CAn I have two current accounts at the same time?

SparklyStar

Can I run two current accounts at the same time?

Which one is best as a second current account with no minimum monthly income/deposit required?

They either want minimum monthly deposit - or - is there another account I can use with debit card, standing order & direct debit services?

YorkshireBoy

SparklyStar wrote: »

Can I run two current accounts at the same time?

Hope so, since I have 19 of them!

Which one is best as a second current account with no minimum monthly income/deposit required?

They either want minimum monthly deposit - or - is there another account I can use with debit card, standing order & direct debit services?

If it's just for budgeting, I'd suggest a second current account with your existing bank...unless they're one of those stipulating a minimum monthly funding?

AndyPK

If they require a minimum income it is usually possible to transfer and amount in and take it straight out again on say your pay day.

Some say this should be from an external source. In which case a different bank to what you have now.

Archi_Bald

I would always keep some money in two entirely unrelated current accounts, just in case one of the banks has a temporary (or more permanent) problem.

There is no limit to how many current account anyone can have. This doesn't man that all your applications will get accepted. Also, if you are thinking of applying for a loan or a mortgage anytime soon, don't apply for too many current accounts in the short term. Each current account application will result in a full credit search, even if you don't apply for an overdraft.

InsideInsurance

Some banks will apply a limit to the number of a particular product you hold, particularly those with inflated interest or cash benefits.

Outside of that you can in theory hold as many accounts as you want.

magpiecottage

I have two.

Nationwide's Flexaccount has been my main account for years but a couple of years ago they decided to charge for foreign transactions so they could do out their staff rooms like billionaire playboys' yachts (their words not mine).

So now I also have a MetroBank Account.

I use a combination of the two.

ThemeOne

My second current account is a Bank of Scotland "basic" account. Opening it was a straightforward online process, with no minimum income / deposit requirements. It's worked out fine with me. My main account is with a different bank.

Banks often don't advertise basic accounts prominently on their websites though because, as far as I know, it's something they're legally obliged to offer, rather than actually want to offer!

System

LloydsTSB - just click on "Open new current account" and hey presto, it's done!

pqrdef

SparklyStar wrote: »

They either want minimum monthly deposit

I've got an old Santander account that charges an underfunding fee if not funded monthly, but I can't think of any account currently on the market which does that.

First Direct can, but it's easy to avoid.

There are some accounts (Co-op?) where you can lose the free overdraft if you don't fund. And others where you lose the interest or reward for the month, but only for the month.