How Many Accounts?

The_Fiddler_2

Dagobert wrote: »

77 (13 current, 27 regular savers, 37 savings accounts)

I don't feel so bad now

How much money do you have? - only kidding

But seriously how do you fund them all?

What 27 Regular Savers - I must be missing some somewhere

Garnet_Gem

2 current accounts
1 ISA
2 credit cards - nil balances
Premium bonds
Savings bond

I feel quite minimal now!

oldagetraveller

2 x current accounts (1 only for branch access convenience when required)
2 x credit cards (1 for 0% on purchases used to buy new lounge furniture)
2 x Mini cash ISAs (Kent Reliance & NS&I)
2 x fixed rate bonds (Coventry BS & Leeds BS)
6 x savings accounts (can't be bothered to list!)

Geoffo_M

Dagobert wrote: »

77 (13 current, 27 regular savers, 37 savings accounts)

Dago - is this for real? Surely not?

baby_boomer

I lost count a while ago . But I do recall 6 Portman BS accounts in my family.

Crabman wrote: »

I keep the others active in case they become competitive again

I tend to do the same.

It also means that you don't have to go through the tiresome ID process, for instance when Abbey introduces a new Regular Saver. But "active" must mean active. If you don't carry out a transaction for 3 years then the account can become dormant and you need to supply new ID to reactivate it.

And even ING has offered higher rates on new deposits and a better account for existing customers, so occasionally loyalty can be rewarding :eek:.

For instance, Lloyds TSB offered its brilliant 8% 2 Year Regular Saver. Principality BS has offered a 6.75% Members Bond. Derbyshire BS offers up to 8% on a Regular Saver for loyal members. And 10 year Britannia BS members get double reward points - which can be useful when they come up with a decent account once in a blue moon ( the 7.5% regular saver).

Admittedly on most "loyalty accounts" MSE members could do better in the open market, but there are a few notable, worthwhile exceptions every year. Unfortunately Nationwide has stopped doing these products now that the entire population who are not financially excluded hold Nationwide accounts.

Given the numbers given above - 77 and 100+ - it is not surprising that the government is keen to access "dormant" accounts. By a recent arbitrary stroke of a pen, the timescale for the state getting at your dormant money has come down from the agreed 15 years to just 10.