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Too many current accounts?

Beckyy
Beckyy Posts: 2,833 Forumite
Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
edited 6 April 2014 at 9:01AM in Budgeting & bank accounts
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?
«13

Comments

  • planteria
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    it apparently will not make any difference.
    i currently have 8 current accounts.
  • leeroy2009
    leeroy2009 Posts: 591 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    edited 6 April 2014 at 8:47AM
    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.
  • Beckyy
    Beckyy Posts: 2,833 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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.
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    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.
  • Beckyy
    Beckyy Posts: 2,833 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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!
  • trailingspouse
    trailingspouse Posts: 4,042 Forumite
    Part of the Furniture 1,000 Posts
    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...
  • typistretired
    typistretired Posts: 2,099 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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"
  • [Deleted User]
    [Deleted User] Posts: 2,175 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Name Dropper
    Don't understand why you have 4 current accounts with Halifax.
    Probably Reward accounts, 3 sole and 1 joint, cycling £750 through each one each month for four bites of the £5 cherry ;)
  • BookerTee
    BookerTee Posts: 156 Forumite
    100 Posts I've been Money Tipped!
    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?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    BookerTee wrote: »
    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?
    One might be lined up for a £50 refer-a-friend switching incentive with Nationwide (switch 2 DDs from elsewhere your Nationwide account, and close the other account).

    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.
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