Advanantages/Disadvantages to having multiple bank accounts open?

J_Tizzle

Hi all.

I opened a Barclays current account last year when I was struggling financially and started a DMP. I recently switched to Santander when they were offering cash-back to do so and now have no use for the Barclays account.

I was just wondering whether there was any advantage or disadvantage with regards to credit rating in keeping it open or closing it?

Any thoughts much appreciated.

Eponym

I've been wondering the same. I have 3 current accounts: Halifax Reward (which has been my main account), Santander Preferred Credit (which is in the process of being set up and will become my main account) and a Lloyds TSB Classic with Vantage (used as a savings account but barely touched now the rate has dropped).

I will close the Vantage before too long but I didn't want to close it too soon as Lloyds TSB are sponsoring the Olympics and I have entered a number of their Olympic ticket competitions - you have to be an account holder to win.

I don't want to close the Halifax due to the free fivers, and also I've had it for 2 or 3 years now. I'll be looking to get a mortgage in the next few years and I understand that mortgage companies like you to have an account with a bit of history.

I don't think 2 accounts is a problem. They might start raising eyebrows at 3, I don't know.

loveandlight

I've got more than three accounts.

Lith

Got 4, might get another one ?


Better to have more then 1 account anyway !

innovate

I have lost count of the number of my current accounts.

But I never ever get overdrawn on any of them