Can you have three current accounts?

Malices

YorkshireBoy wrote: »

Well I'm one behind 'noh' with 13.

In my case it's...

4 x Halifax Reward (worth £240 a year)
3 x LTSB Vantage (4% AER on £18K)
1 x YB (held 30 years plus, so looks good on credit scoring)
1 x Nationwide (free travel insurance)
1 x Santander (£10K overdraft stoozed, offsetting mortgage, and saving me £200+ a year)

Plus HSBC, Co-op, and NatWest...all opened for £50-100 incentives, but never got round to closing them. However, I'd probably only close 1 or 2 since it's always useful to have an account or two available should another switching offer appear somewhere.

Considering opening 3 x BoS Vantage as I'll need to find a home for some Derbyshire NetSaver funds next month and 3% will be hard to find elsewhere. That would take me to 16 (or 14-15 if I close two of those mentioned above).

I would imagine 'noh' is running something similar?

Well done sir! You may be able to tell me - when there's a minimum amount you have to pay into an account each month to get the reward/benefits, can you get your salary paid into one, and then just transfer it from one to the other(s)? This has always stopped me from opening too many minimum deposit current accounts in the past. I don't earn enough to have circa £1k going independently into each every month... yet

YorkshireBoy

Malices wrote: »

Well done sir! You may be able to tell me - when there's a minimum amount you have to pay into an account each month to get the reward/benefits, can you get your salary paid into one, and then just transfer it from one to the other(s)?

Yes you can, provided the T&Cs don't specify "salary".

To update my current situation re current accounts...now have 19, having added 3 x BoS Vantage and 3 x Nationwide FlexDirect accounts. Current accounts are the new savings accounts!

The_pc_tech

YorkshireBoy wrote: »

Well I'm one behind 'noh' with 13.

In my case it's...

4 x Halifax Reward (worth £240 a year)
3 x LTSB Vantage (4% AER on £18K)
1 x YB (held 30 years plus, so looks good on credit scoring)
1 x Nationwide (free travel insurance)
1 x Santander (£10K overdraft stoozed, offsetting mortgage, and saving me £200+ a year)

Plus HSBC, Co-op, and NatWest...all opened for £50-100 incentives, but never got round to closing them. However, I'd probably only close 1 or 2 since it's always useful to have an account or two available should another switching offer appear somewhere.

Considering opening 3 x BoS Vantage as I'll need to find a home for some Derbyshire NetSaver funds next month and 3% will be hard to find elsewhere. That would take me to 16 (or 14-15 if I close two of those mentioned above).

I would imagine 'noh' is running something similar?

How did you manage to get 4 Halifax reward accounts, I thought there was a limit of 1 per customer.

I have 5 current accounts.

4 with First Direct (main, bills, travel costs and food) and just opened one of the Nationwide Flexdirect accounts I'm going to use as a secondary bill account funded with 1k each month for the year I can get the 5% interest.

Also managing all those transfers must be a full time job eh Rothschild?

:rotfl:

YorkshireBoy

The_pc_tech wrote: »

How did you manage to get 4 Halifax reward accounts, I thought there was a limit of 1 per customer.

There is now, but the early bird catches the worm!

Also managing all those transfers must be a full time job eh Rothschild?

All transfers done on the 2nd of the month (or whenever BoS and LTSB pay the interest).

So I only 'work' one day a month.

The_pc_tech

Lucky you

Thanks for the answer

onzey

YorkshireBoy wrote: »

Yes you can, provided the T&Cs don't specify "salary".

To update my current situation re current accounts...now have 19, having added 3 x BoS Vantage and 3 x Nationwide FlexDirect accounts. Current accounts are the new savings accounts!

Regarding the 3 x Nationwide FlexDirect accounts, I was just looking at the FAQ for FlexDirect and noticed they say you can have up to 4 but "you are only guaranteed the 5% AER promotional interest rate on one FlexDirect account."

I'm probably missing something here but assuming criteria for payment of interest is met on all accounts what is the advantage of multiple FlexDirect accounts, particularly as the new savings accounts?

YorkshireBoy

onzey wrote: »

Regarding the 3 x Nationwide FlexDirect accounts, I was just looking at the FAQ for FlexDirect and noticed they say you can have up to 4 but "you are only guaranteed the 5% AER promotional interest rate on one FlexDirect account."

I'm probably missing something here but assuming criteria for payment of interest is met on all accounts what is the advantage of multiple FlexDirect accounts, particularly as the new savings accounts?

What the T&Cs or FAQ say, and what happens in practice are often two different things.

Reports on here suggest they've paid interest on more than one FlexDirect account for March, so I'm taking a gamble they'll continue to do so! I'm actually considering taking an even bigger gamble by stoozing the total £7.5K O/D facility elsewhere. Not a recommendation!

innovate

onzey wrote: »

....what is the advantage of multiple FlexDirect accounts, particularly as the new savings accounts?

Some people might actually want to use the FDs as proper current accounts. I know people who for years had 4 FlexAccounts, despite getting zero interest on any of them, because they like to create some pots for their current account funds.

Hominu

You-kip wrote: »

I have received an amount of money quite large and not sure how to utilise it best as I know saving interest rates are at an all time low.

Depends on how much "quite large" is. Santander offer 3% on 20K.

If it's 100K, then I'd probably buy 100,000 Lottery tickets. Surely one of them has to be a winner. Maybe.

Or consider investments. They might increase or decrease. No one knows.

Or you can try the safe option and stick them in a 2% savings account, but where would the fun be in that.

Don't forget you need your money to earn more than inflation (currently 3.3%, so 4.1% before tax) otherwise you'll just be losing money each year.

iAMaLONDONER

plunt wrote: »

i think I hit 224 at one point. (had 5-6 santander 5% current account that i managed to open in one go , then a couple with halifax (one with student overdraft facility which i stooze with), and a reward current account. then i have 3 with lloyds, 1 with n&p for my travels, one in nationwide to access their regular saver and potentially preferential mortgage rates, one with hsbc for student overdraft (stoozing) and their regular saver. And a few accounts in other countries

hmmm the other are dotted around. from what i have been told, if you are using an account and it isnt thaat old then its worth closing it if your not using it. on the other hand if its really old then its worth keeping for the long credit history. Also its easier to set up sub accounts later on if new attractive savings account become available with that provider! (saves the hassle sending in your passport and stuff if they can validate your identity)

So in response....


you should be perfectly fine! and n&p are great, if only they had competitive rates i would move everything to them!

how can you have 2 student accounts ??

Can I just ask how old are you?