Multiple current accounts - the debit card dilemma

colsten

27col wrote: »

Why would anyone want to complicate their lives with 17 current accounts. Absolutely ridiculous.

Please show us an acceptable alternative for emergency cash funds and short term savings for weddings, holidays, home improvements, cars etc. Please don't say ISA or other savings account as that would be absolutely ridiculous as in all of them the money would lose value every day.

I have well over 20 current accounts, and my life isn't complicated by them.

iris

I switched an account to M&S without having a debit card.

irm

colsten wrote: »

I would most definitely not let unopened letters with debit cards and PINs lay about in my kitchen, or anywhere else in the house. Just an unneccessary risk to take.

Indeed, and not our usual way of dealing with things. All sorted now though, and thanks to all the comments we decided to keep them all.

As for dealing with 17 accounts, well we only use a single main account with Santander, and then the rest (split between TSB and BoS) pair up perfectly and pretty much take care of themselves with standing orders shuffling their cash around automatically each month to meet the pay-in requirements. The TSB/BoS accounts don't need direct debits so it's all nice and simple. I doubt I spend 30 minutes a month skimming off the interest and tracking their transactions in MS Money.

It's about £85,000 earning between 3 and 5% before tax. That's worth a little hassle to us.

Stompa

dr_adidas01 wrote: »

Well with the way interest rates are with standard saving accounts, you're going to be waiting a longtime for the return of decent savings accounts.

If I have to spend 1 hour a month jumping through a few hoops to make my money work for me then then so be it.

I agree. It's still bonkers though!

YorkshireBoy

27col wrote: »

Why would anyone want to complicate their lives with 17 current accounts when with a little more effort one could make even more money with 22. Absolutely ridiculous to forego the opportunities that another 5 accounts would present.

Fixed that for you.


Classic example, and forgetting for a moment the 3-5% I'm making on several 10s of £K...I have 4 Halifax Reward accounts, and my salary is paid into one of them. On payday I log in and check all is OK. Whilst I'm there I do 4 quick transfers to cycle £1K (I know I only need £750 now, but old habits die hard!) through the others and back to my main account.


Takes what?...30 seconds? And the £240 a year I make from spending these 6 minutes a year pays for a week in the Canaries each March. Yes I know I could afford to pay for it myself, but it feels much nicer to think someone else is paying for it!...and has been for the last 5 years.

Herbalus

You could always drill a hole through the chip or get creative with scissors. Something that renders the card unusable for transactions but means you still have it for switching.

And when I switched from Natwest to Nationwide, I simply put 'no' in the 'do you have a debit card?' box, and it went through ok. It might not work for all though.

[Deleted User]

To anyone asking what the point is of having so many current accounts... It can be very profitable if done right. Once you establish a rhythm, it's almost like free money.

Think Richard Branson - he has hundreds of things running in the background dripfeeding him money, took a little setting up, but now almost maintenance free.

robatwork

Just keep the details in your diary or outlook and destroy the card.

Doomsayers will now warn of the dangers of recording your card number and security code electronically, but someone stealing that data won't be as bad as someone stealing the actual card

InsideInsurance

irm wrote: »

As the wife and I approach 17 current accounts between us, I was wondering what the pros and cons are of keeping or destroying all the debit cards.

What are the possible cons of keeping them?

I certainly have more than one account, cannot see how one person can [STRIKE]have[/STRIKE] need 22 accounts to be profitable, and have no issues with debit cards. Change the pins as said. Where you have multiple cards from the same provider that doesnt put the account number on them then mark the card as to which account it is. Put it somewhere safe at home

Randomly need them to do transfers, particularly the Nationwide cards on my account, the Mrs never does

gallygirl

colsten wrote: »

Please show us an acceptable alternative for emergency cash funds and short term savings for weddings, holidays, home improvements, cars etc. Please don't say ISA or other savings account as that would be absolutely ridiculous as in all of them the money would lose value every day.

1 savings account. 1 spreadsheet with in and out for both, totalled at end. 1 transfer in every month, 2 transfers out (as I use a Halifax Clarity ccard and switch to another when I've spent enough). At the end of the year any excess funds go to a different savings pot. The benefit of doing it this way is that any 1 'sub-account' can go 'overdrawn', e.g. a big car repair bill at the start of the year, without having to physically find the funds to pay for it as there is money in the balance from the other sub-accounts. I love it

But also have 5 current accounts and enjoy doing 'the money shuffle' every pay day, cycling a large amount through them all, dropping off funds where necessary :T.