Is having three current accounts too many?

Jlawson118

I'm just curious out there as to how many current accounts people have and what you use each individual one for..

I was a victim to fraud April 2015 on my First Direct account, and they didn't want to pay me out, so it was a battle but I did get my money back eventually. But I was a while without any money and I had the idea to open a second account just in case this was to happen again in the future. I liked the idea of the cashback offers from Lloyds Bank and I've saved quite a lot of money with those offers.
I never want to leave either banks as I feel First Direct have the best savings accounts for my needs, and I like the special offers with Lloyds, as well as I have a credit card with Lloyds now that gives me special rewards.

Before opening the account though, I was curious as to how many current accounts a person was allowed to have, and I came across forums like this one and people were saying they had numerous accounts for different reasons. But this is where it gets complicated..

I had trouble opening up the Lloyds account, and I was in a rush to get a second account, therefore I opened one with Nationwide. But when Lloyds sorted themselves out, it left me with three accounts, leaving me with one that I didn't use. I did close it down a few months ago, but I took the opportunity to open a student account with HSBC just last month, but they messed me around so much, I've decided to drop out already.

(Word of advice, I've had nothing but trouble with HSBC for numerous different reasons over the years)

Anyway, I keep hearing non-stop good reviews about Halifax lately and I recently checked out their offers, and I have been drawn in by their rewards account that awards me with five pounds a month if I pay in so much a month and have direct debits. As well as one hundred pounds for switching. (I'm sorry for the full words for money, I just can't use the pound sign for some reason)

Anyway, opinions? Your own ways of doing this kind of thing?

Dobbibill

3 accounts is not excessive.

You have to do what is right for you.

How many do you want/need?

I have several which are used for bills/spending/treats/EF/savings/shopping/xmas/car ins-tax/birthdays......you get the idea

It depends whether you want several. There is interest to be made on many current accounts that matches or beats savings accounts.

If you have a look around the forum you will see some people have far more accounts than me, it's personal preference.

fromtheshires

I have 5 current accounts:
Two x TSB classic plus earning 5% on £2,000 (new customers can only have one)
One Nationwide flex direct earning 5% on £2,500 (first year only)
One Santander 123 account earning 3% on £20,000
One non interest earning debit account for spends.

Could I have more accounts, yes and on this site I have very few compared to others
Could I earn more interest than I do, yes but this works for me (plus I have savings accounts as well but that's not what we are talking about here so I've discounted them) so that's what you need to look at as some people just want one account in which case a certain bank may be required to get the best interest. There is no right or wrong answer on this, it's what suits you

mistakehappens

well, it depends what are your needs or you just want to open them for switching incentives.

I have got accounts in HSBC, Barclays, Lloyds, Halifax, TSB, Yorkshire Bank, Natwest, First Direct.

aparky85

Absolutely not, I have 7 Current Accounts, 3 Regular Savings Accounts and a Help To Buy ISA.

It's safe to say I'll be looking to open a couple of new Current Accounts on top of those to act as donors to pick up a few quid in switching incentives, and access some more high interest Regular Savers.

bigadaj

The thread is in danger of turning into a crocodile Dundee sketch,

'You call that a lot of current accounts, this is a lot of current accounts'

I've currently got eleven current accounts and seven regular savers, and I'm behind some people. Also have no accounts with HSBC either directly or as their white label versions.

For me it's potentially nearly £2k additional interest per year, it's a little time and hassle setting them up, but only a few hours really, and once automated by standing order and direct debit takes very little time. I tend to check them twice a week and it only takes ten minutes, and the only one I really keep a close eye on is Halifax as this keeps a low balance.

It's up to individuals to do what suits and what providers allow, can be a bit of a hassle with passwords but I'd definitely want at least two current accounts as almost all providers have problems at some stage and having no access to a single current account would be a problem.

finbird

I don't have enough money or time to make it worth having more than one account. Who has time to manage all these accounts?

Having said that, I do use the HSBC Advance acct as my 2nd account. I originally opened it to get access to their preferential interest rates for savings and mortgages and decided to keep it as a back-up. My salary gets paid in this account and I transfer it to my main account, that's pretty much the only monthly transaction.

alexadams88

definitely not, i have seen people's with up to 10 current accounts. I myself hold 3 accounts in different banks, so that should not be a issue at all.

Newly_retired

Ten current accounts, many with regular savers attached, or other perks. All set up with SOs, so takes very little time to keep everything ticking over and gives me goods interest. I only use two for " proper" current accounts, one for household bills, and one for personal use.

zagubov

I'd be amazed if anyone regularly using this site has only one current account, as the potential for problems is enormous if the account gets frozen for any reason.

There are plenty of people who use multiple accounts to make money via various perks but it takes a bit of organising and you have to decide if the complexity's worth it.

LXdaddy

d70cw6 wrote: »

Having more than two current accounts is actually illegal.
Fact.

I'm going to treat that as a joke because it is so laughable.


To the OP - no 3 current accounts is not too many. As others have said you will find that many frequenters of this board have MANY current accounts - fundamentally because of interest being offered and a maximum balance that pays that rate.


There is also a school of thought that having two current accounts is a good safety mechanism so that if you can't get to one of them the other is still accessible. Problems with bank's IT systems left some people unable to access their funds for a few days for example.