Too many current accounts?

elDeeJay

I current have a high-interest joint account with my girlfriend (which we use to pay or mortgage & bills), a bog standard Halifax current account (which my wages get paid into), an ING savings account (for the interest rate and simplicity) and another Halifax “cashcard account” which I transfer money into each month as a type of petty cash allowance. I also have a Barclays current account which will soon be closed (pays 0.1%! lol!)

Now I see the A&L are offering £50 for opening accounts and think to myself its basically free money.

Aside from the nightmare of managing and maintaining all these accounts – are there any drawbacks to having so many accounts? Does having multiple accounts pose any risk to credit ratings or the like?
Does it matter if I have 5 or 50 current accounts?

Thanks

mattbass

I too have too many current accounts due to great opening offers. Dont think they affect your credit rating apart from any overdraft available will/may be viewed as credit available when applying for credit cards etc.

oldwiring

elDeeJay wrote:

I current have a high-interest joint account with my girlfriend (which we use to pay or mortgage & bills), a bog standard Halifax current account (which my wages get paid into), an ING savings account (for the interest rate and simplicity) and another Halifax “cashcard account” which I transfer money into each month as a type of petty cash allowance. I also have a Barclays current account which will soon be closed (pays 0.1%! lol!)

Now I see the A&L are offering £50 for opening accounts and think to myself its basically free money.

Aside from the nightmare of managing and maintaining all these accounts – are there any drawbacks to having so many accounts? Does having multiple accounts pose any risk to credit ratings or the like?
evidenceDoes it matter if I have 5 or 50 current accounts?

Thanks

As an ex bank emplyee- retired for years now I saw many problems and financial disasters that arose from folk who had numerous store cards and other acess to finance, I'd say that thre are mot that many out there who can keep tabs on too many things at once and the temptation is there to over use facilties available to one.

From what feelings I have from MSE, the financial institutions may have been more relaxed about multiple accounts in recent years. However with rising bad debt provisiion and rising lending rates in prospect- official forecasts of another0.5% increase by year end, I would not be surprised to see a more critical eye being cast over customers. IMHO, whatever the credit raiting the evidence of possessionof , or application for numerous accounts may well cause misgivings in the bankers' minds, and defensive action being taken