Multiple current accounts with the same bank

Nobbi_2

Many thanks for all the responses. I have money tied up with nationwide and the interest rate will plummet soon. Have been looking at available savings accounts and rates of return are chronic. Can't believe I'm better off opening multiple current accounts!

saintalan

Don't forget the other type of cashback!

Nobbi_2

Thanks saintalan, never thought of quidco.

philbostavros

To fund my second 123 c/a, I simply withdraw £500 from the 1st one (ATM using mine and the wife's cards) and pay in over the counter each month.

At present, we've still got our old Premier account too (ex-A&L), as this provides our free annual travel insurance - well at least for another 3 years until we're 65.

badger09

Nobbi wrote: »

That's great news.To fund the 123 accounts each month I guess I will need to open a feeding account. I thought maybe a Lloyds TSB Avantage account as this also attracts 3% (although on only 5K) . The only downside on this is that £1000 a month has to be paid in.
My thinking is this:

Open first 123 account with 20k funded with monthly salary
Open second 123 account with 21k
Open Avantage account with 5K

Set-up Monthly DD transferring 1K from second 123 account to Avantage account at beginning of month

Set-up Monthly Direct Debit transferring the 1k back to 123 account at mid month
Does this seem feasible?

Minor problem with your plan is that moving money automatically between bank accounts (by the way its called Vantage) is usually by Standing Order, rather than Direct Debit so you'd have to look elsewhere for those.

Try a forum search - they're are plenty of options available.

You can have 3 LTSB Vantage accounts and if you need more than that -check out BoS Vantage