Is having three current accounts too many?

Kim_13

I have 5 (2 with the same bank) that I actually use; I wouldn't have any less than 3 in this day and age personally.

If one bank decides to close your accounts, with three or more you still have at least two in case of IT failures.

lstar337

For my entire banking life I had one current account, one savings account, and one ISA.

That is until now. Since the tax was cut from savings, I started to think about ditching my ISA and looking for alternatives. MSE said that current accounts were giving the best interest, so I signed up for two.

I ditched my ISA, and my savings account. I now have my HSBC current account which I have had for years, a TSB classic plus netting me 5% on £2000, and a Tesco current account giving me 3% on £3000.

I am new to all this, but it is so simple that I am kicking myself that I didn't do it sooner!

eskbanker

bigadaj wrote: »

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'

"eleven current accounts and seven regular savers" - pah!

pollypenny

I was a long-term loyalist, to blasted HSBC.

They whittled away the benefits of their Premier account, so I opened a Santander 123 from which all the bills are paid and where I keep £20k as savings.

Have two TSB and a Halifax account. Main account is with Nationwide. Costs £4 nett for loads of benefits.

Goldiegirl

Too many bank accounts is when you can't manage the monthly funding requirements and get totally confused


On this board I often read of people that have opened several accounts, and then seem to tie themselves in knots with coping with a monthly funding cycle.


On the other hand, if you have 12 current accounts and manage them perfectly with no confusion, then 12 is not too many.

katejo

No it isn't. What makes you think this (your source of reference)? I have just 2 but would have more if there weren't the need to transfer money from one to another to satisfy conditions for the 5% interest. If TSB still allowed two, I would go for that.

bigadaj

eskbanker wrote: »

"eleven current accounts and seven regular savers" - pah!

Just thought and it's actually twelve, but I'm aware some have closer to twenty.

Deneb

finbird wrote: »

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?

It takes me less than an hour once a month to manage our current accounts, and we have quite a few more than twenty between us.

Mrs Deneb used to ask me why I bothered until she realised how much we earn in interest. Lets just say that my return for one hour's work once a month far exceeds any hourly pay I have ever received through my employment.

Dan83

3 accounts isn't to many in my opinion, I have 13

Jlawson118

Wow, thanks a lot everyone for your answers! I never for one minute realised that people lived with so many current accounts! But I guess it is whatever works best for everyone! In the future when I have more bills and things to pay then perhaps I'll have even more accounts to earn those kinds of benefits