Multiple current accounts

colsten

I have many current accounts. I have debit cards for all of them, and I know the PIN for every one of them. Most times most of these debit cards are kept at home in a safe.

In my experience, most banks don't even offer you the choice of whether you want a debit card with a current account, though I think Lloyds/TSB/BOS/Halifax do.

skybluesaver

All very fair points folks. My main fear is the card being used fraudently by someone who has randomly generated card details. Sounds like alot of us are using current accounts to maximise interest.
May i ask just out of interest how many current accounts people have on average and does having too many look bad on credit reports?
I'm currently on six.

colsten

skybluesaver wrote: »

My main fear is the card being used fraudently by someone who has randomly generated card details.

how would anyone generate random card details for your "savings" accounts, any more than they would for your "normal" current account?

skybluesaver wrote: »

May i ask just out of interest how many current accounts people have on average and does having too many look bad on credit reports?

I don't think there is a known average of accounts people have. Some have one, some have 3 dozen, some have something in between. There is no such thing as "too many". Regarding your credit file - you just need to make sure you do not get any late payment markers or other defaults, and that you do not have a huge amount of available credit if you want to apply or a mortgage or other major koan.

SevenOfNine

I'm still fairly new to using current accounts to house savings, I just got fed up with rubbish savings rates, ISA piddly rates infuriate me, & this forum was so helpful.

I have 13, 2 are joint with hubby the rest are solely mine. TBH I don't care what my credit report looks like, I don't buy what I can't afford to pay for.

I don't earn enough in my p/t job to pay either tax or NI, but I haven't been refused........yet, even when clearly my income doesn't come close to the monthly depositing requirement!

reclusive46

skybluesaver wrote: »

All very fair points folks. My main fear is the card being used fraudently by someone who has randomly generated card details. .

Thats not really how fraudsters get hold of details these days.

DCFC79

skybluesaver wrote: »

All very fair points folks. My main fear is the card being used fraudently by someone who has randomly generated card details. Sounds like alot of us are using current accounts to maximise interest.
May i ask just out of interest how many current accounts people have on average and does having too many look bad on credit reports?
I'm currently on six.

I have 2 TSB and 1 Club Lloyds Account.

I believe the overdraft can have an affect, if you don't request an OD then should be ok, its all about the access to credit.

anoncol

skybluesaver wrote: »

All very fair points folks. My main fear is the card being used fraudently by someone who has randomly generated card details. Sounds like alot of us are using current accounts to maximise interest.
May i ask just out of interest how many current accounts people have on average and does having too many look bad on credit reports?
I'm currently on six.

For a 32 bit number there are 4 billion numbers to choose from. They also need the expiry and cvv.

You are also protected against fraud. So don't worry.

Programmer speaking.

skybluesaver

Ok, after all of your great replies, feeling more comfortable now.
I have no overdrafts on any of the accounts so by the sounds of it, shouldn't affect my credit report with having no access to more credit.

[Deleted User]

anoncol wrote: »

For a 32 bit number there are 4 billion numbers to choose from. They also need the expiry and cvv.

You are also protected against fraud. So don't worry.

Programmer speaking.

Although, the first 6 digits are uniform across a card type, and the last digit is done by (I believe) the Luhn algorithm, so technically only digits 7-15 (9 digits total) are needing to be guessed. So 1 in 10^8.

inittogether

On the subject, but slightly off topic. Scenario: you have 5 current accounts, all earning fairly good interest, and one day to day account for salary and paying bills. When those cash incentive switch offers come along, what's to stop you switching all five of the accounts to get £125 at 5 different banks? If the 125 is more than you would earn in a year as interest. Then, as long as they let you, you could reopen those high interest current accounts and fund them again, straight away. I've seen nothing that says a switch must be a main active type account. Or that you have to stay with the switched to bank for any length of time. It could even be a dormant account with pennies in it or one you've just opened elsewhere with nothing in it. Or have I missed something?