How many bank accounts do you have?

glider3560

31 accounts, including current and savings.

Most have a specific purpose (e.g. current accounts for interest, current account for overseas withdrawals, regular savers and instant access savings). Many only have £1 in - it is sometimes easier to open an account as an existing customer, than as a new customer.

I wouldn't be able to manage this many accounts if I didn't use Microsoft Money. An excellent piece of software, but it requires you to relgiously record each and every transaction to the the penny. Also makes filling my tax return very easy, as I have set up a report that shows me all the transactions I need to include.

SailorSam

Ssshh. i can't answer.
I can't give any details like that in case the taxman or woman from the Dwp is listening.

tempus_fugit

15 accounts between my wife and myself, just opened two TSB savers at the weekend to go with our TSB current accounts. Am planning to open more in the new year.

Anthorn

Oh I miscounted mine. I actually have 106. Or is that 105? No, 106

enthusiasticsaver

Anthorn wrote: »

Oh I miscounted mine. I actually have 106. Or is that 105? No, 106

I would struggle to keep tabs on that many and cannot actually foresee a reason why anyone would need or want that many accounts. Presumably you need to keep tabs on interest rates or changes in terms and conditions all the time and keep changing them around which I would find time consuming and laborious?


I have a fixed amount I wish to keep in ready savings, a fixed amount to be kept in term deposits and the rest in stocks and shares. This does sometimes mean I am prepared to sacrifice some interest for the sake of keeping my finances as simple and straightforward as possible.


I also have a financially unsavvy and disorganised OH so I would not want to leave him with the hassle of closing 100+ accounts should I go under a bus tomorrow. :rotfl:


Obviously it works for you though.

enthusiasticsaver

So my grand total of total accounts including everything is as below:


1 main current account with wages and direct debits and personal spends.
4 other current accounts for interest and ready access cash (holidays, home improvements, emergency fund and 2 years worth of our current income in ready cash for when we retire)
1 current account for a 2nd property I own with my brother and sister which is used for paying bills etc
2 regular savings accounts for interest and storing ready accessible cash.
1 fixed term cash isa to mature on the year I retire to supplement my pension (in 3 years time)
1 stocks and shares isa account with Cavendish/Fidelity for supplementing pension when retired.


So 10 in total.


Each year when I rebalance I aim to put 50% total savings in stocks and shares, 25% in ready cash and 25% in term deposits to mature at various times. - ideally one a year until my state pension kicks in 6 years after retirement.

FOREVER21

Whilst I am a converted MSE and have a few current accounts and savings accounts I do really wonder if some of the posters on here with an apparent excessive number of accounts, actually suffer from OCD.

It would seem that when they see a new account they have to apply for one. Just a thought, I have put my tin hat on for the flak.

Archi_Bald

Just to add, I read "bank accounts" to mean current accounts, not any old account with a bank or a building society or NS&I or investment company or any electronic wallet. If I counted all of these, I'd easily have well in excess of 100.

In answer to FOREVER21's post: I am committed to, and have been very successful at, growing my net value quite nicely, which is essential for achieving my goal to live comfortably until the end of my days. You might call it OCD, I just call it prudent and successful financial management. Note I wouldn't suggest for one minute that dozens and dozens of accounts secure a comfortable income for life - it just works for me that way as I do a lot of financial trading.

But I only have 34 current accounts, as there isn't currently another one that offers me any benefits. As and if there will be another one, I'll be on to it like a hawk. Together with many other savvy MSE forumites, no doubt

YorkshireBoy

FOREVER21 wrote: »

It would seem that when they see a new account they have to apply for one.

It would be rude not to!

I blame Yorkshire Bank for me getting to the 30 odd I reported earlier. If they hadn't written such lax switching T&Cs I wouldn't have needed 18 of my accounts (11 switches but only had 4 donors). Still, the £1,650 I made was well worth it.

Archi_Bald

YorkshireBoy wrote: »

Still, the £1,650 I made was well worth it.

That money wants spending. I know of a great OCD clinic in Gran Canaria. See you there :cool: