How Many Current Accounts Do You Have?

hermante

11+

natwest - paid me £150 to open last year
natwest reward - new rewards system in feb 2020 - £5 per month (£2 fee)
tesco - only debit card which gives reward points - used to pay 3% interest
club lloyds - used to pay 3% interest - now keeping as most convenient branch to pay in cash, and cinema tickets can be sold for £20 per year (hopefully cinemas are back in service by october!)
halifax - used to pay £5 a month - potentially 1% cashback on £500 debit card spend from june - regular saver and kids saver
bank of scotland × 2 - used to pay 3% interest - regular saver, can switch one of them if switching offers ever restart
yorkshire bank - paid me £100 to open, pays 1.5% interest - reducing to 0.85% in july
first direct - paid me £100 to open, easiest bank to pay in old banknotes and old coins
tsb - used to pay 5% interest - now somewhat less
nationwide - keeping for travel insurance as can't get it back in the future
santander - used to pay the highest interest rates apart from Icesave. debit card has no foreign exchange fees so keeping just in case I ever need this (never used it)

Frogletina

11+

A lot of mine I just kept £5.in. They are not easy to close, some need you to visit the branch. Not likely to need my over 11 accounts in the future but as soon as I close one down I think of opening another for varying reasons. I had 3 Bos accounts but don't have enough direct debits to make them worthwhile though I could move the Halifax ones to one of them

colsten

Frogletina said:

They are not easy to close, some need you to visit the branch. 

Ever since we had CASS, closing current accounts is a doddle. You might even be able to bag a switching offer in the process (not currently, obviously)  

ToxicWomble

1

Willing2Learn said:

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. 

That would equate to me buying another computer to just sit on my desk on the chance that my existing one ceases to work for one reason or another or have another phone/SIM card just in case.
If the need occurred I am sure it wouldn’t take long to get another current account set up.
 Most  technical issues are fixed pretty quick I imagine (??) and I still maintain that accounts very rarely are closed/blocked for NO reason.
For budgeting, it is much easier having both wages go Into one account and all bills going out of the the same - no messing around transferring and remembering what needs to go where and when.
I am still yet to be convinced (but am willing to listen)

Willing2Learn

6-10

@ToxicWomble


We both obviously have different ideas on whether to have redundant systems available just in case.


I have spare current accounts, spare redundant array of hard drives, spare PCs, spare phones, backup computer monitors, spare door keys etc etc.  I even have a spare bike...
I have two of everything lol !!

(And I have four eyes)

crumpet_man

11+

Having a spare/backup current account is not the same as having a spare/backup computer or any other physical item which has a monetary value.
It's more like backing up files to the cloud so you have them if you lose access to the original.

You could have a Virgin Money account as your backup and keep some cash in it earning 2%.  No need for direct debits or monthly pay ins.

candiii

3-4

Halifax my longest standing account, TSB main, Santander for bills and Monzo was meant for budgeting but still haven't used it

older_wiser

11+

11 mostly for the interest rates/freebies  before they were cut and the switching bonuses i believe i've had them all now. I'll close afew down at some point but i'm in no hurry.

itinerant

3-4

1 - Barclays Premier with blue rewards. It has a fee-free overdraft of £500, offers a Gourmet Society membership, and a bottle of prosecco once in a while Oldest and main account, currently earning £36 in triple rewards until October, less the £4 account fee. This is because I also have a mortgage with Barclays. After October the blue rewards will be £12. No plans to close it.
2 - Nationwide FlexPlus. Keeping this for the travel and mobiles insurance package, and as a back up account. Also very useful for travelling abroad, as it charges no fee currency withdrawals and purchases. Monthly account fee is £13 though.
3 - TSB Classic Plus. Keeping this for the interest rate 1.5% on up to £1,500 (NB. it used to be 3% up until 2 days ago). Will probably close it if they drop the interest rate further. 

george9071

2

I have 3 accounts right now (Accidentally pressed 2)
Barclays - main (everything gets paid in)
Halifax - Use this for all DD's&SO's
Nationwide - I have started putting the odd tenner in there letting it build up.