Didn't see the point in having loads of bank accounts.

Gromitt

I have a Barclays account and its had £1.50 in it for about 6 months now and no deposits at all. Must get around to closing that account and I see no purpose in it (although I do like the PIN Sentry, nice device, works well with Nationwide).

As for funding, I just wait until I'm paid, and then pay off my CCs (statement is always pay date or just before) and then transfer 1K into FD -> TSB V1 -> V2 -> V3 -> Nationwide -> Halifax Reward -> Vantage -> Online Saver. Whilst I'm there, I check all accounts are correct and the expected amounts and update my offline records.

I only have cards for FD, Nationwide and Reward. For the 4 Vantage accounts, I request no cards or checkbook.

BugsyBrowne

Gromitt wrote: »

I have a Barclays account and its had £1.50 in it for about 6 months now and no deposits at all. Must get around to closing that account and I see no purpose in it (although I do like the PIN Sentry, nice device, works well with Nationwide).

As for funding, I just wait until I'm paid, and then pay off my CCs (statement is always pay date or just before) and then transfer 1K into FD -> TSB V1 -> V2 -> V3 -> Nationwide -> Halifax Reward -> Vantage -> Online Saver. Whilst I'm there, I check all accounts are correct and the expected amounts and update my offline records.

I only have cards for FD, Nationwide and Reward. For the 4 Vantage accounts, I request no cards or checkbook.

Thanks gromitt appreciate that.

grumbler

BugsyBrowne wrote: »

Let me ask it another way is there anyone with 5+ accounts and can you tell me how you fund each of these accounts as your wage only goes into one account,do you use faster payment and cycle the accounts.

I don't have any accounts that I have to fund, but don't need.
Those that I have I either need or they don't require funding.
Three out of my ten accounts do require funding and I do put some efforts into arranging bank transfers for this.

It makes no sense to open accounts that you don't need and to put efforts into funding them.
And I am perfectly fine with a card holder with two slots and two cards in it. One debit card and one credit card. For all other cards I use a rubber band and keep them at home.

jennifernil

I have 13 current accounts, sole + joint. 4 I really should get around to closing, all the others have a purpose either as saving or using accounts. Only the 4 HBOS ones require funding at present, which I do manually at the beginning of each month.

I have debit cards for them all, but only carry the ones which I might need to use.

innovate

grumbler wrote: »

For all other cards I use a rubber band and keep them at home.

Same here. And they live in a safe.

closed

The mse window on the world is an eye opener, the !!!!!! ratio seems to be increasing of late.

GooliesOfFire

BugsyBrowne wrote: »

I'm just going on advice on here that more accounts the better.
Just wondered whats the best way to look like I'm funding each of them as required.

Ps also I've bought a new wallett with 12 card slots.

:rotfl:

I'm sometimes under impression that more accounts the better view on here is strong. It's mainly about accounts like Halifax with monthly fivers etc.

Since I joined this site I've reduced the number of my cards and banks drastically.. Only 3 debit/credit cards in total now. Oh an my credit file looks very tidy too, only a handful of active accounts

innovate

I have never seen anyone here recommend that the more accounts you have, the better.

There are many people, incl myself, who have a lot of accounts. But we do not have them because of the number of accounts. We have them because they offered / are offering / may be offering value to us.

Value (to yourself) comes in many guises - interest rates, online access, Branch access, mortgage access, linked accounts access, cashback, insurance offers etc etc - - only you can decide what is value to you.

If each of 20 accounts offer value to you, have 20. If you only get value from 1, have 1.

Wonder how long it takes until someone now says they were told you should either have 1 account or 20.

guesswho2000

BugsyBrowne wrote: »

Let me ask it another way is there anyone with 5+ accounts and can you tell me how you fund each of these accounts as your wage only goes into one account,do you use faster payment and cycle the accounts.

Yes:
Salary goes into Halifax Reward, FPS money to Nationwide Flexaccount then Natwest Current Plus, send £1000 to another Halifax Reward then back to NatWest (can't be an internal transfer) then send £500 to Santander 123, leave enough in there to cover the forthcoming DDs and use the 123 debit card to pay the surplus off a credit card.

Also got a RBS Current Account (no min funding requirement, but I send a ton to and from it each month and use the £100 free overdraft so they don't remove it).

All the funding is met by faster payments and takes me about five minutes

thenudeone

I cycle £1k each into a number of current accounts by faster payments on the same day every month. With most accounts money coming in appears within seconds and can then be transferred to the next account in turn. Some banks take much longer (eg: co-op)

In return I get:
Free travel insurance - Santander
Free travel insurance + Flexclusive ISA and Regular saver x 2 - Nationwide
£5 reward a month x 2 - Halifax
4% interest on balances of £5-£6k x 3 - Lloyds