Best bank for multiple accounts?

ElleWoods

I want to open four accounts to save money into for four different things (e.g. Tax, Holidays etc) and have the ability to name the account so I know what each one is for. These don't have to be savings accounts, in fact I'd prefer them to be current accounts. I currently have a First Direct 1st Account as my main current account, and an HSBC current account that I rarely use since switching to FD several years ago. The HSBC account is about £150 OD, if that makes a difference (the FD account is in credit). Should I stick with one of these two banks for the additional accounts (assuming they offer that facility, I haven't called them yet to check), or is there a better bank that offers multiple accounts? Thank you.

Maximum_Saving

Hello. Like you I use First Direct as my main bank account. I like having its 6% interest rate Regular Saver. I have opened two current accounts at TSB. The TSB Classic Plus Account gives me 5% interest. I must fund it with £500 a month. I also have a Halifax Reward Account which gives me £5.00 a month. I have to fund it with £750 a month and keep two direct debits on it. I have a Norwich and Peterborough Light Account. I have to complete five transactions a month for it. I love to take its debit card on holiday overseas.

ElleWoods

Thanks Maximum, I won't be putting as much as that into each account every month (yet!) so I'll need accounts that allow me to deposit anything from a few pounds to a few hundred in each month. I'd also prefer to have the multiple accounts with the same bank if possible, to make things less complicated for me - is there a bank that allows this?

djpailo

It isn't wise to stick all your eggs into one basket. We've seen many people fall foul of banks closing their accounts and consequently people having no access to any money. I believe all banks will offer a basic current account with debit card facility. I doubt, though I have not checked, that there will be any terms which prevent you opening many "basic" accounts. The current accounts which offer incentives like interest or cashback will all definitely have a limit on the number of accounts you can own though. Its just a case of you picking a bank (any) and looking up the terms and conditions for their basic current account offering.

Katiehound

You don't need to deposit those sums into the accounts mentioned to remain there.
The TSB Classic is great because it would give you 5% interest on whatever remains- so your savings build with the bank's help!! (not to be sneezed at) The £500 just has to touch base

It really isn't that complicated. You just set up a SO for £500 to go to TSB and return a day or two later, or you do it manually. Then at the end of the month you could sweep in whatever you have saved.

Another idea is Tesco current- pays out 3% on up to £3K . No monthly funding or DDs. Again it would earn a little bit of interest

skyepark

Two tsb and two tesco

ElleWoods

Right, so it's unlikely I'll get to have four accounts with one bank then? I'll look at Tesco and TSB, thanks for suggesting those. I won't be putting anywhere close to £500 into any of them - the aim is to put an equal but small percentage of my income into each one, which at first will be literally a few pounds each week. I'll look into those banks tomorrow, thanks all!

john1002

Don't forget that would've four hard credit checks so you may find that you open all four, or one or none, multiple credit checks can harm applications.

No gurantee's.

Let us know how you get on.

John

takman

SoftKittyWarmKitty wrote: »

Right, so it's unlikely I'll get to have four accounts with one bank then? I'll look at Tesco and TSB, thanks for suggesting those. I won't be putting anywhere close to £500 into any of them - the aim is to put an equal but small percentage of my income into each one, which at first will be literally a few pounds each week. I'll look into those banks tomorrow, thanks all!

Your best option would be to open the account which pays the highest interest and put all the money into that one. Then use a spreadsheet to record how much money is for each category of saving.

datlex

With regards to TSB you don't have to pay in £500 in one go. You have to have made £500 minimum of deposits within the month. I have £200 which goes back and forth each week between TSB and Barclays to meet requirements on both accounts (I checked with both first!). If you think about it some folk get paid weekly so their pay over the month might be over the £1000 that some banks require but per week is under.
With quick payments between banks, internet/mobile banking, you really don't need to keep your eggs in one basket. In fact often banks only allow 1 credit account with their "good" interest rate and 1 savings account.

colsten

john1002 wrote: »

Don't forget that would've four hard credit checks so you may find that you open all four, or one or none, multiple credit checks can harm applications.

No gurantee's.

Credit checks for current accounts are like a gnat's !!!!! on your credit file, particularly if you don't ask for an overdraft. Unless you are planning to apply for large credit within the next 6 months, you can completely ignore the effect on your credit records.

I don't know what "No gurantee's" are - but assuming you mean your application might not get accepted: that's definitely true but it would be for reasons other than multiple applications. Myself and others have often applied for multiple current accounts in the same week, without any issues.