How many current accounts do you have?

ozaz

SlovakianGuy wrote: »

LoL, you people really have 13 or 15 or even 20 current accounts? Is that true? I can't believe it :-)

I would like to have between 4 and 6. I think that's the maximum that I would be able to manage effectively. Actually, I would be happy with 3, but I need more so I can switch them elsewhere if I find some new good switching incentive.

How do you manage all those accounts? How does it affect your credit rating?

I don't have 20 current accounts but I have accounts from around 20 providers if I include savings accounts and investment products. Once a month I log the balance of each account in a spreadsheet. Probably takes me about 30 minutes.

I also use an account aggregator to keep an eye on the transactions in my bank accounts. I use Emma, but there are several aggregators out there.

Regarding credit rating. Opening a current account with an overdraft facility will certainly result in a hard credit search. However, opening a current account without an overdraft facility doesn't necessarily lead to a hard search. I know at least one of the banks I use - Monzo - doesn't do a hard search: https://www.moneysavingexpert.com/news/banking/2018/01/monzo-to-ditch-its-prepaid-card-from-april

SlovakianGuy

Thanks!

I think I would only use one account for day-to-day banking. I log in to my main TSB account at least once a week but usually twice or even more often. I always know exactly how much money I have, how much I spent, etc. Just few weeks ago I opened my second account in Nationwide, which I will use as my main account instead of TSB. I will keep TSB for some time because of the interest, but I plan to switch it elsewhere. I don't want to stay with a bank that rejected to issue me a credit card after 4 years with them. There is one thing though... On my credit report I can see my TSB account and it's history of 4 years. I suppose that if I close it, then this history may be deleted. At least with credit cards it works this way. I often read "if you close your oldest credit card account, the overall length of your credit history will decrease". So I'm a little bit afraid of it, however, it shouldn't be a big problem for my credit rating. After all, I've never had any overdraft, so it actually doesn't have much to do with "credit" as such. Right or wrong?

OK, now let's say I would have 5 current accounts. Using just 1 for day-to-day banking. On the other 4 accounts I would set up standing orders just to send money between them to meet the criteria of the minimum monthly pay in. I wouldn't have to worry about the remaining balance on those 4 accounts since I wouldn't use them for spending. This way it should be relatively easy to have multiple current accounts but maybe there is something I haven't taken into account? Let me know your thoughts. Cheers!

sparks6

2 xTSB (int)
2 X tesco (int)
2x natwest (first ever bank acc and a joint
1 club lloyds (was int now reg savers)
3 xVantage (one currently being switched to barclays) (was int now savers and looking to switch)
1 M&S (for reg saver)
1 First Direct (for reg saver)
1 Nationwide ( for reg saver)
1 Coop ( for monthly ireward )
1 Santander 123 1 everday banking (Main bills acc was for int now back for int , one spare switch acc)

colsten

alandaniel132 wrote: »

Can we have a number of current accounts? Like 5 current account in different bank?

This is because when I go lloyds open a current account, they asked me you already have Barclays, Halifax, Nationwide, why need so many current account.

Is UK law does not allow open multiple current account?

There is no law that limits the number of current accounts you can have. This doesn't mean that all banks will always accept your application - they can turn you down without giving a reason. If you apply online, you won't get asked how many accounts you already have. At least I don't know of any online application that does, and I have accounts with all of them, sometimes even multiple ones with the same bank. Some banks do now limit the number of current accounts you can have with them but I haven't heard of any that decline your application because you have one or more current accounts elsewhere. For all they know, you might want to open an account with them to switch from another bank - - i.e. it is new business for them, and they are all keen for new business. Also, some require you to have a current account to get access to their savings accounts.

SlovakianGuy

If you apply online, you won't get asked how many accounts you already have.

But don't they find out during the credit check?

it is new business for them, and they are all keen for new business.

Probably in most cases, but mu friend, for example, spent about 2 hours in NatWest branch as they were too reluctant to accept her application for switching to them from HSBC. Maybe because she's been living in the UK for only one and half year?
I told her about the switching offer, she went there and applied, but later was a bit angry about it.

Btw, if you apply for basic account without overdraft, do most banks still perform hard check on your credit report?

enthusiasticsaver

For a few years I had numerous current accounts for the higher rate of interest. Before taking early retirement though we simplified our finances and started investing and moved a lot of the money into investments/sipps. Now I have 5 current accounts.

We have one joint current account with Santander 123 which is our main current account for the 1.5% interest and the cashback on direct debits. All our pensions go in and all bills come out of there along with everyday spending. We use the Santander 123 credit card for fuel and food. A linked internet saver holds our house and car maintenance fund.

I have a sole current account with first direct for my personal spending. Money is always in and out of there but no interest. The linked online saver is a slush account which again pays nominal interest but means I avoid the £10 monthly charge and don't have to comply with the funding requirements.


I have an old Nat West account which I used to use for bills for a second property but now that is sold I use it as my holiday fund. No interest paid .


I have 2 old current accounts with Tesco paying 3%. I don't use these as these are just for savings but opened before they asked for minimal funding and direct debits. I just move the interest out each month. Again there is a linked internet saver and this and the Tesco current accounts hold our general savings to cover our early retirement until all our pensions start paying out.

I don't get involved with switching bank accounts any more.

coffeehound

1 x Lloyds Classic a/c opened in 1985.

Life's complicated enough ...

fabsaver

17 currently

1 main account
4 earning 3-5% interest
3 earning monthly rewards
3 needed to access 5% regular saver accounts
2 for perks (travel insurance / cinema tickets)
4 dormant awaiting next switching bonus

Anthorn

Three current acounts: One French which is ... er ... in France and in Euros; one U.K. paying cash back on bills and one U.K. for everyday use and interest. Two U.K. savings accounts used for rainy day funds.

Fingerbobs

Fun thread this :-)

Currently I have:

Current Accounts: 10
Credit Cards: 7
Instant Access Savings Accounts: 11 (although admittedly most of them are pretty much dormant)
Fixed-Term Savings Accounts: 2
Regular Savings Accounts: 9
Share Dealing Accounts: 5
Stocks and Shares ISAs: 1
Cash ISAs: 1