Why have multiple current accounts?

Jlawson118

I'm just curious towards the people who have more than one current account, and what you use each one for? I'll write the reason I'm asking below..

Early last year, I was hit badly by a fraud attack on my First Direct account. Back then it was my only account and had all my savings accounts absolutely drained of £1500. Once that was taken, FD were reluctant to pay me the money back and I was left absolutely penniless until a month or two later when I complained and they gave me it back.

Whilst being left penniless, I decided it would be a good idea to open a spare bank account, I chose Lloyds Bank for their cashback offers and their 'It's On Us" offer, so I used that account for all my outgoings. Once everything cleared up with First Direct, I continued to keep my income on that account and their savings accounts.

So since then, I continued to use Lloyds as my outgoings, though earlier this year was when I started using reward credit cards for my everyday purchases, so the only outgoings I had were mainly my credit card bills. I moved over to Barclays recently for their rewards and also their insurance packages, but after poor service, I just opened an account with Yorkshire Bank, planning to close down the Lloyds account.

But I was just thinking today that my First Direct account has most of my money in it in savings, it has an overdraft facility and a credit card. I'm thinking of moving all of my direct debits to there and just using that account for most of my money. I always have considered it my main bank account. But now I'm debating whether it is even worth keeping my recently opened Yorkshire Bank account?
I know a lot of people have multiple accounts and I'm wondering how various people use them all and what they use them for?

boliston

A current account is normally free so why not? I have 4 current accounts that were originally set up for offers years ago but i never bothered to cancel them. Why have all you eggs in one basket?

[Deleted User]

To hide a stash from your OH.

yoshiyella

Well I have the Natwest Rewards account and make over £120 a year. I only pay in a small amount each month.

Next I have a Halifax Rewards account, 2 DD and £750 paid in and get £36 a year (used to be £60).

I also have a RBS account with an interest free overdraft of £1500.

Dobbibill

not limited to current accounts but categories to divide money into for me are.....

- bills
- spending
- birthdays
- Christmas
- car insurance & tax
- car savings (I will need a new one within 2yrs)
- groceries
- hobby
- emergency fund
- House repairs

some are current accounts, earning rewards/interest, others are savings accounts.

Doesn't work for everyone but I like it

tempus_fugit

The main reason that I have multiple accounts is for the interest and cashback offers.

missile

tempus_fugit wrote: »

The main reason that I have multiple accounts is for the interest and cashback offers.

Me too. I have 10 current accounts.

societys_child

I'm just curious towards the people who have more than one current account

As others have said above, for the Rewards, Interest and Cashback.

Cisco001

current accounts has higher interest than saving account.

Mrs_Ryan

I have two accounts with Barclays, basic and full. The full account allows me access to Apple Pay which the basic doesn't, it also will help build my credit rating and may give me an overdraft in the future. I've had the basic account for fifteen years and am now Essentially only keeping it as I've got a good long history with the bank and my benefit payments go in which are a pain to swap.
I also have a Nationwide account and a Halifax account- Halifax has a Chip and Sign card which I use in places that don't take contactless or Apple Pay as I can't use Chip and PIN. Nationwide is a spare contactless in case of problems with Barclays.

ben999

I had two bank accounts for years. Direct Debits and Standing Orders in each. I decided it was too much trouble to keep an eye on both accounts, having to make sure there was enough cash in each to cover out-goings every month. So I did a switch from my Santander account to my Nationwide account and the Santander account was closed down.

I it was a relief to have all my DD's and income all in one place, not having to worry if there was enough to cover outgoings. However, I felt an immediate sense of loss. It was handy to have my Santander account, if only to draw money out with at the ATM. I did not feel comfortable, as someone has already said, having all my eggs in one basket.

So, a week after closing my Santander account I applied to open another one. Santander gave me a "Basic Account" straight away, which comes with a top-up card. I find the top-up card very useful as I can load it with a couple of hundred quid and use it in shops, online and for drawing cash at the ATM.

If I lose it or it gets stolen or cloned, the damage is not going to be serious as you can only spend what is loaded on the card.

Life has got easier for me since I re-organised my accounts. There is a very good reason for having two accounts, at least.