how many bank accounts and why?

black_taxi_2

yeah but the credit agency is part of the small monopoly which other financial agencies use---we all have to swallow an lump it

dr_adidas01

KimLouise17 wrote: »

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??

Just be careful with the joint account as this financially links you to each other.

So if one doesn't have a good credit file it can have an adverse effect on the others credit file.

dr_adidas01

black_taxi wrote: »

yeah but the credit agency is part of the small monopoly which other financial agencies use---we all have to swallow an lump it

You don't have to swallow it at all, yes whats on your credit file can have an effect on you getting credit products. As that is taken into account by lenders.

However if anything on your credit file is wrong or incorrect, you can get it corrected if its factually wrong. Many people have found whats on there credit file to be wrong and corrected it.

Saying that having multiple bank accounts has a bad effect on your credit score or rating is very wrong!!

Lagoon

KimLouise17 wrote: »

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??

It sounds fine to me. Ultimately, you have to decide what's going to work for you. When I had nine or ten accounts it shocked people, but where they earned much more than me and struggled for money constantly my various accounts meant that I got a strict hold on my finances.

My OH and I will always keep our finances separate, but we have that one joint account for savings. It's for our wedding now, and in future we'll use it to save for a house and those bigger family expenses. I do the grocery shopping and he pays the household bills, so we work that out elsewhere. Our joint account is good because we threw out the debit cards, and can only access it by transferring money. I've got it connected to online banking, but he doesn't because he's less strict with money and would dip in more often. He can still access the money if he needs to, but he's got to go into a bank or ask me to send some over when he needs it.

It might all sound a bit complicated, but open the accounts you need and decide how you can use them.

guesswho2000

Ignore everything black taxi is saying, they're wrong.

There's loads of reasons for having multiple accounts, for various benefits, interest rates, exclusive offers, etc, etc.

Personally, I have six current accounts, two savings accounts and eight credit cards, all for different reasons beneficial to myself.

pmduk

The one thing that is foolish in my opinion is to have all your funds in one banking group. Should there be problems, for any of a multitude of reasons, you still have access to your cash.

black_taxi_2

i accept i was wrong---i was going by credit rating.i will educate myself further on any subject before i reply.

thx for well informed answers

Jules2012

I have my main one "HSBC" and "Halifax" for the reward payment and also as a back up incase I ever lose my HSBC card or something happens to my account were I lose access to it.

Goldiegirl

I have two current accounts, both with the same bank.

One is the account where our salaries and pensions are paid into, the other is what we call the bills account.

We work out what our annual expenditure on utilities, council tax and other outgoings, divide it by 12, and pay that twelfth into the bill account each month.

We have various savings accounts with various institutions - our eggs are not all in the same basket.

212

I've lost count of mine!

Got 5 that I actively 'use' - only 1 has my main direct debits etc out of though. And at least 5 more that are just there (including 2 or 3 setup just to improve my credit 'score').

Main ones are:
Student account - 0% overdraft
Packaged account - breakdown/phone cover/travel insurance etc
Nationwide current account - free overdraft til next year. Was free o/d & travel insurance til not long ago!
N&P Building society - fee-free overseas money, plus the key cover.
Halifax Reward - 'Free' fiver.

All of them (and the others) are with the intention of possibly helping with a mortgage in future.

I qualify as a 'prime' customer under all the accounts, so could potentially have access to prime rates - and a friendly chat with branch/CS staff may reveal my internal rating. If it's a pretty decent loan pre-approved limit etc, then it's an indication that it may well be worth a mortgage application with them.

I think in the short term it's a negative in terms of credit scoring to have so many new accounts (I've got about 4 or 5 new within the last 6 months), but in the long run it could be helpful.

Also the system failures etc that have been mentioned - my student account was badly affected last summer, but just used my other accounts instead