How many current accounts do you have?

trying_2_b_good

Hi All,

I'm really just pondering if I should close some accounts, or if there are any benefits to keeping them open. How many do you have?

Here are mine:
Santander Current Account - use it for moving money around as it's set up. If close, need to spend 5mins inputting bank details for payments via another account. Don't use the debit card
Santander Joint Current Account - use this regularly for household/joint spends. Might look at interest paying account as this is good for being overdrawn (which we never are) but pays little interest
First Direct Current Account - Just opened this for the £125 incentive. This is the account my wage is paid into and my personal spends go out of (switched from the Natwest one)
Natwest Current Account - this was my main personal account, but not in use since switched to FD

Santander Monthly Saver - pay in a meagre £20 per month. But only really because it's set up, it never stays in for long as I transfer over to ISA
Northern Rock ISA - pay in, but nowhere near the limit! Got this on MSE recommendation last year (this tax year)

Santander Zero Credit Card - I've reduced the limit from £6k to £2k. This is only used for overseas spending since the 0% on purchases has ended. Now I have another, I may reduce again to £1k)
Tesco Credit Card - just opened this for 15months 0% think it's £1,500 limit

Is it bad to have so many accounts/access to so much credit?
If I keep them open, I might be elegible for "current customer only" deals - but are their any other benefits?

Thanks all

Nine_Lives

Santander preferred current accounts - 2 as they're 5% each
santander everyday current account - 1 (am waiting on the £33.66 cashback before i close)
Nationwide flexaccount - 1
First direct 1st account - 1
halifax reward current account (solo) - 1
halifax reward current account (joint) - 1
co-op whateveritis - 1

So that's 8. This isn't including all the ISAs, eSavers & credit cards etc. If we do that...

first direct esaver - 1
first direct reg saver - 1
Santander eSaver - 1
Santander ISA - 1
Santander credit card - 1
Halifax ISA - 1
co op eSaver (didn't ask for it though) - 1
M&S credit card - 1
sainsburys credit card - 1
the derbyshire building society account - 1
yorkshire bank 18 month fixed saver - 1
nationwide mysave - 1
Scandia S&S ISA - 1

which is 13 + the 8, so 21.

jen245

I currently have -

Natwest current account (main account)
Halifax Reward account (for the free fivers)
Santander Preferred Account (for the £100, £75 quidco cashback and 5% interest on £2500)
Just applied for a Citibank US $ current account for my travels

Natwest e-savings
Natwest First Reserve (mainly unused now need to close this)
Halifax FRISA
Will be opening a new ISA for next financial year in April, don't know who with yet.

Natwest Your Points World Mastercard credit card
Halifax Rewards Clarity credit card
BMI Amex/Visa duo credit card
Fairfx US $ Mastercard (will ditch this if Citibank app goes through)

I don't think you can have too many accounts, as long as you are making use of them. Any not being used, or not likely to be used, I'd close them

rb10

If you have overdrafts on some of these accounts, then this may have an affect on future credit applications.

I also think that it's good housekeeping to close accounts that you no longer using. It saves unexpected surprises happening later on.

So if I was in your position, I'd certainly close the Natwest account, and the Santander sole account. That leaves you with just two current accounts (which is sensible anyway, in case one of the banks' systems is down, as happened with HSBC/First Direct last year).

Have a look at switching the Santander account to their new 1-2-3 cashback account - depending on the value of your DDs, it may well pay you to do this.

You could also get £60/year by switching your FD account to Halifax (wait until you've got the £125 first though).

MoneySaverLog

Current Accounts....

Lloyds TSB x3
Halifax x1
Natwest x1
Barclays x1
Nationwide x1
Citibank x1

I'm actually thinking about closing down Barclays, Nationwide and Citibank as I never use them. They are dormant.

Lloyds are my main bank, Halifax is just used for the free fiver and Natwest is really a back up bank should anything happen with Lloyds/Halifax or I need to use the emergency cash service.

Lith

Got 4 (see sig) - will be opening an offshore one soon (China)

[Deleted User]

Used to have over 10 but closed some for housekeeping

1 x Barclays
2 x Lloyds TSB
1 x Halifax
1 x Metro Bank
1 x Bank of Scotland

GooliesOfFire

Only 3 current accounts

Halifax UR Current Account - joint account for food, home, socialising expenses. Today we decided to keep it and upgrade CA to URCA. Also I requested my Overdraft to be reduced from £1500 to £500 (of that £300 is fee-free - enough for us really). We were after Travel Insurance and Breakdown Cover, but extra Home Emergency Cover, Card Protection, Mobile Phone Insurance cannot hurt

Nationwide Flex Account - joint account only mortgage and bills, always enough money to cover them.

LloydsTSB Classic Account - sole account, my wages go here (my wife's wages go to her sole account)

This system works for us.

EDIT: I've got 3 credit cards , my wife has got 1.

lolavix

I only have 2 current accounts with Natwest - 1 I get paid into and the other I have a standing order to cover bills, too lazy to do anything else!

innovate

12 current accounts. 1 is my "real" account - though am moving most of my Direct Debits to a new Santander 123 now for the cashback. The others are there because I have / had / may want to have some savings with them, and with most you must have a 'linked' account to be allowed savings accounts.

Keeping on top of how much is where can be a bit of a challenge. I am using a very old version of Microsoft Money to keep track of everything and find it superb. It's not being sold any longer in the UK but I think you might still get clean versions (virus-free etc) from Amazon. There might be other money management packages available now, don't know.

I also use the old Egg Money Manager to log into all those accounts from a single place, which is a great help. Not sure you can still get this if you haven't been a user before, but accountunity does the same thing (I need to migrate at some stage).

trying_2_b_good

rb10 wrote: »

If you have overdrafts on some of these accounts, then this may have an affect on future credit applications.

I also think that it's good housekeeping to close accounts that you no longer using. It saves unexpected surprises happening later on.

So if I was in your position, I'd certainly close the Natwest account, and the Santander sole account. That leaves you with just two current accounts (which is sensible anyway, in case one of the banks' systems is down, as happened with HSBC/First Direct last year).

Have a look at switching the Santander account to their new 1-2-3 cashback account - depending on the value of your DDs, it may well pay you to do this.

You could also get £60/year by switching your FD account to Halifax (wait until you've got the £125 first though).

Thanks for all the replies. It's interesting to see people's attitudes to housekeeping vs laziness vs getting the best deal.

Good point about the overdrafts - I will certainly reduce these or close the accounts completely. I also need to investigate the cash back/Halifax options. I don't have that may direct debits, but it may be worth it... I'm going to listen to Martin's 5 live show about it on iplayer later...