How many current accounts is it OK to have.

pinkteapot

I have half an account.

MrTeapot and I have a joint account and that's it.

Herbalus

Everyone can make their own mind up as to how many accounts they have. It's advisable to have more than one simply because of the IT flaws that seem to crop up occasionally, like Natwest last year and the Lloyds debit card outage a few weeks ago.

Those with many do so not because it's more complicated, but because it's beneficial to them. Also, poor savings accounts means it's almost obligatory to have multiple current accounts if you want a decent return.

I'm going to branch myself today to open two more Lloyds accounts before they are withdrawn (if the rumours are true of course, but I'll need them in a few weeks anyway).

Wammer

I opened one Lloyds account online on Tuesday, another by phone on Wednesday morning and the third in the afternoon once the second one was showing online. So easy.

Compare that to the Yorkshire Bank that I "opened" on Monday, 3 February. I finally got the account numbers today, but they won't let me register for internet banking until I receive my debit card in another 7-10 working days.

realitycheck85

I have 5 current accounts, I work for a bank so get staff benefits on one.
2 x halifax £5 reward
1 x barclays - branch conveniance
1 x lloyds (closing this)
1 x nationwide (overseas and travel insurance)
just applied for coop for the £100 switchers

JonB80

Opening multiple accounts could look like fraud? Not saying you are, but it could look suspicious to open so many....

Archi_Bald

JonB80 wrote: »

Opening multiple accounts could look like fraud? Not saying you are, but it could look suspicious to open so many....

It's only fraud it you use the account for fraudulent purposes. Using them as current or savings accounts is not fraudulent.

el233

melj16 wrote: »

I work for a high street bank and with us.....No switch = no account.

If I come to realise that a customer has several bank accounts I will categorically refuse to open them an account. No business needs these sort of customers.

Just to explain the amount these customers cost a bank....

The man power to open the account, the paper, the ink.....sending copies of ID to another department elsewhere in the country who then check over again, storage of the account opening paperwork for 7 years......Sending out new account info in post, debit cards, pin numbers. statements.....new debit cards as they 'lost the last one'.....

Costs banks too much money so you can see why they would refuse to open an 8th current account for someone who just 'fancies' another bank account.

How about the money your new customer is paying in and the bank gets to 'play with'??

TBagpuss

I have 3 current accounts. 1 is almost dormant, I just haven't got round to closing it.

I have one which my income goes into, and from which I pay all my fixed and regualar outgoings - mortgage, utilities etc.

The other is for day-to-day spending - a standing order goes into it every month from the first account.
I find this works for me, as it means I don't ever have to remember how much I need to 'leave' in my day-to-day account to ensure that the bills will be paid. I started having this arrangement when I was forst working and was on a low wage and very tight budget, and it helped me to ansure that I did not go overdrawn, or fid myself at the end of the moth with bills I couldn't pay.

I also like that I have two separate accounts with two separate banks so if there is a problem with one bank I am not completely stuck.

I am planning to switch accounts as I don't think the one's I currently have are very good, but as I'm about to move house (fingers crossed) I decided to wait until that was done before going ahead.

sajets

Hey
I have a zero current account with Santander and would like to open a 123 account for the interest rate. Does anyone know if Santander is likely to close my zero account if I open a 123 account, given that the zero account is discontinued? I use it a lot abroad and it would be a shame to lose it.
thanks

Chjaka

Between my partner and I the number of accounts currently stands at;

36 x Current Accounts,
4 x Regular Savers,
2 x ISA's
2 x Savings Accounts (purely for the direct debits).
2 x Credit Cards

This weekend I'll be opening the final 2 x Joint TSB Plus accounts and 2 x Club Lloyds regular savers.

It sounds a lot but when the Vantage and Enhance accounts expire in a few weeks time, and the co-op finally pay their £100 switching bonuses, there'll be twelve accounts less.