How many 123 accounts can a couple have?

pfpf

rochja wrote: »

just run a parallel esaver account that pays 3% too and transfer between them as necessary.

my 3.2% issue 5 comes to an end on the 16th. can you direct me to the current 3% esaver please as I cant find anything near that on the Santander website. thanks.

eskbanker

I recently opened my second (joint) 123 account and asked this question - the adviser I spoke to on the phone stated that there isn't a hard and fast limit to the number of these accounts and that as far as Santander are concerned, they don't impose a cap, subject to the funding and DD requirements being met of course. However, he did confirm that with each application being credit checked, it's possible that credit status might ultimately cause problems....

plunt

pfpf wrote: »

my 3.2% issue 5 comes to an end on the 16th. can you direct me to the current 3% esaver please as I cant find anything near that on the Santander website. thanks.

my 3.2% is coming to an end as well. thankfully managed to get 3x lloyds vantage at 4% for 6k in each. and 3 x 5% nationwide account (opened multiple accounts before the cut off date that changed it to 1 account per a person.

I still would like to have an instant access account for over flows though. but guess thats what my hsbc 6% reg saver, nationwide 6% reg saver and n%p 5% reg saver, are for.

eskbanker wrote: »

I recently opened my second (joint) 123 account and asked this question - the adviser I spoke to on the phone stated that there isn't a hard and fast limit to the number of these accounts and that as far as Santander are concerned, they don't impose a cap, subject to the funding and DD requirements being met of course. However, he did confirm that with each application being credit checked, it's possible that credit status might ultimately cause problems....

They said the same thing to me when they used to have the 5% current accounts. I managed to open 5 or 6 of them untill I stopped opening them due to worrying about my credit history.

eskbanker

plunt wrote: »

They said the same thing to me when they used to have the 5% current accounts. I managed to open 5 or 6 of them untill I stopped opening them due to worrying about my credit history.

Obviously credit history is highly personal and relevant only to any individual's own circumstances, but have any posters on here admitted to running into credit history issues as a result of opening multiple current accounts as savings vehicles?

Largely as a result of recommendations on here, I have the two 123s as well as multiple Vantages with Lloyds and BoS but have no idea if I'm close to the 'limit' (in as much as such a thing exists in any quantifiable way) or if I could keep going, so I'm curious if anyone has experience of running up against credit history problems by doing this?

YorkshireBoy

eskbanker wrote: »

Obviously credit history is highly personal and relevant only to any individual's own circumstances, but have any posters on here admitted to running into credit history issues as a result of opening multiple current accounts as savings vehicles?

19 current accounts here, including:

3 x LTSB Vantage (4% until end October, then an ongoing 3%)
3 x BoS Vantage (3%)...opened in January
3 x Nationwide FlexDirect (5%)...opened last week
4 x Halifax Reward (£240 a year)...opened years ago

No "issues" experienced with the above, or with a Tesco credit card application made earlier this year.

Awaiting news on a 4th FlexDirect account, and considering a couple of 123 accounts as my next move (for Halifax 2.8% Online Saver funds at the end of June), which will take me to 22 current accounts.

Quentin

rochja wrote: »

You dont need multiple accounts to make the 3% on everything - just run a parallel esaver account that pays 3% too and transfer between them as necessary. The advantage is there is no charge to hold the esaver. Transfers are pretty much instantaneous

The santander esaver a/c pays 1.25% (has been a while), where is there a 3% esaver please?

eskbanker

Sounds impressive, thanks [to YorkshireBoy, 1.25% isn't impressive at all!]

sparkyspark

YorkshireBoy wrote: »

19 current accounts here, including:

3 x LTSB Vantage (4% until end October, then an ongoing 3%)
3 x BoS Vantage (3%)...opened in January
3 x Nationwide FlexDirect (5%)...opened last week
4 x Halifax Reward (£240 a year)...opened years ago

No "issues" experienced with the above, or with a Tesco credit card application made earlier this year.

Awaiting news on a 4th FlexDirect account, and considering a couple of 123 accounts as my next move (for Halifax 2.8% Online Saver funds at the end of June), which will take me to 22 current accounts.

According to the FAQ on Nationwide site "Can I open more than one FlexDirect account - It says "You can open up to four Nationwide current accounts, however you are only guaranteed the 5% AER promotional interest rate on one FlexDirect account". So if you have more than one do you still get the full 5% on all 3 of the accounts you have open and does this condition apply generally to all the institutions named :question: Thanks

YorkshireBoy

sparkyspark wrote: »

According to the FAQ on Nationwide site "Can I open more than one FlexDirect account - It says "You can open up to four Nationwide current accounts, however you are only guaranteed the 5% AER promotional interest rate on one FlexDirect account". So if you have more than one do you still get the full 5% on all 3 of the accounts you have open...

I don't know yet (but I have my fingers crossed!), as I only opened them this month. I do have a plan B though (or maybe this will become plan A), with the 12 month fee-free O/D offer.

and does this condition apply generally to all the institutions named :question: Thanks

I'm at the maximum with BoS and LTSB, ie 3 accounts each, and I got the Reward accounts before they put the 'one only' restriction on. I blagged the 4th Reward account by redesignating an old HICA at the eleventh hour (in October 2009).

irishjohn

YorkshireBoy wrote: »

19 current accounts here, including:

3 x LTSB Vantage (4% until end October, then an ongoing 3%)
3 x BoS Vantage (3%)...opened in January
3 x Nationwide FlexDirect (5%)...opened last week
4 x Halifax Reward (£240 a year)...opened years ago

No "issues" experienced with the above, or with a Tesco credit card application made earlier this year.

Awaiting news on a 4th FlexDirect account, and considering a couple of 123 accounts as my next move (for Halifax 2.8% Online Saver funds at the end of June), which will take me to 22 current accounts.

Do you pay a monthly fee for each of the 4 flexdirect accounts? what impact does that have on the interest earned on a maximum of £2500 balance?