How many account do you have?

adindas

If you include all sort of bank accounts e.g. Flexible/Fixed rate Saving, ISAs, Regular Sever Accounts and not only all Current Accounts, I believe reasonable number of people here in this MSE forum have more than 20 accounts (based on their postings in various thread). I am one of those. The reason is simple. Every account has its own benefit and merit which does not exist in any single bank account.

Let say Santander Zero, you could only put £2500 to get 5% interest instant access. So if you have more than that open another zero account or similar kind is a sensible solution to get another £2500 work further and earn 5% interest, instant access.

Some ISA only accept new money. So the old ISA need to be put in another account.

Similarly RS is normally only accept maximum £250 monthly installment (few £500), so open another RS account and possibly in another bank or building society will optimize and realize the drip feed potential.

These are just a few examples, other incentives to open banks account as many as you could might come from other benefits such as overseas foreign currency withdrawal, travel insurance, to beat budget airlines fee/charges, etc.

Loughton_Monkey

7 Current Accounts. 20 Savings accounts at the last count. Another 10 in my wife's name, just to split the FSCS limit.

missile

Suarez wrote: »

Is it normal to bank with more than one bank?

It makes sense to have more than one current account and shop arround for the best deals.

Most banks offer little incentive and support for long term clients.

As an aside - Most employers offer little incentive and support for long term employees

I remember when ........... :rotfl:

rosmersholm

Wow, thought I had a lot!

One C/A
smilemore

One € C/A
Citibank

Two Savs
Smile
Citibank

One ISA
Smile

Three Amigos / Credit Cards
Nectar AMEX
Egg VISA
C1 MASTERCARD

jen245

I have -

Natwest Current account (main account)
Natwest First Reserve savings account (birthdays, holiday, christmas savings)
Halifax Reward account (spends account)
Halifax Reward ISA 4 (long term savings)
Santander Zero Credit Card

sscott5581

I have

Current Accounts

Halifax

Bank of Scotland Reward

2 x Lloyds Classic Vantage

Smile

Coop Current Plus

Savings

Halifax ISA

Web Saver Reward

Credit Card

Lloyds Classic

Creation

Barclaycard Platinum

Bank of Scotland Cashback

molerat

Between us 1 joint current and 23 savings.

innovate

nearlyretired2004 wrote: »

err..... not so far and I think youll find there are 100's of us on here doing it .......

13 current accounts and 12 savings accounts of various sorts & uses here. As someone already mentioned, it's horses for courses. I use only 1 of the current accounts as a real current account - - the rest is to either get freebies/interest (Halifax / Lloyds Vantage / Santander), or they act as "linked" or pre-req accounts for savings accounts (Halifax, Nationwide, First Direct).

I see myself opening many more accounts if they appear useful (and closing the less useful ones). I have zero allegiance to any specific bank because none of them reward you for staying with them. Don't see that changing - - - to the contrary, the banks effectively ask you to move your money into a different bank every 12 months, when their "introductory" deals end.

System

I have four, all with HSBC. As well as my current account, I have the flex saver (to put money aside for bills), the online bonus saver (house deposit fund), and the cash ISA (general back-up savings). I really want to change my ISA, as I've got a feeling I get a terrible rate of interest on it, but I don't really like the idea of being with more than one bank - I've been banking with HSBC since I was 5. I've read all Martin's warnings against showing customer loyalty to banks, but I just can't seem to get over it!

adamc260

First Direct Bank Account
First Direct Credit Card
First Direct eSaver
First Direct Regular Saver
Santander eSaver (Yes their service is shocking but its 100% online thank god!)
Barclaycard
MBNA Amexcard