How many current accounts is it OK to have.

iAMaLONDONER

I say 25!

25 is the busiest bus route in London!

iAMaLONDONER

platterfish wrote: »

Look at the posters old post, they talk about being accepted for a job there.

Oh I didn't do my homework!

Summer69

I only have 2 current accounts, both with the same bank. One which my wages go into and bills/regular payments come out of and one where I transfer my spending money each month (clothes, going out etc.)

After reading this post I feel like I should have more! Lol.

Archi_Bald

Definitely a good idea to have your second account with a different financial institution. Mainly for protection in case on of the institutions is having some troubles.

If you play your cards right, you might be able to make some money from switching (Halifax, Coop, and maty be some others to come).

plunt

I would say when it comes to buying a house then relax a little on the account opening. I had to explain to my bank why i had so many different accounts and explained i was earning high interest on them or because they have cheap over seas use. Therefore demonstrating my "money management skills" and they reviewed the application and accepted it. So having multiple accounts may make things a little harder when it somes to mortgages but easily explainable! Also i noticed after i closed a couple old account which no longer had any benefit my credit rating went up, so always nice if you need a little credit rating boost to do a clean up.

Archi_Bald

plunt wrote: »

Also i noticed after i closed a couple old account which no longer had any benefit my credit rating went up, so always nice if you need a little credit rating boost to do a clean up.

Although it is worth remembering that the credit ratings of a CRA are mainly meaningless indicators. No credit provider will look at these numbers.

EDIT: Just for fun, I checked my noddle file just now, and my rating is 5/5, with well over a dozen current accounts, last one successfully applied for just last week. No indication whatsoever that your CRA rating gets "damaged" by the number of current accounts you have. Though as above, that rating can be ignored anyway.

Herbalus

Archi_Bald wrote: »

EDIT: Just for fun, I checked my noddle file just now, and my rating is 5/5, with well over a dozen current accounts, last one successfully applied for just last week. No indication whatsoever that your CRA rating gets "damaged" by the number of current accounts you have. Though as above, that rating can be ignored anyway.

I'm baffled as to the Noddle rating. The indicators that a normal person would use to judge whether their credit report is likely to be positive don't seem to apply to them. I used to be 4/5, but now I'm down to 2/5 without any reason that I can think of (not that it matters). I know all the spiel about electoral role etc, and my payment history is impeccable. Credit ratios are alright as well. Maybe it's marking me down for stoozing my 0% student overdraft and 0% credit card?

Not that I care particularly. I haven't been declined anything for years.

Summer69

Archi_Bald wrote: »

Definitely a good idea to have your second account with a different financial institution. Mainly for protection in case on of the institutions is having some troubles.

If you play your cards right, you might be able to make some money from switching (Halifax, Coop, and maty be some others to come).

Yes I have often thought of having a current account elsewhere but its just easier to keep track of it when its all in one place plus when you transfer the money its instant. You make a good point though...will look into it

JonB80

I have 3 current accounts - 1 Lloyds Bank Platinum Vantage, 1 Lloyds Bank Classic account (Joint) and a current account with NatWest. Did have one with Barclays but I didn't get on with them so closed it.

Herbalus

The latest MSE email, however, infers that one bank account is sufficient:

Couples can do it better together... As each bank account needs a minimum pay-in to get it, if you're a couple living together in a trusting relationship, you can max the gain by working in concert.

For example, one of you can get a Santander 123* current account, using it for savings and paying all the bills from it. The other could get, say, Halifax Reward* to get the free £100 and £5 each month.

Maybe they haven't seen this thread.....:rotfl:

And on a side note, right at the top of the email in point one:

The new switching system means it's now no hassle

Not entirely sure I agree 100% with this.