Bank Account Set Up

amiehall

Over the years, I've managed to build up a mess of many bank and savings accounts all over the place.

I really want to tidy things up and close down a few accounts but I'm not sure what the best set up for me would be.

What do other people find that works?

Gromitt

Install Moneydance. Will take a LONG time to setup (entering transactions from every bank, but it does depend on how far you want to go back), but very useful afterwards as long as you keep it upto date.

Then you can close accounts and open others, always knowing exactly where you money is.

MoneySaverLog

Choose 3 banks, all with separate FSCS licenses, close all the other bank accounts unless they are used for regular savers.

If they start charging for the accounts, look to move all your money out into one of the other two.

Anything that's not used and got a few quid in just close. Just recently done that with a few old dormant accounts as seen little point in having them open.

GlamGirlie

MoneySaverLog wrote: »

Choose 3 banks, all with separate FSCS licenses, close all the other bank accounts unless they are used for regular savers.
QUOTE]

Three isn't exactly simplifying things. You only need to worry about spreading your money and the FSCS if you have considerable sums of cash in the bank.

I have two current a/c's; I have my salary paid into one, and all my bills come out of that, including standing orders to savings a/cs.

I then have a further standing order from that main a/c to my 'no2' a/c, which is my spending money.

My bills are fairly consistent each month, so I just leave enough in the main a/c to cover all bills, the rest is for spending.

MoneySaverLog

You're doing something very similar to me. I have accounts for bills, personal spending allowance and then what's left is for savings. I have 3 lloyds vantage accounts in the hope of filling them all up :-)

I don't necessarily need the third bank account, but it's there as a back up in case anything goes wrong with either of the first two banks.

The first direct and hsbc accounts are only there to meet the criteria needed on the regular saver accounts and are not used for anything other than to meet eligibility criteria. :-)