Multiple Current Accounts

AdamDF

Hi, basically, I'm 17, and I have current accounts with HSBC, Lloyds and Starling Bank. I also have a savings accounts with HSBC, and a Help to Buy ISA with Halifax. I've seen a savings account by Nationwide that offers 5% interest, but you need to have a current account with them to open it, but I don't want to switch away from HSBC. Will having 4 active current accounts at 17 affect me negatively in the future?

colsten

As long as you keep the accounts in good shape (i.e. not using overdrafts for any length of time), there is no problem with multiple accounts.

At 17, you won't be eligible for the Nationwide FlexDirect or the linked Regular Saver. Min age 18 for both. When you reach 18, have a look at their Refer a Friend offer, to get a £100 head start. Look up 'donor account' on this forum for info on switching a spare account.

FestiveJoy

You need to be 18 or over to apply for a FlexDirect account.

https://www.nationwide.co.uk/products/current-accounts/flexdirect/features-and-benefits

AdamDF

Brilliant, thanks.

My understanding was that I would still be eligible for the Regular Saver with a FlexOne (U18) account though.

colsten wrote: »

As long as you keep the accounts in good shape (i.e. not using overdrafts for any length of time), there is no problem with multiple accounts.

At 17, you won't be eligible for the Nationwide FlexDirect or the linked Regular Saver. Min age 18 for both. When you reach 18, have a look at their Refer a Friend offer, to get a £100 head start. Look up 'donor account' on this forum for info on switching a spare account.

YorkshireBoy

AdamDF wrote: »

My understanding was that I would still be eligible for the Regular Saver with a FlexOne (U18) account though.

Your understanding is correct.

ColdIron

AdamDF wrote: »

My understanding was that I would still be eligible for the Regular Saver with a FlexOne (U18) account though.

Seems fine to me

How do I open and manage my account? (Flex Regular Online Saver)

To open this account, you must be:

• a UK resident aged 16 or over
• a member with a main current account with us. This means you must either:
  1. hold a FlexOne, FlexStudent, FlexGraduate, FlexDirect or FlexPlus account, OR
  2. hold a FlexAccount and:
     • have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else)
       OR
     • completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months.

https://www.nationwide.co.uk/products/savings/flex-regular-online-saver/features-and-benefits

AdamDF

Brilliant, thanks for your help everybody!