How Many Current Accounts Do You Have?

Willing2Learn

6-10

eskbanker said:

ToxicWomble said:

Current accounts 1 - no need or use for more

Have you read any of the recent threads from those who've had accounts blocked/frozen/closed and don't have any access to any of their money for an unknown period of time?  Or older ones from those who couldn't get hold of any of their money during technical outages?

@colsten - And this is the exact reason why I started a new thread.  So that people have an opportunity to learn...

blue.peter

3-4

Three, but soon to be two.

1. Royal Bank of Scotland. I have come to hate this bank, and am about to switch the last of it out and close the account.

2. TSB

3. Nationwide

I decided in January to open the Nationwide and TSB accounts, to split my use between them and drop RBS. The principal benefit of having two is to provide a bit of security in case one has an IT meltdown (as, of course, TSB did a couple of years ago). One of my pensions is already being paid into Nationwide, and most (but not all) of my DDs are divided between it and TSB. Once the RBS account is closed, my other pension and remaining DDs will be moved to TSB. Both of these current accounts pay a bit of interest (a very nice 5% on £2,500 for the first year from Nationwide). TSB has a linked monthly savings account, paying me 2%, as well.

I was going to keep the RBS account open until I got the £50 promised for staying with them for a year. That's due at  the end of June. However, they have now made enough effort to get rid of me that I'm going to admit defeat and save them that £50. (It's a long story that I don't intend to tell here.) TSB will be getting the switch instruction in a few days' time.

kuratowski

1

I only have one current account nowadays.  I am trying to avoid excess complexity with my everyday banking.

I appreciate the point about resilience, in case my main bank has technical issues [or if my account were to be frozen, albeit the probability of which has been vastly overstated].  However, this doesn't persuade me that I personally need a second bank account.  In my opinion the following is sufficient back-up:

• I do have another credit card with a separate bank, which has a high limit, almost all unutilised.
• My partner banks with a different banking group, so each of us can act as a back-up for the other.

Edit: Perhaps I should have answered the poll on a household basis?  I.e. we have two current accounts in the household.

kaMelo

11+

 I hadn't actually counted them until now and my initial conclusion was "too many" and feeling slightly embarrassed.
Context is everything though and understanding how and why I am where I am I don't feel too bad.

NatWest, First current account when starting work and was only account up until 2006. Had a Nat West account in various guises for nearly forty years.
RBS. Got this one in 2006 as part of an offset mortgage and has been main account ever since

RBS current account was a Royalties Gold account with travel/phone insurance etc. Everything ticking along nicely for years with two accounts until RBS decided to pull the Royalties brand and transfer to the Platinum or something like that.  It was discounted for twelve months but when at full price it wasn't competitive compared to Nationwide's FlexPlus so I opened a FlexPlus around 2015. This is what actually started the ball rolling with multiple accounts. When I previously opened an account in 2006 I had to go into branch, fill out forms, ID etc. It was a hassle. Now in 2015 with online applications and banking it was easy to apply and manage an account. Add in the switch bribes on offer and linked regular savers, the fact I had more disposable income to find a home for and it's no surprise things got busy, but each and every one is for a reason

RBS, Main account.
NatWest Rewards, (for the rewards)
TSB x2 (for the interest and monthly saver)
Nationwide x2 (FlexPlus for the insurance and FlexDirect for the interest)
Lloyds (switch bribe and regular saver's)
Barclays (switch bribe and double blue rewards)
Santander 123 Lite (for rewards, only opened this year after NatWest changed their rewards scheme)
HSBC (switch bribe and regular saver)
First Direct (switch bribe and regular saver)
Cumberland Building Society, (for the regular saver which I still think is the best on offer today)

So there you go, 12 in total some of which are joint accounts
Whilst slightly embarrassing I understand how and why I've ended up there. 

Eco_Miser

6-10

All except the first were opened either for the high interest rate, reward, or access to a regular saver.
I should start culling them now the rates have dropped massively.

datlex

6-10

1) Pay and money distribution
2) 3 x bills accounts for rewards
3) 1 x credit card mirroring account
4) 1 x entertainment account
Plus some savings accounts.
Best thing I ever did financially was open my first additional current account as it helped me to budget.

nicetomeetyou

2

I have 2 current accounts. One Nationwide Flex-plus for the benefits, I find the £13 a month fee very good value. I also have a Yorkshire bank (now Virgin account) I'm thinking about stopping that account as they don't have a branch in my town anymore (neither not Nationwide) so its a bit of pain if I need to withdraw money without my card.

ToxicWomble

1

eskbanker said:

ToxicWomble said:

Current accounts 1 - no need or use for more

Have you read any of the recent threads from those who've had accounts blocked/frozen/closed and don't have any access to any of their money for an unknown period of time?  Or older ones from those who couldn't get hold of any of their money during technical outages?

We have a credit card with a 10k+ limit so don’t have to worry about  technical outages - always have sufficient cash at hand as well.
Have a savings account and ISA account (but the question was current accounts)
As for having my account blocked/frozen/closed - I think that the chances of this happening are exceedingly small if you arent doing anything that could be classed as suspicious,

Willing2Learn

6-10

ToxicWomble said:

eskbanker said:

ToxicWomble said:

Current accounts 1 - no need or use for more

Have you read any of the recent threads from those who've had accounts blocked/frozen/closed and don't have any access to any of their money for an unknown period of time?  Or older ones from those who couldn't get hold of any of their money during technical outages?

We have a credit card with a 10k+ limit so don’t have to worry about  technical outages - always have sufficient cash at hand as well.
Have a savings account and ISA account (but the question was current accounts)
As for having my account blocked/frozen/closed - I think that the chances of this happening are exceedingly small if you arent doing anything that could be classed as suspicious,

I think there is good reason for there to be 90% of MSEers disagreeing with you.  There is no harm in having a second current account.  You can just leave it dormant, waiting for you should the need arise.  Better to have a proper backup for your current account and to play it safe...you never know what may happen...yes the chances that you need it are small...but best to have the facility there, just in case... 


I'm not judging you though.  Just expressing an opinion. 

[Deleted User]

3-4

I have, and voted, 3 current accounts, I have the same with savings accounts too; there was an old saying that goes 'never put your eggs in 1 basket' and the numerous threads that appear, here, in the Money subforum about single account problems make me glad i do.

I choose to have different accounts for different uses such as Tax (am self employed and this is a priority), Direct Debits, Standing Orders, savings, and then disposable.

I pay my earnings into 1 current account, those D D's and S O's get take from it and directed into the other places; I am very disciplined and I don't deviate from this pattern; it works well for me because I like order and organisation in my life.