Opening a second bank account

Sarahbee67

Hi I was wondering if I could have some advice. I have had one bank account for awhile now and want to open a second bank account just to put some money away into it as probably better than having it all in one place, Im not able to do this towards my current savings account as I can only put a set amount each month as a help to buy ISA. Can I ask if that would work or would I have to be putting my paycheque for example into it every month? Ive researched and read different things so would like to know. 
Thank you  

Retiredwelshman

You can open as many bank accounts  as you want as long as you accept their terms and conditions and you pass whatever credit test they put in front of you.

NottinghamKnight

You can have as many current accounts as you want, or as many as banks will offer, many on these boards will be well into double figures. No special requirements unless the account needs them, Virgin current account is paying 2% on the first £1000 which is better than savings accounts currently. Can also be useful as banks do occasionally have problems with IT and a second account can be really valuable.

hob_nob_bob

I have two current accounts (plus a few savings accounts). I have my salary paid into one of the accounts, with all direct debits coming from that. When I get paid I transfer my allotted 'spends' into my second account, and I only use that one for my day to day spending - food shop, petrol, ad-hoc purchases. Works well for me.

As far as I'm aware, there's no limit to how many accounts you can have, so long as you fulfil the criteria for each bank for opening the account in the first place.

Sarahbee67

Ok great Thanks for all your replies, going to look into what is the best one. 

Sarahbee67

And it shouldn’t affect my credit score opening more accounts?

colsten

Your credit score is a relatively meaningless number, between yourself and your credit reference file. No londer will see it.

What lenders do see, amongst other info on your credit history, is any hard searches. Literally all current account providers carry out a hard search when you apply for a current account. Hard searches disappear from your credit history after 12 months, and one or two hard searches in the last 6-12 months have no negative impact on your credit worthiness.

Bottom line: applying for an additional current account makes nearly no difference to your credit history. If you (like me) apply for half a dozen or more in a very short space of time, and hold 30-odd current accounts simultaneously, you might find that some of your applications, particularly for credit cards, loans or a mortgage will be declined.