Backup Bank Account(s)

[Deleted User]

Vortigern said:

I've never needed to use an alternative account because of any planned or unplanned outage at my main bank.

My answer might be different if TSB were my main account, or if I was into gambling or crypto.

Not using TSB, gambling or crypto won't protect you.

Your bank can be unilaterally end your relationship with 60 days notice. All major providers have had some kind of systems issue in recent years.

It's simply prudent to not keep all your (banking) eggs in one basket. 

Vortigern

Deleted User said:

Vortigern said:

I've never needed to use an alternative account because of any planned or unplanned outage at my main bank.

My answer might be different if TSB were my main account, or if I was into gambling or crypto.

Not using TSB, gambling or crypto won't protect you.

Your bank can be unilaterally end your relationship with 60 days notice. All major providers have had some kind of systems issue in recent years.

It's simply prudent to not keep all your (banking) eggs in one basket. 

My eggs are stored in several baskets.

glennevis

ZeroSum said:

I don't have a 'back up' account. I have several accounts for different purposes, and in each way they a kind of 'main' account 

This is a better strategy than having a backup account which is unused.
 
When you really need that backup account you might be asked to jump through all sorts of security hoops to revalidate yourself if, for example, the app has been dormant for months.

Daliah

glennevis said:

ZeroSum said:

I don't have a 'back up' account. I have several accounts for different purposes, and in each way they a kind of 'main' account 

This is a better strategy than having a backup account which is unused.
 
When you really need that backup account you might be asked to jump through all sorts of security hoops to revalidate yourself if, for example, the app has been dormant for months.

That, if needed, would be way easier and faster than applying for a brand new account.

I have been holding all sorts of accounts in dormant state, over many years. Never had to revalidate anything. I only got notified by HSBC, by FD and by TSB that they would close the accounts if they weren‘t used in the next few months. A one-off £1 in and out fixed this “issue” for at least another year.

There‘s also no real reason for why  any secondary account needs to be unused for a long time; so if you were concerned about consequences of not using the account, you could easily do something about it.

[Deleted User]

Vortigern said:

Deleted User said:

Vortigern said:

I've never needed to use an alternative account because of any planned or unplanned outage at my main bank.

My answer might be different if TSB were my main account, or if I was into gambling or crypto.

Not using TSB, gambling or crypto won't protect you.

Your bank can be unilaterally end your relationship with 60 days notice. All major providers have had some kind of systems issue in recent years.

It's simply prudent to not keep all your (banking) eggs in one basket. 

My eggs are stored in several baskets.

Speckled ones are my personal favourite.

nologo

I have used my backup account when my Santander account was frozen because a transaction was taken twice in error ( it was a motorcycle purchase so quite a lot of money,) it took two weeks to resolve.

nologo

Also handy to have a reserve account of your card is lost or damaged, as it may take several days to get a new card.

md258

My FIL got a single train  ticket 100+ miles to buy a car- when he got there he found that Santander had problems so he couldn't buy the car and would have had to make a second trip.

I had the money that I could have lent him, but as he didn't have a backup account, that wasn't an option.

In the end he bought the car on finance as that was cheaper (when paid off early) than 2 more train tickets and the hassle of a second trip.

MovingForwards

Twice my secondary bank accounts have been useful as something other than their original purpose; it's where my annual bills and car fund is held.

First time was when the visa outage happened, I was out with a mate at the time.

Second time was when I got up to a message from my bank asking if I was making purchases abroad.
I had to move nearly all my money to my secondary account as I was moving home that morning, had to put a stop on my old card, when the change of address acknowledgment letter arrived I ordered a new card. Oddly enough the exact same thing happened with my OH that morning, only his fraudster was a few miles away from where mine was shopping. There was only one place we had both visited and used our cards and it's never happened since.

I've had more than one current account for years and see no reason to change it.

brianposter

It is not something that I would particularly remember as it would not come as a great surprise that I could not use a bank card. My backup account has certainly been used because I could not get through 2FA (because banks generally do not permit sufficient telephone numbers) and because my card has been replaced while I was away from home.