How do people manage multiple accounts?

jimjames

DougWeller wrote: »

I meant SO of course, sorry. My Nationwide account is an ordinary account that I fill up from savings accounts.
Doug

If it is a Flexaccount it is very easy to switch - I moved mine a few weeks ago and purely a few clicks to do so.

DougWeller wrote: »

My Halifax account is also a non-interest one. The first question I guess is which will be the best account for my pension income.

Just as easy to switch to the Halifax reward account. It doesn't pay interest as such but a £5 bonus per month which can actually work out better than interest for small amounts.

DougWeller wrote: »

The three day gap between in and out seems to make sense.
Interest doesn't get interest?

If you do the transfers manually you can do them same day for most accounts thanks to the faster payments system. You then don't lose any interest.

You only wouldn't get interest on the interest paid if you are already at the limit for the account. So anything over £2500 gets 0% with Nationwide. Just move the interest to an account that does get interest paid on it once it is received in your account.

DougWeller

Should I be looking at any other current accounts? I know there is Lloyds and TSB. And I should get my wife to open a Santander 123 account.
Thanks.

Walletwatch

innovate wrote: »

You need £90,500 cash to fully exploit all the current accounts to the limit with the presently available interest deals. If you have less, you only need fewer accounts.

Hi

Could you please help with the breakdown of the £90,500 amount?

Cheers
WW

bsms1147

Walletwatch wrote: »

Hi

Could you please help with the breakdown of the £90,500 amount?

Cheers
WW

2 x Santander 123 (2 x £20,000, 3%)
3 x Lloyds Vantage (3 x £5,000, 3%)
3 x TSB Vantage (3 x £5,000, 3%)
3 x BoS Vantage (3 x £5,000, 3%)
1 x Nationwide FlexDirect (1 x £2,500, 5%)
1 x Halifax Reward (1 x £0, £60 reward/yr)
1 x Clydesdale Bank Current Account Direct (1 x £3,000, 4%)

Walletwatch

bsms1147 wrote: »

2 x Santander 123 (2 x £20,000, 3%)
9 x Lloyds Vantage (3 x £5,000, 3%)
3 x TSB Vantage (3 x £5,000, 3%)
3 x BoS Vantage (3 x £5,000, 3%)
1 x Nationwide FlexDirect (1 x £2,500, 5%)
1 x Halifax Reward (1 x £0, £60 reward/yr)
1 x Clydesdale Bank Current Account Direct (1 x £3,000, 4%)

Thanks - Is there a limit on the number of Santander 123 accounts you could have though? When I opened 2 at the branch, the woman did say that I could have any number that I wanted (???)

Ifts

Walletwatch wrote: »

Is there a limit on the number of Santander 123 accounts you could have though? When I opened 2 at the branch, the woman did say that I could have any number that I wanted (???)

That must have been before they restricted you to 2 accounts in each name.

You can only have 2x Santander 123 accounts in your name now.

[STRIKE]
Between 2 people it is possible to have 5x 123 accounts, 2x 123 accounts in each name and 1 joint account.
[/STRIKE]
edit: Sorry this bit is incorrect , see correction in post below by eskbanker.
I got mixed up with another poster who went from having 3 accounts between 2 of them (1 sole and named on one joint acc each) to 2 accounts in each name in this thread.

bluebell321

Ifts wrote: »

That must have been before they restricted you to 2 accounts in each name.

You can only have 2x Santander 123 accounts in your name now.

Between 2 people it is possible to have 5x 123 accounts, 2x 123 accounts in each name and 1 joint account.

I wasn't aware of this. So you can have a joint account on top of the two in sole name?

eskbanker

That's not my understanding, their material states: "A maximum number of two 123 Current Accounts can be held at any one time. These can be held in single or joint names", which would suggest a maximum total of four between two people (under current rules, since June 2013).

bsms1147

eskbanker wrote: »

That's not my understanding, their material states: "A maximum number of two 123 Current Accounts can be held at any one time. These can be held in single or joint names", which would suggest a maximum total of four between two people (under current rules, since June 2013).

This is correct.

For a couple;
Two accounts each (four accounts between two people)
Or
One account each and one joint (three accounts between two people)

Ifts

bluebell321 wrote: »

I wasn't aware of this. So you can have a joint account on top of the two in sole name?

Sorry, that was incorrect! - I got mixed up with this thread.

eskbanker is correct.