same institution I might rethink! :-)