how many bank accounts can you have...

DeafLeopard

I already have a current account for regular spending & wages as well as a savings account. Both are direct debit.

Now, me and my whole family would like to go to Florida on the next 2-3 years and so we need to start saving. Would I be able to open a bank account for my holiday saving fund & if so, who is best to go with? I'd like it to be debit if I can.

Thank you in advance

sinizterguy

You can have another savings or current account with your current bank - probably easiest from an admin point of view.

Or you can have it with anyone else if you think any of the benefits are worth it and you meet any minimum requirements.

I have 3 current accounts and 2 savings accounts, used regularly. To keep different expenses and incoming cash separate.

b33r

Yes you would

Best Bank Accounts

PurpleZoombini

I have a regular current account, ISA account and 2 other regular savings accounts all with the same bank. The interest rates are pretty low across the board so I didn't think it was worth the hassle to have different accounts with different banks.

Archi_Bald

A lot of people here have lots of accounts to maximise their savings. The only limits to the number of accounts you can hold are how many you want, and how many you get accepted for.

https://forums.moneysavingexpert.com/discussion/5005862

Anthorn

I have two current accounts, one compte courant and one savings account and one ISA.


The only experience I have with foreign banking is in France: Personally, I find it strange that some people open a UK Euro account for France when a French current account is so easy to get as a non-resident provided one can visit a bank branch and can speak and understand basic French. Otherwise French banks are much the same as English banks with free banking and packaged accounts.


The same could be true of U.S. banks, I don't know. Ask before you go. MBNA has the obvious link with Bank Of America so one of their cards could give you a head start. As a resident though even temporary I don't see problems opening an account.


For travel money in USA personally I would go more for a prepaid dollar card bought when the exchange rate is favourable.

Archi_Bald

Opening a foreign bank account would be overkill for a one-off holiday but timely planning for the best way to get travel money is an excellent idea. http://www.moneysavingexpert.com/travel/cheap-travel-money

You don't have to save up in the place that offers the best card(s) - it's easy enough to transfer cash with faster payment as and when you need it.

Anthorn

Archi_Bald wrote: »

Opening a foreign bank account would be overkill for a one-off holiday but timely planning for the best way to get travel money is an excellent idea. http://www.moneysavingexpert.com/travel/cheap-travel-money

You don't have to save up in the place that offers the best card(s) - it's easy enough to transfer cash with faster payment as and when you need it.

It all depends how often one goes to the same place and what is done with the money. A bank account within a country being visited regularly would be a good thing to have. Personally, I have a static caravan in France and have associated bills to pay and found the usual bank transfers, debit card, credit card and pre-paid card cumbersome not to mention expensive. But haven't looked back since I got the French account. Problem is now my N&P account is redundant.

Archi_Bald

Anthorn wrote: »

It all depends how often one goes to the same place and what is done with the money.

There is a clue in the word "one-off" I used in my post.

zerog

I'm not sure when overseas banking came into this topic at all. I read the OP as asking if he could open another UK bank account to save money for an overseas holiday he wishes to take in a few years. The answer is yes.

For a UK citizen or resident who has no links to the USA other than wanting to visit every few years, I would suggest avoiding any sort of financial associations with the USA operations of any banks.

Zanderman

DeafLeopard wrote: »

I already have a current account for regular spending & wages as well as a savings account. Both are direct debit.

Now, me and my whole family would like to go to Florida on the next 2-3 years and so we need to start saving. Would I be able to open a bank account for my holiday saving fund & if so, who is best to go with? I'd like it to be debit if I can.

Yes, you can open loads of bank accounts. There are no limits on current accounts (I have over 10, some just for their interest rates, which are better than most savings accounts).

Most current accounts have debit cards - which is what I assume you mean.

As for which is the best? Well that depends! Some have good interest rates (TSB, Nationwide, Lloyds Club, Tesco etc etc) but most of those have conditions (e.g. minimum pay-in each month - though you can of course take that out again).

The simplest way, as others have suggested, is to open another account with your existing bank.

As for foreign accounts, as Zerog says above, you expressed no interest in those, so I don't know why Anthorn started giving advice on them. But I'd avoid them totally - there is no point in over-complicating this.

It may be worth looking at uk current accounts that have good deals on cash withdrawals abroad though, as this is a holiday fund account.