how many bank accounts and why?

KimLouise17

hi all,

i am just trying to get my finances into some sort of organization,because at the moment it is just written on a stray piece of paper.

i have seen on this and a few other sites that people have multiple bank accounts, is there any reason for this, what are the benefits of this.

how many bank accounts do you have and why??

many thanks in advance

black_taxi_2

credit rating agency's don't like multiple bank accounts

KimLouise17

okay thansks black taxi, it just seems a reaccuring thing that people have various bank accounts, ust wondering why?

thanks again

black_taxi_2

prob used up full yearly isa allowance and want a safe place for cash

Lagoon

I have five now, including my business account and a joint account with my OH. The others are a current account for bills, an account for grocery money and my long-term savings account.

I used to have nine or ten, which I used to more strictly control my finances. As I got more comfortable, I was able to close some down.

BugsyBrowne

black_taxi wrote: »

credit rating agency's don't like multiple bank accounts

Ignore this Answer.

CLAPTON

Credit rating agencies don't make loans so their opinion is irrelevant.

Given the frequency of our major banks having problems that interfer with one's banking, it makes a lot of sense to have at least two.

Some people like several a/cs to help their budgeting

Some like several a/cs because some a/cs offer certain benefits

Some of us that travel a lot like at least three debit cards in case one is randomly refused

Some like several a/cs because it offers some protection if one's debit card is lost or stolen

black_taxi_2

experian on own website show multiple accounts as a negative

dr_adidas01

black_taxi wrote: »

credit rating agency's don't like multiple bank accounts

Yes ignore this quote, having multiple bank accounts doesn't have anything to do with credit rating liking you or not!!!

I have a few accounts and they all serve purposes.. What will effect your credit score is having debts a high usage of credit and not running your credit accounts correctly.

dr_adidas01

black_taxi wrote: »

experian on own website show multiple accounts as a negative

So you believe an organisation whom make up a fictitious number that they sell to people who are stupid enough to think it has any relevance to whether you can get a credit product or not?

When in fact each lender or credit provider has its own separate method of credit scoring!!!!

KimLouise17

thanks for all your answers, it does make sense, me and oh dont have a joint account at the moment but i do have my own account and he has his own,

normally i transfer money from mine into his and all bills and food are paid from this,

we have an e-savings account and an isa with lloyds (hubbys bank) but we are terrible at saving and if it is easily accsessible (ie just a account transfer) we tend to dip in, so im looking to open up a joint account together were we can both pay in a certain amount per month were bill and food and rent will be paid then have a joint savings account with a different bank so we cant see it, but will set up standing orders to pay money in, then have a set amount in the each bank account as spares, and whatevers left at the end of the month will go in the savings,

does this sound like too much??