How Many Savings Accounts?

dranzer01

Do people have? I have spoken to a few people in my time and it seems they have on average three. I found this number to be quite incredible and then I wondered how much are you transferring into said three savings accounts each month.

Would you say three savings accounts is quite the norm?

ColdIron

19, it used to be more but I've stopped most regular savers. And I consider myself a bit of a slouch compared to some on this board

cattie

I probably have somewhere around 10, not counting cash ISA accounts. I don't add to my savings accounts on a regular basis, especially as some of them are fixed term so not able to add to them.When I do have spare money that isn't earmarked for my S&S isa, it goes into whatever account is giving me the best interest at the time & I'll open a new account if need be.

Stubod

..I suppose it depends on what you mean by "savings" account? eg, any account that pays interest, or just those that you have to pa "X" amount into each month to get a "good" rate of interest?....I used to have several,(Lloyds / Santander1 2 3, both single and joint), but since the rates dropped I just have the one main current account and probably about 4 others not counting Premium bonds...

canaldumidi

dranzer01 said:

Do people have? I have spoken to a few people in my time and it seems they have on average three. I found this number to be quite incredible ....

Would you say three savings accounts is quite the norm?

Do you mean incredible in that it is only 3, not more?

What 'norm'? For people on this board/forum? For the average person in the UK? (and does 'average' in this context = medium? Or mode? or....?)

Daliah

5 dozen, not counting the savings accounts Virgin Money open for you whether you want them or not. Most are 1- year Regular Savers in various stages of maturity. Some other accounts just have token balances to keep membership alive & hopefully qualify for member specials that appear from time to time, such as the YBS and Skipton 3.5% Regular Savers.

dranzer01 said:

Would you say three savings accounts is quite the norm?

I would say there is no such thing as a norm for the number of savings (and other) accounts people have. A lot depends on how much money people have, what their plans for their money is, and how much time they want to spend managing their deposits.

happybagger

An account at each and every building society in the UK except Cumberland, many decent rates especially some no-end-date RS accounts, but some with a nominal amount in to avail of 'loyalty' accounts when they come along; and a few plcs for fixed rate bonds and one fixed rate cash ISA.

As above, probably around 60 in all

newatc

Between both of us - 31

veryintrigued

'Normal' means nothing.

All very individual.

I've got three figures.

But maintenance of them takes lots of organisation.

Not sure what you'll get out of this thread.

Rich1976

Not sure why people need so many especially with rates being so low.
We just have two. The first one is for all our annual expenses and the second one is for things being saved up for such as holidays, replacement car and home Improvements. This one also holds our emergency Fund 

MX5huggy

Rich1976 said:

Not sure why people need so many especially with rates being so low.
We just have two. The first one is for all our annual expenses and the second one is for things being saved up for such as holidays, replacement car and home Improvements. This one also holds our emergency Fund 

Others are chasing the best rates all the time it’s a game. They need accounts so they can access existing member offers. Like you I’m not bothered by 0.1% on £5k or making sure I’ve put £250 into an account each month.