Why have multiple current accounts?

Katiehound

As others have said- for rewards, cash back and interest ('though sadly most will reduce in the new year!)
Oh, and maybe a switching bonus and high interest regular saver

GetRealBabe

Hi

I have 3 bank accounts: my main account is Santander and have a Halifax Reward which I rotate £750 between the two.

I just opened a Co-op Cashminder account to buy stuff online. I keep a limited amount of money in that account as I previously had fraudulent transactions on my Santander account.

robotrobo

tempus_fugit wrote: »

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

Me to i second that , trouble is now is it worth all the effort, it has been in the past but im not to sure now about chaseing the buck for much longer , you made me count all my accounts !, or i should say our accounts , and we are hitting on 40 now, i was shocked , not all current accounts, some are isas, 10 accounts in santander alone,:eek:

enthusiasticsaver

At present I have 8 current accounts (closed down 2 recently). I will be closing 3 others in the new year when my regular savers mature and interest rates reduce. I keep 2 Tesco accounts for savings, 1 Santander 123 as main account for interest on emergency fund, all direct debits and my salary/pension for OH and my FD account for personal spends (and regular saver) and a nat West account for second property income/expenses. I have a Lloyds club, TSB and nationwide anglia flex account for regular savers and interest. . Savings now split between stocks and shares, current accounts and national savings income bonds. Gradually moving away from current accounts next year as they are less attractive.

fru-girl

I only have 2 bank accounts: the main one is Barclays for all bills and spending, and I get some loyalty reward for this. 2nd account is Halifax Ultimate Reward - this is my back up account in case I lose my Barclays card (but also for the perks - mobile, ww travel insurance, and home emergency cover - and overdraft, if I need it).

Anything more than that would drive me crazy

velocity_girl

I have two 'main' current accounts with two different banks, one for bills and one for everyday spending. I also have another three current accounts with savings in them because they have market-leading interest rates (TSB, Nationwide and Tesco) and a Halifax one which I cycle money in and out of for the £5 reward. And another two which I set up for incentives and which I'm not currently using. I'm keeping those rather than closing them just in case any good switching deals start being advertised again.

So, eight in total, and they all serve a purpose.

ravsd

I have 3 current accounts and a number of saving accounts

Current Account 1:
*My salary is paid into this account and all my direct debit and bills come out of this
*I have a number of standing orders which fund my other current accounts and saving accounts

Current Account 2:
*Lets say I pay myself £250 per month to spend on on anything I want without feeling guilty as I've already saved some money this month (see above).

Current Account 3:
*This is where the bulk of my money goes. My other half has access to this and essentially this is the family fund. Food, fuel, clothes for the little ones, going out all comes out of this account.
*We both fund it and we both know how much we have as a family to spend this month without feeling guilty as we've already saved via the standing orders on account 1

Former_MSE_Andrea

Hi all!

Our Best Bank accounts guide might be a reason some people have so many... kerching!

Andrea

Maximum_Saving

I went to The Money Course and they said have different accounts to help with budgeting. For example a main bank account, a fun account and a savings account. I like to take advantage of high interest with TSB and a monthly reward with Halifax. I have a Norwich and Peterborough Light Account. I have to do 5 transactions per month to keep it. It lets me travel with no fees on spending overseas. In the days I took my debit card away I had fees on spending before 2012 when I got that amazing bank account. It is well worth having an account that can handle big purchases like car insurance or sports centre membership. Then you can get it at a discount rather than have with a fee each month. For example £360 for a years membership on a sale day or £39 a month on direct debit on a non-special day. Buying the year saves £9.00 a month.

Jlawson118

ravsd wrote: »

I have 3 current accounts and a number of saving accounts

Current Account 1:
*My salary is paid into this account and all my direct debit and bills come out of this
*I have a number of standing orders which fund my other current accounts and saving accounts

Current Account 2:
*Lets say I pay myself £250 per month to spend on on anything I want without feeling guilty as I've already saved some money this month (see above).

Current Account 3:
*This is where the bulk of my money goes. My other half has access to this and essentially this is the family fund. Food, fuel, clothes for the little ones, going out all comes out of this account.
*We both fund it and we both know how much we have as a family to spend this month without feeling guilty as we've already saved via the standing orders on account 1

I've just started myself a short term, part-time job and I've been earning around £144 per week, I've been putting £44 into my weekly spend, though I've quickly learnt that this isn't enough, and I was aiming to save £100 for myself to treat myself after Christmas, though I've ended up spending this on other things like breakdown cover for my car and probably a repair bill on it tomorrow..
But I am still trying to save it.. :rotfl: I haven't been able to for a while