Holding Multiple Current Accounts

Jade707

I have posted over in the mortgage section about applying for a mortgage whilst holding 15-20 current accounts between my partner and myself. Currently our deposit is spread over these accounts, ISAs and monthly savers in order to earn the most interest and monthly reward payments off the banks. At the moment I'm managing to earn around £175 per month from interest and rewards, in addition to free travel insurance and free cinema tickets etc. My statements are a mess as the money is constantly moved to achieve the best rate and meet any minimum pay in criteria.

Obviously having my deposit spread so widely is going to be a nightmare when I come to apply for a mortgage, as I would need to produce 4 months of statements for all the accounts. The general consensus seems to be that the funds should be in one or two accounts at least several months before a mortgage application to avoid any AML hold ups and make certifying documents easier. Obviously I won't make any further account applications from now on, to avoid adding multiple searches to our credit files.

In the meantime, does anybody have advice as to whether I should close the 14 current accounts that I won't be using prior to applying, or whether I should just leave them with a zero balance so I can resume playing the game after my mortgage has completed?

I would be especially grateful to hear from any bank tarts that have been through the mortgage application process as my impression so far is that most of the tarts are all retired or long since paid off the mortgage.

atlantis187

How are u making £175 a month just from current account care to divulge . I have the Halifax rewards and a few other but make no where near that

YorkshireBoy

atlantis187 wrote: »

How are u making £175 a month just from current account care to divulge .

There are two of them.

I have the Halifax rewards and a few other but make no where near that

Get yourself a "partner".

darkidoe

Jade707 wrote: »

The general consensus seems to be that the funds should be in one or two accounts at least several months before a mortgage application to avoid any AML hold ups and make certifying documents easier.

Is that true? If you can provide solid statements for all of them, I don't see how that can be a problem?? Just have to ask you banks to provide statements no?

I reckon you wouldn't have as much cash after your purchase, so just close what accounts you don't need to simply things.

I would do it after the mortgage application just to be on the safe side. Your current accounts are recorded on the credit file as well and keep providing a history trail as long as it is open and the longer they are open, they provide a longer history which seems to be a good thing.