Are you allowed to have more than 2 current accounts?

tashalove

Hi guys

This sounds like a silly question but are you allowed more than 2 current account?

My employer has insisted that I pay my salary into an account with a particular bank so I have obliged but will also still be keeping my current bank account active.

However, initially I wanted to open a Halifax Reward current account and was thinking of transferring part of my salary over to meet the £1k monthly rule.

Can I do this? Would it affect my credit scoring in anyway? Or affect any financial issues in the future etc.?

olly300

You can have as many current accounts as you like and have more than one with a particular bank/BS. Just make sure you use them regularly.

Joe_Bloggs

Current accounts can go wrong so it is a good idea to have a back up plan in the event of when they try lock you out of your finances for your own good. ID theft happens and all sorts of other stuff can too.

I did what you are contemplating with the Halifax. I have not looked back. The fiver from the 1000 and the fiver from the clarity card are much appreciated each month.

The record for current accounts is probably around ten to fifteen from past recollection of the views of members.
J_B.

Paul_Herring

tashalove wrote: »

This sounds like a silly question but are you allowed more than 2 current account?

The only restrictions are those placed by the banks themselves with the number of accounts held with that particular bank.

e.g. BarcWest Bank may stipulate that you may only hold one current account with them, but you are perfectly free to open accounts with any number of other banks.

adindas

Whilst in the past it is allowed, I have read somewhere nowadays, it it not allowed two have 2 rewards a/c with halifax anymore ?

I have not checked them but could people confrim about this please ??

Thank you.
ADINDAS

rb10

adindas wrote: »

Whilst in the past it is allowed, I have read somewhere nowadays, it it not allowed two have 2 rewards a/c with halifax anymore ?

I have not checked them but could people confrim about this please ??

Thank you.
ADINDAS

For new accounts opened since, iirc, November 2009, the limit is one joint and one single per person.

adindas

Thank you for reply

rb10 wrote: »

For new accounts opened since, iirc, November 2009, the limit is one joint and one single per person.

davidgmmafan

The only point I can't see covered it will not affect your credit rating in any way. The only way it would is if you had an account over its limit. If you don't request an overdraft then I don't know if they would even do a credit check.

xrjtg

Another example is the Lloyds Vantage current account. They explicitly say that you can have up to three per person, and many people do as it pays a high rate of in-credit interest.

Ghostrider

You can have as many current accounts as you wish, I wouldn't advise it however, but i'd say 2 is more than acceptable, some may even say it's prudent to not put all of your eggs in one basket in this day and age. Some providers may not let you have more than one with them, but nothing stopping you having accounts with different banks.

The one point I would note though is that you mention your employer insists you have one with a certain bank? I don't actually think thats allowed these days, I know years ago it was the case with some bank employees, but that was changd a number of years back. There are a number of reasons why this used to happen. 1. Banks liked to keep an eye on their employees finances (back in the day) and couldn't if they banked elsewhere. 2. Your employer may have struck a deal with their business banker in that they encourage all of their employees to open bank accounts with them, but thats not something they can enforce on you.

If you want to run your finances through a bank of your choice then you are well within your rights to tell your employer where you want your salary paid, not the other way around!

AnonymousForObviousReason

One reason an employer might want employees with a particular bank is so they can transfer wages in from the same bank in quicker, that way they can keep the cash a few days more.

I agree this sucks and goes beyond employee/employer boundaries but not sure what you could do in reality.