Limit to amount of personal bank accounts?

Notamondayfan

Hey guys,

Just a quick question. Is there a limit to the amount of personal bank accounts we (me and my fiancee) can have?

The reason I ask is because to keep wedding finances in order, we would ideally like to setup another joint account so that we don't get mixed up with our other payments, savings, and general stuff.

I have a current account, and an ISA.

My fiancee has 2 current accounts, and an ISA.

And we also have a joint current account.

Is there any reason why we couldn't have another account?
And does anyone have any recomendations on where to go? Interest rates aren't important, it's more about customer service, online services, and general ease of use.

Thanks, Deano!

Paul_Herring

Apart from the limits imposed by HMRC on ISA's and the 50K limit on guaranteed savings, the only thing stopping you from opening more accounts are the rules of the particular banks you're with.

In particular, there's nothing in particular stopping you opening a normal account with another institution.

EarthBoy

Having several accounts with credit facilities, i.e. current accounts, will affect your credit rating, so the more you have of them, the harder it becomes to get credit.

Savings accounts, on the other hand, are not credit checked, so you can have as many of them as you like.

tyllwyd

Some current accounts will ask you to deposit a regular monthly amount into the account (salary etc), so check the terms & conditions

Lokolo

I am pretty sure YorkshireBoy has around 50 current accounts (maybe a bit of exaggeration.... but not that far off!). I don't even want to dare look at his credit report.

Notamondayfan

OK thanks, I didnt think there would be too much trouble.

Earthboy, yea I understand that, but on my first joint acount we dont have an overdraft arrangement, and wouldn't need one on the new account. Our personal current accounts have an overdraft, which we no longer use / need, but keep inplace incase the worst should happen.

You've also reminded me that I should close my credit card accounts that are redundant.

Cheers, Dean