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One Bank Account?

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st999st999 Forumite
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I am 75 years old and am getting fed up trying to find the best place to put all my money.
I have a BoS Vantage account, a Halifax Reward account, a Santander 123 lite account and a Marcus savings account.
Plus a Nationwide account for travel insurance costing me £65 a year for going cruising which I will probably never go on a cruise again.
And a NatWest account waiting to find a switching account to and a RBS account also.
Seven bank accounts in total to keep track of.
All joint accounts.
Plus one premium bond which has never won anything in the 51 years I have had it.
My total current account and savings accounts contain about £24,000 and I have worked out that I will be getting about £240 interest and cashback per year.
For this I have to transfer money 4 times a month between all the accounts and have 5 credit cards that I have to make small purchases every month so as to have enough DDs for all the accounts.
All this for approx £175 a year .
Which at my age is starting to get difficult to keep track of even with an excel spreadsheet and Quicken.
I was thinking I should just have one account, my Bos Vantage account (as that is where at present all my income is paid into and it is easier to transfer DDs than pensions) with all my DDs (at present 11 DDs 5 of them credit card DDs) and pension income (my 4 pensions and my wife's 2 pensions)
Is it worth all the hassle?
I could just have 1 account where all my pensions, and my wife's, were paid into and all my DDs, gas and electric, council tax, broadband and phone and one credit card (wife's Tesco credit card) instead of 5 and I would never have to check my bank account again, (well maybe once or twice a year) as my income will never be exceeded by my expenditure.
Would you do it?
I would of course keep all the other accounts open, the RBS account is the only one where I can park my car for free to pay cash into and the credit card accounts because why close them.


75 years old and still here.
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Replies

  • SocajamSocajam Forumite
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    I think as you get older, you are going to have a lot more worries remembering and think of your poor wife if something were to happen to you.
    I would keep the account where your pensions, DDS and bills are paid into and out of - that will be your main account.
    Then one other account for savings - the little are receiving and close all the rest.
    Keep 2/3 credit cards - and get rid of the rest.
    I used the same credit card to pay my council tax - every quarter and this gives me 7 weeks free use of their money before I have to pay the bill.
    Not being insulting, but at your age do you really want to be involved with all this switching between banks.  I find that really tiring.
    By the way do you have online banking with all these accounts?
  • Robin9Robin9 Forumite
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    My wife keeps asking me to keep my records up to date - like you I have a few accounts and move my cash around generally the last week of the month (my works pension is paid on the 26th). I keep a Nationwide as it's the only one with a cheque book but I think it's time for the TSB to go - I only kept that as a means of paying in but TSB pulled out last month
    Never pay on an estimated bill
  • ZeroSumZeroSum Forumite
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    It's entirely upto you if you think its worth it or not. Personally I'd keep at least 2 current accounts & a savings account with a different bank. Also 1 credit card that has some kind of perk like cashback. 

    The other thing, many on here (me included) actually enjoy all the money tracking & spreadsheets, which can help keep your mind active in older age. But if you think its a chore then simplify it a bit. 



  • st999st999 Forumite
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    Not being insulting, but at your age do you really want to be involved with all this switching between banks.  I find that really tiring.
    Hence my post
    By the way do you have online banking with all these accounts?
    Of course, it would be a little tiring visiting 7 banks every month especially as where I live all the banks except 1 are in a pedestrian area and the nearest FREE parking is half a mile away.
    The one bank that has parking I use to pay in cash then immediately transfer it when I get home though the only cash I ever have now is what my grandson gives me to buy stuff for him from Amazon and Ebay
    75 years old and still here.
  • KatiehoundKatiehound Forumite
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    I've tried to quote but this page is playing games with me!

    "Of course, it would be a little tiring visiting 7 banks every month "


    I just want to point out that there is also telephone banking which can be very convenient , most are 24/7. It is especially useful if you are abroad. (I don't have an all singing phone, my pc stays at home.)

    Just one account? Not really- if the bank you choose has something similar to the TSB debacle then you are stumped. Personally I quite like the banking 'game'- the money earned  with switching & fulfilling t&cs has been considerably more than money sitting around- but switch deals may not return.... who knows????

    You have to do what's best for you: minimum 2 accounts!
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks


  • RobM99RobM99 Forumite
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    My thoughts - is it really worth shifting money from here to there when rates are so low anyway? Whether you get 1.0% or 0.9% isn't going to make or break you. It's not as if it's either 12% or 15% (like in the 80's - remember that?)
    I'd suggest after you've decided on your main account;
    1. Nationwide - downgrade it - a possibility? You're paying for insurance you say you won't use. CHING!  £65 a year saving. (You'll thank me!  :) ) Maybe that could be your main account.
    2. Keep  a few hundred (maybe a bit more) in a second account as back-up - just in case your main account has an IT glitch.
    3. Keep the premium bond(s) - it's like a life-long lottery ticket. I'd keep it - you never know, for the £2 it cost (or whatever) it's worth a go.

    Time to simplify life - here's a quick and easy way to do it.
  • colstencolsten Forumite
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    Here is just one example for why it is high risk to have just one account: https://forums.moneysavingexpert.com/discussion/6175279/hsbc-have-put-my-86-years-old-mother-s-accounts-on-hold


    I appreciate, from own experience, you may get  a little tired of running several accounts as you grow older. When that feeling sets in, it's definitely time to think about an LPA (and a will), if you haven't got one yet.


  • Yorkshire_PudYorkshire_Pud Forumite
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    Not really just one account is it?
    One main account and keeping all the other six current accounts open regardless but not using them much or at all?
    Really up to you if you can’t be bothered with all the transacting to get a few quid, know the feeling!
    Keeping all the joint accounts open won’t lessen any admin for a spouse.
    I would close three or four current accounts and stop the money go round or at least reduce it to the ones that pay for your effort.
    All or nothing thinking doesn’t really work just make a few changes to make your life easier?
  • edited 1 August at 1:07PM
    st999st999 Forumite
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    edited 1 August at 1:07PM
    I would close three or four current accounts and stop the money go round or at least reduce it to the ones that pay for your effort.
    I wouldn't close the accounts, I just wouldn't use them.
    I would just use the Vantage account for all my DDs out and pensions in.
    Same with the credit cards I would just use the Tesco credit card.


    75 years old and still here.
  • colstencolsten Forumite
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    st999 said:
    I would close three or four current accounts and stop the money go round or at least reduce it to the ones that pay for your effort.
    I wouldn't close the accounts, I just wouldn't use them.
    I would just use the Vantage account for all my DDs out and pensions in.
    Same with the credit cards I would just use the Tesco credit card.


    Not ‘using’ some of the accounts will of course cost you money (e.g. Halifax Reward) or invalidate your travel insurance (Nationwide)
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