Multiple Accounts - when to consolidate?

jimjames

I think it's more likely the rates will drop before you need to worry about not being able to manage them

Nationwide8

Have numerous current accounts,regular savers ( not 40 though !! ) and went for every switch bonus going.I retired early at 55 so all the interest supplements a small private pension.
If I'm lucky have another 12 yrs to go :cool: and the State Pension will kick in ( not guaranteed of course )
Doubt at that time I will be juggling so many accounts,standing orders,DD s etc and I suppose as you age the simpler the better for obvious reasons.

That said if interest rates fell any more on various accounts ( eg,BOS lower than 2% ) I'd close them and lump more into one account.So simpler by default so to speak.

Nationwide8

Shakin_Steve wrote: »

I opened two Tesco accounts, paying about £7.50 each month in interest. I was somewhat deflated when I popped into a coffee shop with my wife and realised we had just blown a whole months interest on two coffees.

When you are scratching about for a few quid interest here and there,things like that REALLY concentrate the mind.£2.90 ish for a Latte or whatever at a train station now = interest monthly from a TSB Classic Plus !!! ( Well,maybe 50p left over :cool: )

jennifernil

We are 10 years into retirement, though not yet in dotage. We have quite a few accounts, though have just emptied some by buying a new car.

I look after most of the finances, though OH does know the monthly routine. It keeps my mind active, most movements of cash are done manually.

I expect there will come a time when I call a halt, but meantime I enjoy the challenge.

Sea_Shell

I know what you mean about the coffees!!

We have always both been 'savers', and now it's paying off. But will be hard to become spenders in the future..it's just not us!

You should see my excel spreadsheets...they are a work of art:rotfl:

i read somewhere once - "A pound saved today, is a pound you don't have to earn tomorrow" :beer:

teddysmum

Could you define dotage as early retirement suggest a maximum age of 64 ?


I'm still getting by at 68.


This constant moving of money was unheard of some years back, when interest rates were good and could well be a 'flash in the pan'. Hopefully (very) rates will rise and make our lives easier, but it won't be dotage that stops me moving the money; it will be such low interest that it just isn't worth the effort.

Sea_Shell

Ooh i'm not going to put an age on "dotage".....coz i'm bound to offend someone. :beer:

I have family who are computer literate, active and probably use internet banking in their 80's, and others who wouldn't have a clue in their 50's!!, so, as has been said, it's very personal.

I guess it would be just that time in life where you just want everything to be easier, without all this faff. When you really can't be bothered with it any more. Which it appears some of you are already nearing that point.

Also I would not want to inflict my banking "web" on my executor (should I be last to go), OH knows the drill at the mo, so he'd be OK with it all, but i'm hoping that is MANY years in the future!!! I want to start spending it all soon!

Keep_pedalling

We dumped cash saving about 9 years ago and since then have only kept an emergancy fund in cash, so have never gone down the route of multiple bank accounts. We do have 2 but the second is purely for back up.

We have both been retired for a few years now and in our early / mid sixties, and both of us have wills and LPAs in place. If anything happens to either of us we want to make life simple for our executors / attorneys during what is likely to be a stressful time for them. Our non cash savings are held in a single wrapper managed by an IFA, so there is just one point of contact there, we have the 2 bank accounts and I also have a small amount of money in P2P which was fun for a while, but I am planning to run down to zero this year.

Sea_Shell

It does make me smile when I read on the other boards about couples wanting to keep their own his/hers money separate, and only pay a portion each of the bills etc.

Once you go down the multiple accounts for savings route (some of which are joint).....that all seems a bit mute doesn't it.

We've always been an "all in the pot" couple, and it's worked for us. But then we have very similar spending/saving habits, but over the years, very different incomes to each other.

veryintrigued

Really enjoyed reading this thread.

Thank you