Multiple Current Accounts

ciscosurplus

I have seen this question asked and have seen multiple answers, is there a limit on single and joint current accounts someone can have?

We have gone from having a joint packaged bank account (nothing wrong with it and no miss selling) to multiple accounts.

Our plan is pay salaries in to a joint Santander 123 account. My OH who earns below 10K has opened a TSB account in her name (5% on up to £2000). We plan to keep the balance at £2000, then transfer £750 a month via standing order to it, then straight out to a halifax reward account (with 2 direct debits) then pay it back in to the Santander account.

The TSB account is in single name as she doesn't earn enough to pay tax and I am a higher rate payer, is this allowed? Does it work moving the money round in a circle like this or do the banks cotton on to it?

Any thoughts?

Ed-1

ciscosurplus wrote: »

I have seen this question asked and have seen multiple answers, is there a limit on single and joint current accounts someone can have?

We have gone from having a joint packaged bank account (nothing wrong with it and no miss selling) to multiple accounts.

Our plan is pay salaries in to a joint Santander 123 account. My OH who earns below 10K has opened a TSB account in her name (5% on up to £2000). We plan to keep the balance at £2000, then transfer £750 a month via standing order to it, then straight out to a halifax reward account (with 2 direct debits) then pay it back in to the Santander account.

The TSB account is in single name as she doesn't earn enough to pay tax and I am a higher rate payer, is this allowed? Does it work moving the money round in a circle like this or do the banks cotton on to it?

Any thoughts?

There's no government legislation limiting the number of current accounts you can have (unlike ISAs for example). But each bank can set a limit if it wants which would be detailed in their terms and conditions. But no, there's no problem in general with opening current accounts or moving money around them, but all current accounts are subject to status and you're likely to be credit checked on application.

datlex

I haven't had a problem using multiple accounts for various reasons. I have 5 current accounts over 3 banks. 1 my pay goes into, 1 pays for bills, 1 I transfer money to that matches the amount I spend on my credit card which I pay off in full, 1 account I use to fund the final account which is a high interest account. No issues at all moving your own money around to help you manage your money better.

ciscosurplus

Perfect many thanks. Good tip on credit checks.