How many Bank Accounts is too many Bank Accounts?

darkidoe

Hi

I currently bank with HSBC, Lloyds, TSB, Santander, First Direct, and recently added Tesco to the bunch to access the range of benefits they each offer. Now I know there are people here who has more and even multiple accounts with the same bank, but it seems the list can possibly grow longer and longer if the benefits of banking of each different bank is maximised. I think it's also good to spread the risk over a few banks. However I was wondering other than having to spend some more effort in managing the list of accounts, is there any other drawback from having so many accounts??
I am afraid someday I would not be able to keep track of the requirements of this and this account, or when the interest rates change and when to chop and change.
How do you all keep track of all your accounts??

Archi_Bald

darkidoe wrote: »

How do you all keep track of all your accounts??

Use a personal finance software package, such as MS Money, YNAB, BankTree, AceMoney. Or just a spreadsheet, or even pen and paper.

GTR_King

You can't have to many bank accounts.

Most people have 2 or more accounts nowadays

ondine

Keep as many as you you can cope with :-)

For me anything more than the 2 current accounts (one bills & salary, one shopping & secondary income) would be too many, as I don't want to worry about transferring money back and forth between accounts, and constantly checking whether transfers went through.

SMGee

I have TSB and Nationwide for interest, Halifax for rewards and Yorkshire Bank for salary. I've always had 4 ish accounts, and switch as and when to get the best deals.

I keep track on a spreadsheet as they all have minimum pay in amounts to get the interest/benefits.

I actually only have one savings account at the moment as the interest is better on the current accounts!

As Ondine said, keep as many as you can cope with

missile

I use an XL spread sheet to keep track of my multiple accounts.

jameshenry12

If one person has different accounts in the same bank, it might be useful to him for better returns till his earned money is from right means as it will provide him multiple beneficial schemes. In such case it will be better for you if you properly enter your accounts in your diary or in excel sheet. Person having accounts in different banks also stands in the same position as mentioned above.

robotrobo

darkidoe wrote: »

Hi

I currently bank with HSBC, Lloyds, TSB, Santander, First Direct, and recently added Tesco to the bunch to access the range of benefits they each offer. Now I know there are people here who has more and even multiple accounts with the same bank, but it seems the list can possibly grow longer and longer if the benefits of banking of each different bank is maximised. I think it's also good to spread the risk over a few banks. However I was wondering other than having to spend some more effort in managing the list of accounts, is there any other drawback from having so many accounts??
I am afraid someday I would not be able to keep track of the

requirements of this and this account, or when the interest rates change and when to chop and change.
How do you all keep track of all your accounts??

me personally , i do a stocktake ! on the first of every month & it takes me a good hour to check that everything is in order. Its a chore to me , probably because i am not the sharpest knife in the drawer:D.
I itemise every investment in a large diary & as i have stated , do a audit every month, also it keeps me in line with all the passwords etc that i have to remember even though i have them written down.
The coming month i have to think of reducing the £85k limit - 75k, im not sure were its going to yet, im not to keen on opening another account any where , also we have two isas matureing that needs a better home than the rates that santander are offering.