Does anyone Multi Account

Archi_Bald

shaz77 wrote: »

I can't fathom the point in having more than one current account, this thread has not convinced me otherwise.

One good reason could be to have a backup when your main account is in some sort of technical difficulties (ref Natwest/RBS/Ulster repeated issues).

But the main reason people have multiple account is that they use them as savings accounts.

InsideInsurance

shaz77 wrote: »

I can't fathom the point in having more than one current account, this thread has not convinced me otherwise.

Depends on the circumstances but having 8 accounts with Nationwide was giving us 5% interest on £20k of savings. Cant get close to 5% with an other savings vehicle outside of shares and its too short term for that option.

Cotta

Is there any account I can pull in along with my Halifax account at the moment in order to reap some benefits? Savings would be minimal so it would really be for cashback etc.

innovate

Cashback potential mainly depends on what you are spending your money on.

Santander have defined cashback for certain DDs, but they charge £2 a month for the account. Still, some people make more than £100 a year from DDs they are paying anyway and that wouldn't make them £100 anywhere else.

Halifax and Lloyds have some sort of a lottery of offers that they make from time to time if you are using your Lloyds or Halifax debit or credit card.

There are several cashback credit cards - check the main website for the latest offers.

Everynamestaken

Cotta wrote: »

Is there any account I can pull in along with my Halifax account at the moment in order to reap some benefits? Savings would be minimal so it would really be for cashback etc.

Depends how much you can pay in I guess. First direct have good offers dont they?


I opened a bank account online the other week who I have never banked with before. I intend on closing it and switching to Halifax reward account. I am just making sure there is nothing in the fine print that says you don't get your 100 pound unless your old account was opened for a specific amount of time.

Cotta

Everynamestaken wrote: »

Depends how much you can pay in I guess. First direct have good offers dont they?


I opened a bank account online the other week who I have never banked with before. I intend on closing it and switching to Halifax reward account. I am just making sure there is nothing in the fine print that says you don't get your 100 pound unless your old account was opened for a specific amount of time.

What I was thinking was to setup a First Direct account and get the £125 switching fee, however if my salary was paid into this account I'm not sure if I could then transfer it to Halifax and still get my £5 per month for doing this?

msallen

Cotta wrote: »

Interesting, what benefits do each of the five accounts offer to prompt you to do this?

A. Santander 123 (main account) offers interest and cashback.
B. NW (1) offers 5% interest
C. Halifax offers free fiver every month
D. NW (2) offers mobile insurance, breakdown cover, travel insurance etc for £10 a month
E. N&P offers fee free ATM withdrawals and debit card purchases abroad.

Its no hassle. All of the transfers are setup once via standing order. I don't have to do anything else - ever - until/unless I open or close any accounts and want to change the path the monthly cash cycle follows.

Account B will stop offering the 5% interest in a few months, at which point I can 'sacrifice' it if any other banks are offering an incentive to switch.

YorkshireBoy

Cotta wrote: »

What I was thinking was to setup a First Direct account and get the £125 switching fee, however if my salary was paid into this account I'm not sure if I could then transfer it to Halifax and still get my £5 per month for doing this?

The answer is yes you would, but don't take my word for it...check out the details on their respective websites.

Cotta

YorkshireBoy wrote: »

The answer is yes you would, but don't take my word for it...check out the details on their respective websites.

According the them it's a yes too as long as there are two DD each month - but I may have missed something.

Cotta

msallen wrote: »

A. Santander 123 (main account) offers interest and cashback.
B. NW (1) offers 5% interest
C. Halifax offers free fiver every month
D. NW (2) offers mobile insurance, breakdown cover, travel insurance etc for £10 a month
E. N&P offers fee free ATM withdrawals and debit card purchases abroad.

Its no hassle. All of the transfers are setup once via standing order. I don't have to do anything else - ever - until/unless I open or close any accounts and want to change the path the monthly cash cycle follows.

Account B will stop offering the 5% interest in a few months, at which point I can 'sacrifice' it if any other banks are offering an incentive to switch.

Excellent setup, I spoke to Santander and the girl I spoke to said there was a 3% cashback facility offered on fuel, however I see no reference to this online - is this true?