how many bank account have you got

AndyPK

To start with you kinda have 2 options.


Option 1 - Have 3 (e.g BOS) accounts accounts with the same provider. The advantage is you have 1 password to remember, and are familiar with the opening procedure to be able to repeat a 2nd and 3rd time and not have so many ID requirements on the 2nd or 3rd openings.
The disadvantage on accounts that require a monthly payment in of ~£1K is that the T&Cs say it can't come in from their own brand, so it's good to have multiple banks.
I'm sure BOS T&C's say this, but it doesn't seam to be enforced according to ppl on here.



Option 2 - You start by having 1 account with the decent providers, and later open a 2nd account with the ones that will allow you to when you have money to put in them. (by then, may not permit a 2nd account!)

eskbanker

AndyPK wrote: »

I'm sure BOS T&C's say this

No they don't, there is no mention of funding needing to be external in https://www.bankofscotland.co.uk/assets/pdf/bankaccounts/pdf/classic-vantage-conditions.pdf:

Classic Account with Vantage

If you have Vantage added to your Classic Account it gives you the benefit of credit interest on your current account if you comply with the Vantage conditions.

You can have a maximum of three accounts with Vantage.

The Vantage conditions are that each month you must:

• pay into your account at least £1,000 during the calendar month;
• [...]

clivep

eskbanker wrote: »

No they don't, there is no mention of funding needing to be external in https://www.bankofscotland.co.uk/assets/pdf/bankaccounts/pdf/classic-vantage-conditions.pdf:

I can confirm this is correct as my BOS accounts are funded by one another. It is also the case for multiple Tesco current accounts.

zzzt

I currently have four bank accounts:

- Main current account that salary goes in and direct debits come out of.
- TSB current account which earns 3% interest and gives me cashback when using the debit card - I use account this for buying groceries and any debit card purchases.
- 2x Tesco current account with which earn interest and they don't do anything else, no other money ever enters or leaves them.

I used to have two others accounts as well. One was an account I had since I was about 8 years old. I kept it open for a long time because I thought it looked good to have a long history of an account that's never been overdrawn and a "history" with a bank, but I don't think that's true so closed it a couple of years ago.

The other was an account which I used to use for protection. Essentially my salary went into my main current account, and this other account was used to "pay myself". Each month I'd transfer some money into it, and I used that account for all card purchases at shops, cash machines and online. The idea was if anything bad ever happened to the card details, there was only ever a few hundred pounds at risk instead of all the money in my main current account.

I no longer do that. I basically use credit cards and the TSB account for the same purpose.

vacheron

I have five.

1. Halifax as my main personal account and salary paying in. I moved back to them for the £125 switching bonus (and because HSBC who I'd previously moved to for their switching bonus sucked).
   
   
2. Barclays mortgage current account which I cycle £800 to each month and have one DD's coming from to to get the £12 Blue Rewards bonus each month.
   
   
3. Barclays Premier account with £0 balance because my offset mortgage makes me eligible and I used it for the English Heratage Membership. Otherwise it's pretty useless.
   
   
4. Santander Joint account for the £20K savings limit and cashback, plus the majority of our household bills and DD's.
   
   
5. Santander 123 Personal purely for the £20K savings.

I also have 2 regular savers running on the Santander and Halifax accounts.

Personally that is more than enough for me. I've not got the time to be faffing about for an extra 0.5% on a £2000 limit.

Jlawson118

There isn't a limit, you can have as many as you want! A lot of people have many accounts for the different offers such as interest, cash back, cash back on bills etc.

I've currently got three;

1. First Direct - Where my income goes into, where I have an overdraft and where my credit cards are set up as Direct Debits too.

2. Halifax - Used to be my general spending/outgoings account but it's not really doing much now as I mainly spend on my credit card because of points. Although my phone bill & gym membership come out of there which keeps me eligible for the £3 monthly reward. Though I recently posted on here that I might be changing that soon

3. Metro Bank - I've only had this account for a few months as I wanted the free cash withdrawals on a recent European trip, after that I haven't really used it, which seemed a waste of time making the added journey to open the account. Although it's a new and modern bank, they do things kind of differently and I can see big things coming to it the more they expand.

datlex

I have 7 current accounts. Pay into one, one holds my money waiting for bills plus an amount awaiting to go into a monthly saver plus any other spare money allocated to savings, three pay my bills funded by the bills holding account each one of those pays a reward, one mirrors my credit card so it is paid in full and one is in effect a savings account. I then have 4 savings accounts. One monthly saver linked to pay account, one ready to move money out when bills holding account is over the interest threshold and move back in if it falls below threshold, one small account to which £1 is paid monthly by DD as part of requirements on pay account and finally one savings accounts to which I send the interest and reward payments each month which along with various reward points is my Christmas savings fund. This currently meets my needs. I review this regularly.

SevenOfNine

2 Lloyds Club (1 mine & 1 joint)

2 BoS (mine & hubby has another 2)

1 Santander 123 (mine)

3 TSB Classic Plus (2 mine, 1 joint & hubby also has another 1)

2 Tesco (mine & hubby has another 2)

1 Nationwide FlexDirect (mine & hubby has another 1)

1 Nationwide FlexPlus (joint)

..........& this is so TOTALLY you MSE users fault! It's a fraction of what a lot of you have but it encouraged me to be more adventurous, to take advantage of better interest rates & prised me out of my comfort zone of ONE bank a/c & ONE spare.

Pretty much they just 'feed' each other, paired up as opposed to a 'round robin' feed. Tick along pretty well unattended using SO's.

Thank you all & good luck OP.
:T:T:rotfl:

PS Spreadsheet & structure chart has been a necessary requirement!

planteria

10 personal. 2 business.

Deep_In_Debt

I have two.

Nationwide Flex Account as my main account and a Natwest Basic account as a "rainy day" account.