Is it possible to have more than one current account.

Bertiebb

I would like to take advantage of saving rates with different banks, but the best ones require you to have a current account with them too.

Can you have more than one current account ?

Any advice would be really helpful.

Thanks

[Deleted User]

I have current accounts with four different banks, so hope that answers your question.

Re savings rates - if an account requires you to deposit a certain amount each month, just keep transferring the same money between the accounts in a merry-go-round system to take advantage.

ctdctd

Yes, I have seven. :beer:

Others may have more........

SailorSam

For it to be safe, is it only about £50k you're allowed in each account.
That's why i need to spread things around over about 20 accounts.

Archi_Bald

SailorSam wrote: »

For it to be safe, is it only about £50k you're allowed in each account.

say again?

SailorSam wrote: »

That's why i need to spread things around over about 20 accounts.

You got £1,000,000 in cash? That seems a bit careless

In answer to the OP: sure you can have more than one current account. Lots of people do, I have over 30 myself, alongside many regular savers.

SailorSam

Archi_Bald wrote: »

say again?


You got £1,000,000 in cash? That seems a bit careless

In answer to the OP: sure you can have more than one current account. Lots of people do, I have over 30 myself, alongside many regular savers.

Sshhh....... the taxman may be listening.

Archi_Bald

SailorSam wrote: »

For it to be safe, is it only about £50k you're allowed in each account.

You should clarify what you mean by that

planteria

i don't think he means anything by it..

Yes, you can have more than 1 Bertiebb. i have 14 at the moment.

Bertiebb

All your help is very much appreciated. I will start opening them now.

Thanks again

Pincher

Just paranoia, but if I was running a Fraud Action department that actually takes an interest in money laundering and tracking proceeds of crime, I would be totting up personal accounts, and prioritise people with lots of bank accounts.

This Personal Tax Account business is also worrying.
It is bound to use some kind automated metric, like total in and total out. If they tot up my five accounts, with the same £1,000 circulating, it's going to show up as £1,000 x 12 x 5 = £60,000 , before my real income.


The old joke is, I don't have to run faster than the bear, I just have to run faster than you. So, I'll let the computer come up with the list, and they can audit the people with more accounts than me first.

Archi_Bald

Pincher wrote: »

Just paranoia, but if I was running a Fraud Action department that actually takes an interest in money laundering and tracking proceeds of crime, I would be totting up personal accounts, and prioritise people with lots of bank accounts.

and then what?

Pincher wrote: »

This Personal Tax Account business is also worrying.
It is bound to use some kind automated metric, like total in and total out. If they tot up my five accounts, with the same £1,000 circulating, it's going to show up as £1,000 x 12 x 5 = £60,000 , before my real income.

even if it does do that, you can very easily explain to HMRC what you are doing, can't you? I know I can.

As you say, it is just paranoia.