can you have too many bank accounts?

cisko65

Hi
my first time on a forum, so apologies for any blunder. To keep on top of interest rate changes I've been opening a new account every couple of years. Sometimes it's a clean switch between banks and that's fine; other times I transfer most of the money and, to mention an example, I am left with an account with £50 and a Visa Electron that I don't use any longer (only opened the account when I could use it for easyjet free booking). I have ended up with 4 accounts (2 currents and 2 savings) with very little money and which I hardly use. My question is whether it is advisable to close these account or there's no harm in keeping them, in view of future good account offers for old customers. Thanks in advance.

artbaron

How often to banks do good deals for old customers? All you see are great deals for new customers and existing, loyal customers being shafted. There's no advantages to keeping accounts open that you don't use so my advice is close them.

Gromitt

Rarely things like that will happen, but it does occasionally, look at Nationwide & LTSB for example, but mostly you get more by closing and reopening in X months time as a new customer.

CLAPTON

given the ability of our banking system to fail (ATMs not working, computer failure, debt card lost) I'm amazed that everyone doesn't have at least 2 current accounts.

In my view it's worth keeping open all saving a/cs given the increasing regulation that makes opening new a/c problematic.

melbell

Must feel good CLAPTON being a armchair financial advisor.

fiesta04

melbell.....must be past your bedtime.

Night night

F4

jonesMUFCforever

melbell wrote: »

Must feel good CLAPTON being a armchair financial advisor.

Have a look at the number of posts Clapton has posted - helping a lot of people along the way - you ???????????:mad:

pmduk

Clapton's advice was spot on actually. Banks regularly have systems issues. Imagine being stuck away from home with no means of accessing your own funds?

davethorp

I have 6 current accounts and probably a similar number of savings accounts across various banks. Some of these are joint accounts and others are individual ones though

It's always good to have a backup account or two (or 5) especially if a meltdown similar to the one Natwest experienced this year happens

Gromitt

davethorp wrote: »

It's always good to have a backup account or two (or 5) especially if a meltdown similar to the one Natwest experienced this year happens

Indeed, but you need to have them across various brands. No point in having a Halifax and TSB account, or a HSBC and First Direct account, for example. The more the better.

Zekko

There's no harm in having multiple current accounts. End of story.