Multiple Current Accounts

sparko_81

Hi All,

Apologies if this has been covered elsewhere...

I'm looking to open a current account in addition to the one I use now. However, in looking on countless banks' websites I am being asked to 'switch' accounts. Through reading various posts in this forum, it appears that plenty of members hold mutiple CAs.

Am I prevented by legislation from holding more than one current account?

Replies would be appreciated.

S_81

hcb42

I've got two, although I dont use one, other than passing my savings in and out through it - and hubby has three, two joint, so no, nothing to say you cannot have more than one..!

missile

You can open a number of accounts with several banks and no need to switch.

Degenerate

By "switch" they usually mean you must use their "switching service" to transfer all the direct debits from another current account. Usually the incentives also require you to meet a minimum requirement for regularly funding the account (they intend this to be your salary but have no means to enforce that.)

PudseyDB

I currently hold.....a current account with HSBC for day to day spendings; a current account with halifax for transfers into savings accounts; and a 3rd for emergency back up in case of unexpected bills etc.

There's no limit whatsoever on how many current accounts you hold

marvin

I have 4 current accounts.

anna42hmr

Take a look at this thread: https://forums.moneysavingexpert.com/discussion/2018395 you will be surprised how many do have a lot of accounts

I have a lot of current accounts to be honest and they all have their own purpose.

I have 3 x Classic Vantage current accounts from lloyds for the high rate interest and 3 x halifax rewards for their £5 a month rewards, i have a nationwide account for foreign cash withdrawls (though with their new charges am considering closing it)

I have a 4th lloyds current account (standard classic account) for my main account where i get paid into and all my direct debits etc come out of.

Though one of the three halifax accounts is also used for day to day spending as only leave enought to cover my outgoings for that month in the lloyds account and transfer the surpluss to one of my halifax accounts and use that money to live off during the month, its a great budgeting tool!

Word of warning though if you have several:

1. even if you dont use the extra accounts, check the balences and statements reguarly are as they should be because you could be leaving yourself open to fraud risk if you dont.
2. I never take out the debit cards for the accounts i do not use, they are locked away in a tin at home so know i will not loose them etc so no ones going to be able to get hold of them.
3. be careful of how many overdrafts you have as that is what credit companies look at as well in terms of credit available, so if all accounts have high overdraft facilities etc some lenders may be concerned

pmduk

It's actually a good idea to have current accounts with more than one bank. If you have a problem with one it means you still have access to money.

johnmc

sparko_81 wrote:

I'm looking to open a current account in addition to the one I use now. However, in looking on countless banks' websites I am being asked to 'switch' accounts.

When you fill in the paperwork select to use their "switching service" and designate your existing account.

Your new bank will ask your old one what DD you have and send a list to you along with a form to close the old account.

Ditch the closure form and only select the DD you want to transfer.

olly300

johnmc wrote: »

When you fill in the paperwork select to use their "switching service" and designate your existing account.

Your new bank will ask your old one what DD you have and send a list to you along with a form to close the old account.

Ditch the closure form [STRIKE]and only select the DD you want to transfer.[/STRIKE]

That's a bit of confusing advice.

The last sentence should simply be "Ditch the closure form".

If the OP does want to transfer DD then she can sort this out herself at a later date.

I have multiple current accounts including 2 with the same provider.

sparko_81

Guys,

Thanks for the advice. Extremely grateful.

S_81