Why do people have 4-5 bank accounts? with the same bank?

ejv

Mc_Marty wrote: »

4 Halifax reward accounts ... each pays a free £5 per month.

Me and OH opened one each and shuffle the £1000 between our accounts. That is £120 a year for £2000==6% interest after basic tax.Thanx to MSE forum brainiacs:T(Though I don't have 4 accounts!!! and didn't fetch the cashback:o)

Mc_Marty wrote: »

1x Co-op current account ... unused account opened to get the free £200, need to close this.

One each.Took the £400,transferred the money elsewhere and left it open with £10 in each:p

We both have current accounts in HSBC,FD,NatWest,Co-Op and Halifax.... and savers and ISAs in others.Never had multiple current accounts in same bank for one person. But reading the thread has stirred up some curiosity:D

Learning everyday:money:

seven-day-weekend

My husband and I have a joint account at LTSB. This is fed from another Bank Account and is the main one we use for our home's expenses. Most of the Direct Debits come out of this one.

I have a joint account with my son at LTSB, this is the one for the expenses of his flat. We already had the account set up for different purposes when he moved into his flat, he wanted it kept the same. He feeds it from his own Bank Account every month.

I also have a couple of savings accounts with LTSB, taken out when the rates were good, but I don't have much in them now.

I have a joint account with my husband at the Co-op Bank which is fed by his Teachers' Pension and is the one we use for everyday money (shopping etc). I also have a savings account with the Co-op which at the moment has the proceeds from the sale of our Spanish house in it, until we decide what to do with it.

I have a Flexaccount with Nationwide which my State Pension is paid into and some of this feeds the LTSB account that pays our household bills. The rest is divided between savings and my personal spending money. I also have an ISA and another savings account with Nationwide. I have just opened a one-year bond too.

My husband has a Flexaccount which has a tiny annuity go into it, this is his personal spending money, and an ISA.

So you see, all our accounts have different purposes and we find it easier to manage our money this way.

celiacelia226

When opening multiple accounts there is a demand to do so.Or troublesome.But it was unclear to the same bank can be opened 3-4 accounts?

backinbusiness

Halifax Reward a/c - salary etc in; all direct debits out (free £5)
BoS Reward a/c - weekly budget for spends (free £5)
Halifax Websaver - "touchable" savings 2% (pah)
Halifax Isa - "untouchable" savings 2.75%

works for me