How many current accounts is it OK to have.

Sir_Shaun_of_Crispy

I've had a current account with Barclays for over 20 years. Last February I opened a new account with the Halifax to get the joining fee and free overdraft. So I now have 2 accounts. Since my overdraft is reaching the end of it's free period would it be OK to open another account now? Would this effect my credit rating? Could I be refused the account as I already have 2?
Thanks

Gromitt

Yes, current account applications have a small effect on your credit report for a small amount of time.

I have about 18 current accounts. It's funny to fill in the applications which ask you how many you have as they never seem to use numbers greater than 9.

anna42hmr

Gromitt wrote: »

It's funny to fill in the applications which ask you how many you have as they never seem to use numbers greater than 9.

I find that too, as I have 12 current accounts, luckily they must be ok with the number given not matching credit search!

As for your question OP, as there is not one credit rating as all companies do their own scoring, there is not really a yes/no answer. However things to consider include having additional credit searches (though they drop off after a while, also if you ask for an overdraft on them could increase your available credit which may affect for future credit applications

But as you can see on this forum, there are a lot of people who have multi accounts without any problems.

Lith

18 and 12? you guys must be underground drug lords yea? lol..



I have around 4 or 6 forgot lol there is no LIMIT

JuicyJesus

I have 4, although I might close one as I don't use it for anything.

CherlokHomes

I've got just the 3 current accounts.

anna42hmr

Lith wrote: »

18 and 12? you guys must be underground drug lords yea? lol..



I have around 4 or 6 forgot lol there is no LIMIT

Lol no, all for the interest rates

mine are

1 x nationwide flex direct for 5%,
1 x yorkshire bank for 4%,
3 x halifax accounts for the £5 rewards
3 x TSB enhance for 3%
3 x lloyds Vantages for 3%
1 x lloyds classic which is used as main bank account

Aquamania

I really don't think you should have more than say 42 ... unless you have a really good reason for needing more

Chjaka

Between my partner and I we have;

3 x Nationwide Flexdirect (was 7)
3 x Santander 123 accounts
2 x First Direct
5 x Lloyds Vantage
2 x BOS Vantage
2 x TSB Enhance
2 x Halifax Reward

There's 19 current accounts but I'm just about to open two co-op accounts for the £100 switching bonus.

TheEffect

I've got

• Barclays x 1 (Main Account)
• Natwest x 1 (Student account = free overdraft)
• HSBC x 1 (Student account, free low overdraft, shh)
• Halifax x 1 (Free £5)

You can have as many as you like as long as you meet their criteria and are accepted.

iAMaLONDONER

TheEffect wrote: »

I've got

• Barclays x 1 (Main Account)
• Natwest x 1 (Student account = free overdraft)
• HSBC x 1 (Student account, free low overdraft, shh)
• Halifax x 1 (Free £5)

You can have as many as you like as long as you meet their criteria and are accepted.

How do you have 2 student accounts?