Is there a limit to the number of Current Accounts you should have?

colsten

saver861 wrote: »

huh? ... I'm not sure where you are getting the 10-20 hours a month.

Did you read the post immediately before yours? :cool:

redux

colsten wrote: »

Chor blimey, wish I could do it as fast as you do

... and when you add on the cost of all the stamps to the time writing all those letters it really is hardly worth it

saver861

colsten wrote: »

Did you read the post immediately before yours? :cool:

lol ... yeah ... I get it ..... gee I was bit slow there .... or a lot slow there!!!

Eco_Miser

lynnejk wrote: »

So long as you set up all the direct debits to fulfil the minimum on each account, and don't forget to check the dates

Seems to be some confusion there - you need standing orders to fulfill the minimum monthly pay-ins (or faster payments manually).
You need direct debits to pay out to meet a required condition for some (but not all) of these accounts.

joe_mcclaine

Tried it and it was a ginormous faff for a few pennies ... certainly less than my time's worth.

Plus, if owt happened to me, I'd hate the thought of my wife or executors having to deal with the mess.

Old school for me. One bank with one account, no credit cards, loans, overdrafts or mortgages, and my savings with NS&I.

Job jobbed.

chris_m

saver861 wrote: »

The only one I do manually is Halifax. As there is no interest paid on the balance, to get the £5 per month, the £750 minimum has to be paid in. I pay it in and take it out again in the same five minutes.

Can't you do that one by SO as well?

mel48rose

joe_mcclaine wrote: »

Tried it and it was a ginormous faff for a few pennies ... certainly less than my time's worth.

Plus, if owt happened to me, I'd hate the thought of my wife or executors having to deal with the mess.

Old school for me. One bank with one account, no credit cards, loans, overdrafts or mortgages, and my savings with NS&I.

Job jobbed.

Few pennies :rotfl: :rotfl: :rotfl:

jimjames

mel48rose wrote: »

Few pennies :rotfl: :rotfl: :rotfl:

I think they're on the wrong site! I found it amusing that the interest I was getting on £4k was more than someone got on £150k in a standard savings account.

TheTracker

joe_mcclaine wrote: »

Tried it and it was a ginormous faff for a few pennies ... certainly less than my time's worth.

Plus, if owt happened to me, I'd hate the thought of my wife or executors having to deal with the mess.

Old school for me. One bank with one account, no credit cards, loans, overdrafts or mortgages, and my savings with NS&I.

Job jobbed.

I keep an A4 page in my 'in the event of death' envelope in my safe that shows bank name, sort code, account number for each of my accounts. I have a note under the details along the lines of "there is a network of standing orders and direct debits between these accounts to collect interest etc etc" I don't stress about it at all. It's not a mess in the slightest.

I suppose one could set up (literally) dead man triggers such as "repeat x times" SO/DDs rather than endless. Or a SO per account that funnels the balance into the master current account, changing the date of the SO every few months.

Dan83

I don't understand why it takes you guys so long to check your accounts/move money, it takes seconds.

To be honest, if it was taking me 10-20hrs per month I don't think I'd bother either.