Backup Bank Account(s)

Emily_Joy

I had to use my backup account when my main account was blocked and the bank wouldn't accept anything except me in person with my passport and a document confirming the address in branch and I was abroad for about a month.

phillw

Doesn't everyone on MSE have at least 6 current accounts?

RG2015

phillw said:

Doesn't everyone on MSE have at least 6 current accounts?

Probably, but the problem is by keeping money in a current account they are losing the opportunity of earning interest and keeping only small amounts in them negates the backup element of these accounts.

My backup method of choice is to have an extra credit card or two. These I have used when my primary ones have rejected a payment or needed to be replaced following fraud attempts.

My cash backup is the Virgin Money current account which at least earns 2% on £1,000.

northwalesd

phillw said:

Doesn't everyone on MSE have at least 6 current accounts?

No, I only have five current accounts.

MovingForwards

phillw said:

Doesn't everyone on MSE have at least 6 current accounts?

Only 3, 2 of which pay interest.

Emmia

phillw said:

Doesn't everyone on MSE have at least 6 current accounts?

I've only got 4 - one of which is a joint account. I use them for different purposes - none are dormant, awaiting a switch offer.

Marchitiello

To answer the question, yes I had to use “a back up” account as the account I would have normally used at the time was under review after fraudster had cloned my details and opened other accounts with the same Bank. That account was still functional but did not allow certain things for a while, including setting up new direct debits (I was not aware until the episode below). I was in a car dealership finalising the deal on a brand new car when the DD authorisation was rejected, but was able to use a “back up” account  immediately to do that. Now, I do not really have a main account, I just have accounts with many banks (Barclays, HSBC, First Direct, Lloyds, RBS, Santander, Nationwide, Chase, etc) which all serves a purpose, but for instance I would only set up large direct debits (mortgage, car payments, etc) on accounts where I have both a regular large deposit and fairly large overdraft facility (never had to use it) as a peace of mind