Multiple Current Accounts - Why?

colsten

Zanderman wrote: »

Did you actually read the second sentence there Colsten?

Given that I quoted it, you could be forgiven to think I had indeed read it :cool:

blue.peter

JustAnotherSaver wrote: »

What's 4 years got to do with it?

Just a look at their posting history shows it's very possible that they registered 4 years ago with the intentions of being part of the forum, decided against it for whatever reason and then only made a return last September.

Boom, all of a sudden they've only been a member for 3 months, despite their sign up date.

Thanks for your support. It's much appreciated. I was simply going to ignore stehouk's unnecessary snark. However, I guess that I ought to say something now.

(Thank you also for your careful and polite use of gender-neutral pronouns. As it happens, and as my username suggests, I'm actually male and favour he/him/his. But I'm far from being offended by neutrality.)

Your hypothesis is spot on. That is exactly what happened. I've only been actively looking at the forum for a relatively short while, and only reading the few threads that looked as if they might be interesting. I'm not aware of any obligation for me to read every post on every MSE forum before asking a question (which is, of course, unrealistic), although stehouk seems to imply that there is one.

And, before anyone asks, yes, I did try a search before asking my question. However, I wasn't terribly impressed with the results. I guess that I couldn't find a suitable search term, because I either got no result at all or far too many irrelevant ones to sift through.

Many thanks to those who gave constructive replies. There's some useful food for thought there. I think that I will now apply for a spare current account. Whilst I'm not going to get into playing the system, I do see merit to the Nationwide FlexDirect.

stehouk

Whilst I'm not going to get into playing the system .....so you have been reading the threads,

blue.peter

stehouk wrote: »

Whilst I'm not going to get into playing the system .....so you have been reading the threads,

As I said earlier, "I've only been actively looking at the forum for a relatively short while, and only reading the few threads that looked as if they might be interesting" You cannoy infer any more from my reference to to playing the system. I simply quoted Zero Sum's words from the first response to my query above. I am well aware, from the main MSE site, of various offers etc available, and understand well enough what was meant from that knowledge.

stehouk

blue.peter wrote: »

As I said earlier, "I've only been actively looking at the forum for a relatively short while, and only reading the few threads that looked as if they might be interesting" You cannoy infer any more from my reference to to playing the system. I simply quoted Zero Sum's words from the first response to my query above. I am well aware, from the main MSE site, of various offers etc available, and understand well enough what was meant from that knowledge.

Stop digging, :eek: no apologies needed.
No doubt the self appointed forum police will be along shortly to protect you.:rotfl:

GTR_King

I have 4 current Accounts

Barclays (2 Accounts)
Halifax Reward
TSB Classic Plus
Barclaycard CashBack

Use most of them to fund the Rewards/Interest

JustAnotherSaver

stehouk wrote: »

Stop digging, :eek: no apologies needed.
No doubt the self appointed forum police will be along shortly to protect you.:rotfl:

One could argue that it's you who needs protecting ... from yourself.


And there's always two sides to a coin. For example ... self appointed forum police on one side and self appointed forum bullies on the other.



:cool:


Over to you for the final words on the matter (unless of course you're true to your word and you're not going to get in to playing the system, in which case this will be the final word). Personally i think you're someone of their word so we wont hear from you on this matter again

onwards&upwards

I can only tell you why I have loads of current accounts!

HSBC because I got £175 to switch and a 5% regular saver
NatWest because i’m Waiting on £150 from switching
Nationwide because they offered 5% interest for 12 months which works out at just over £10 a month plus a 5% regular saver
TSB because they offered 5% interest for 12 months (although this is now 3%)
Co-op because I get £4.50 for free every month
Halifax because I got £135 for switching plus £2 free every month
Barclays because I get £10 free every month
Starling because it’s free to use abroad

A lot of the 12 month offers are coming to an end in Jan or Feb so i’ll use those accounts to get switching rewards at other banks as and when they come up.

Bravepants

I have several current accounts for several reasons. I have my own for my salary payment and various saving standing orders and direct debits for my own bills. I pay into my partner's and my joint current account from this, and what is left is my "spending/pocket money".



A second current account I use for matched betting funds so I can maintain an eye on profit, keep it separate from my normal spending/costs so as not to confuse my "Number", because MB might not last into retirement.



One good use of a separate current account is for income smoothing, for example converting annual drawdown or quarterly dividend payments into a monthly payment. I haven't yet closed a Nationwide Flexdirect account as I intend to use it for that purpose one day.



I also have my old Natwest account, my first account which I opened over 30 years ago! It as one DD out of that one, but it also has a £4500 overdraught facility for any utmost emergency. But the emergency would have to be some sort of personal armageddon for me to need it! :-)

Eco_Miser

Bravepants wrote: »

One good use of a separate current account is for income smoothing, for example converting annual drawdown or quarterly dividend payments into a monthly payment. I haven't yet closed a Nationwide Flexdirect account as I intend to use it for that purpose one day.

I would have thought that a savings account would be better for that purpose (unless the current account pays better interest).