We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Too many current accounts?

Beckyy
Posts: 2,833 Forumite


I currently have 4 current accounts with Halifax (1 is joint) and another with HSBC (isn't really used).
I'm looking at opening a Santander 123 account and possibly a TSB Plus Account to take advantage of the interest rates.
Could this pose any problems? Should I be checking my credit rating etc. to keep tabs on any effect it has?
I'm looking at opening a Santander 123 account and possibly a TSB Plus Account to take advantage of the interest rates.
Could this pose any problems? Should I be checking my credit rating etc. to keep tabs on any effect it has?
0
Comments
-
it apparently will not make any difference.
i currently have 8 current accounts.0 -
ive got 10 now, 3 opened in last 7 days, new credit cards are saying no to me, probably cos of the level of credit I have available to me v income, but im getting every current account I apply for
4x flexdirects (only interest on 1)
2x tsbs 5% classics (last 7 days)
1x sanny 123
1x Halifax rewards (last 7 days)
1x Barclays
1x NatWest
to do list:
coop
firstdirect
try and do another full switch to a additional Halifax reqwards for the £100
new Lloyds account
and 3 credit cards have just increased my limits.0 -
Thanks very much! It sounds like it shouldn't make much difference then. I will likely close the HSBC one too as it's not used.0
-
HSBC is great to have if you want to make use of their 4% Regular Saver.
But if this is of no benefit to you, don't close the account yourself - use it for a formal switch to somewhere that pays you to switch. Currently Coop, Halifax and First Direct.0 -
Thanks Innovate, it never even occurred to me to do that.
I don't have any SO or DD's from the account to switch but could easily set up 2 SOs to myself/OH if that would work. Will look into it!0 -
I don't think it's the number of accounts that matters, rather the overdraft facility that might be attached to them. Credit rating takes into account the amount of debt you could get yourself into, so they are more interested in the overdrafts than in the accounts.No longer a spouse, or trailing, but MSE won't allow me to change my username...0
-
Don't understand why you have 4 current accounts with Halifax. Must admit I used to love Halifax, in fact they gave me the mortgage on my house and the branch was at the bottom of the road if I wanted to borrow more for an extension. But those days have gone sadly and Halifax no longer have branches at the end of the road, and no longer offer decent interest rates."Look after your pennies and your pounds will look after themselves"0
-
typistretired wrote: »Don't understand why you have 4 current accounts with Halifax.0
-
billbennett wrote: »Probably Reward accounts, 3 sole and 1 joint, cycling £750 through each one each month for four bites of the £5 cherry
Didnt he say FlexDirect, which is a Nationwide account and you can only have one paying interest, so the others would seem a bit pointless?0 -
Didnt he say FlexDirect, which is a Nationwide account and you can only have one paying interest, so the others would seem a bit pointless?
The other 2 will be kept as donor accounts for switching offers elsewhere...I'd imagine?
One might even be a joint account, meaning it's still making 5% AER.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards