Is having three current accounts too many?

darkidoe

And once it's set up, it's there rolling around collecting interest with minimal effort. I have never seen another country which has such easy to use and well oiled financial system with so many different offes and decent incentives to let you to run your accounts online this way.

bigadaj

darkidoe wrote: »

And once it's set up, it's there rolling around collecting interest with minimal effort. I have never seen another country which has such easy to use and well oiled financial system with so many different offes and decent incentives to let you to run your accounts online this way.

I generally agree, though just a short time on these boards will show it's not necessarily a widely held view.

Try running an unauthorised overdraft in the Middle East and you'll quickly find yourself in jail.

anoncol

Jlawson118 wrote: »

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

We dont have them for the bills, we have them for the interest rate they offer. We use them as savings accounts, and some are required to get access to better savings interest rates.

neilsedaka

38 current accounts here. All regular transactions automated.

No_6

I could say 44 accounts but as this is a internet forum,
who knows ??
Just be happy with the amount you can manage.

6

aparky85

neilsedaka wrote: »

38 current accounts here. All regular transactions automated.

Bloody hell, 38? I take my hat off to you sir

neilsedaka

aparky85 wrote: »

Bloody hell, 38? I take my hat off to you sir

Most are full with savings. Some are almost empty earning a monthly reward. Three are empty waiting to be switched out.

Westie983

Think I'm on 19, with a few regular savers thrown in the mix.
The number you can happily manage is the right amount for you, some only have one or two for main banking and bills other have accounts for interest only.

I have a mixture of both, a few of my accounts are for bills as I get cash back and others are savings for interest purposes just like Martin suggests

I have currently.
Four Halifax
Two Bank of Scotland
Two TSB
Two Tescos
Two Nationwide
Lloyds
Natwest
Coop
Barclays
HSBC
First direct
Santander

Closed down M&S, Clydesdale, Yorkshire Bank, smile, and Santander for switching incentives.

What is the right number is upto you and how you manage your accounts and your credit file.

darkidoe

Keeps your mind on their toes as well. This can probably substitute sudoku, whist or crosswords as a alternative mental stimulant.

enthusiasticsaver

No 3 is not too many providing it works for you. I have 9 current accounts and 4 of these are so I can access the regular savers. 3 are active for income and expenditure and the others I treat as savings accounts as rates better than any instant access savings accounts out there. Income requirements/DDs etc are all set up to go through automatically so no time wasted doing in and out transfers. I just review them every 3 months and trawl interest into my main current. I may opt for less in future if I want to simplify things