Can I have more than one current account with different banks?

OhReally_2

Vard wrote: »

I know that you can have more than one current account with the same bank, but can I keep my existing (HSBC) current account open after I 'switch' (open a current account) to another bank like Halifax?

Any help much appreciated!

If you 'switch' to another bank (i.e. use the switching service) your old account will be closed.

However you can simply apply to open an account elsewhere

I hear specsavers should be able to help you with another issue of yours too

SuperHan

LplateSaver wrote: »

I'd love to know how many everyone has. I read someone who said 22 :eek: I wondered when I read that how they could all be serving a purpose? I have 3. My OH has 5. All paying interest/reward.

I'm not quite at 22, but I have (including Joint):

2 x Halifax (£5 Reward)
3 x TSB (5% Interest)
2 x Natwest (Student Overdraft and a spare for Switching)
1 x Nationwide (An old account, just in case)
1 x HSBC (Doing nothing really, but my mortgage is with them, so I like to have it)
1 x Barclays (Again, doing nothing, but if my Mum has to transfer money to me, she insists on sending it here...)


So 10.

I have had a bit of purge in the past couple of years of closing some accounts that weren't doing much to me, and me and the OH use our accounts interchangeably, so between us we have a lot more (for example, we have one Lloyds, not joint but it has both of our money in there), so I probably have money distributed around more than the 10.

TartanSaver

I'm a mature student and currently up to 7 accounts.
1x Santander Student (£1500 free overdraft, 4 year free railcard)
1x Santander 1-2-3 (pays 3% up to £20,000 and cashback on utilities)
1x Nationwide Flexdirect (pays 5% in year one up to £2,500)
1x TSB Classic Plus (5% up to £2,000)
1x First Direct (just opened for the switching bonus of £125, and will be opening the regular saver for 6%)
1x Barclays basic (I opened this account solely to switch to the FD account above. It will be closed next week as part of the switching process.)
1x RBS Basic (I intend to open the Clydesdale account for £150, also requires a switch.)

I particularly enjoy that Santander lends me £1500 for nothing which they then pay me 3% interest on. I have a low income, so all the accounts are registered for gross interest. This way I'm stoozing my student loan as much as possible. I have applied with TSB for another Classic Plus, and intend to open a Clydesdale for £150 and a Halifax for £100 + £5/mo.

All the monthly transactions are manual - faster payments is instant. Each month I transfer the minimum into TSB and Nationwide and then transfer it (plus the interest) straight back. Not including account opening bonuses, this is currently making me approximately 4% on about £10k of student loan (which grows by only 1.5%.) Thus, I'm making around a £300/p.a. profit on my loans, which is significant to me.

All that said, working part time and studying full time is hard work, and I'm not sure I'll be able to keep it up towards the end of my degree. But that's all the more reason to maximise my earnings now.

TartanSaver

Just for clarity on the OP's main question - the best way to get switching bonuses is to open a basic account with a bank you don't currently use (as above I used Barclays.) It'll be a little more complicated if there are direct debit requirements, but both First Direct and Clydesdale are only requiring a switch. In my case, I've opened Barclays and First Direct accounts and initiated the switch in less than three weeks. Or you could just use an old one of no value to you. Barclays don't credit search for a basic account.

jennifernil

Earning money, I have....

3 sole Rewards (zero balance)
1 Joint Reward (main account)
3 BOS Vantage
2 sole TSB Classic Plus
2 joint TSB Classic Plus
1 Club Lloyds (+ monthly saver)
1 Santander 123 (interest and cashback)

and for other reasons I have....

1 HSBC (for the 6% monthly saver)
1 sole Nationwide (
1 joint Nationwide (to receive pension from abroad)
1 M&S ( £125 switch)
3 Lloyds Vantage (must tidy these up, 1 will become a joint Club Lloyds))
3 TSB Enhance ( just in case, they still pay 1.5%)

So 13 that earn money, and 10 that have/had other uses. I could get rid of at least one of the LLoyds ones and 1 of the Nationwides.

I'm not a taxpayer, so the funds are better in these accounts than in an ISA.

polymaff

YorkshireBoy wrote: »

.4 x Halifax Reward: Free fivers
2 x TSB Plus: 5% AER
1 x Club Lloyds: 4% AER (and access to 4% AER regular saver)
1 x Santander 1-2-3: 3% AER
3 x BoS Vantage: 3% AER
2 x Tesco: 3% AER
1 x Yorkshire Bank: 4% AER (and 30+ years held so good for credit rating)
1 x Nationwide FlexAccount: Free UK/European travel insurance
1 x Metrobank: Zero loading ATM withdrawals in Europe

Two Santanders - each - here, but thanks for the reminder about more Halifax Rewards. £75 gross per annum, per account, is not to be sniffed at

YorkshireBoy

polymaff wrote: »

...thanks for the reminder about more Halifax Rewards. £75 gross per annum, per account, is not to be sniffed at

It's one sole each plus a joint these days (officially!). I was very lucky getting a 4th, and have been just as lucky to keep all four for over 5 years.

polymaff

YorkshireBoy wrote: »

It's one sole each plus a joint these days (officially!). I was very lucky getting a 4th, and have been just as lucky to keep all four for over 5 years.

Halifax wouldn't accept online applications, so it was two half-hours on the telephone listening to abreviated Ts&Cs. Still, £150 gross pa - plus, I hope, 2 x £100 for switching old NW FlexDirects into the new accounts. That's OK. Again, thanks for the nudge.

What on earth will we all do when this bank account competition bubble bursts?

anoncol

polymaff wrote: »

What on earth will we all do when this bank account competition bubble bursts?

For my dad it was carpet bagging. My mum and dad used to walk up and down the high st apparently looking for BS to deposit cash in all Saturday long. Something else will crop up.

Doshwaster

LplateSaver wrote: »

I'd love to know how many everyone has. I read someone who said 22 :eek: I wondered when I read that how they could all be serving a purpose? I have 3. My OH has 5. All paying interest/reward.

I "currently" have 4 current account
1. HSBC as my main account
2. HSBC used for work expenses
3. Nationwide backup account with £100 in for emergencies should the HSBC network go down (which it never has)
4. Halifax. Nothing in there. Can't remember why I opened it.