can you have too many bank accounts?

Hominu

Zekko wrote: »

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

Well, there is a slight (probably 0.001%) extra chance that you could suffer more fraud if you have 10 current accounts instead of 1. Less chance if you don't use all the cards and even less chance if you don't have debit cards for all the accounts.

But if you check the accounts monthly (as you should do), your not going to suffer. Turn off paper statements and ignore the account for 10 years (as some people do) and you might get a surprise letter from the bank some time in those years.

JuicyJesus

Hominu makes a good point in that dormant accounts are a goldmine for fraudsters and money launderers. If you're going to have lots of accounts then you need to pay attention to the activity on them and their terms and conditions, not only for fraud but also things like new charges and terms.

Personally I think that's a pointless faff so I have my two accounts with the same bank, plus a paid-off-in-full credit card for backup, and avoid having statements and such sent in the post as much as I possibly can. It serves me well enough.

innovate

2 current accounts is way too few for me. I need

• 3 x LLoyds Vantages, for the interest they pay
• 1 x Santander 123, for cashback and interest
• 1 x HSBC, for Reg Saver (might not need it once the current one is matured since their rate is now pants)
• 1 x First Direct, for Reg Saver
• 2 x Halifax for the monthly fivers
• 1 x Flexaccount for Flexclusives

So that's 9 active accounts already (4 different institutions). I have a couple of dormant ones elsewhere, too. I might try some BOS Vantage accounts soon, too, for the interest rates.

I use AccountUnity to log into all those accounts regularly, and MS Money to track each and every transaction on each of the accounts - as has been mentioned, it is rather important to keep an eye on your accounts.

melbell

So I raise a point and you go for personal snipes.

You do realise he legally cannot give advice? So him and this place is breaking the law.

innovate

melbell wrote: »

So I raise a point and you go for personal snipes.

You do realise he legally cannot give advice? So him and this place is breaking the law.

Huh? Where in Clapton's post, that led to a personal snipe by you, is the word 'advice' mentioned? Not sure what "point" you were trying to make, tbh.

CLAPTON wrote: »

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.

Gromitt

melbell wrote: »

You do realise he legally cannot give advice? So him and this place is breaking the law.

I'm guessing you didn't read the http://www.moneysavingexpert.com/site/forum-faqs or the http://www.moneysavingexpert.com/site/terms-conditions when you signed up.

pmduk

melbell wrote: »

So him and this place is breaking the law.

You started with the personal snipes. What are you doing on this criminal haven anyway if we're so bad? Many thousands of people have received help on this site. Sadly, I doubt if any of it was from you.

stclair

Everyone should have atleast 2 bank accounts not related to same banking group.