What returns justify keeping accounts open?

wolvoman

I’ve got so many legacy current accounts with some monthly return for some admin, but really wondering now the value of keeping so many.

Halifax x2 for £5/m ea
Santander for net £2.50
Natwest for net £3
Barclays for net £3 (ending)
Lloyds for a magazine

I’ve also got HSBC, IF, Nationwide, First Direct and TSB current accounts.

And I’ve switched to all the above over time for bonuses.

I can’t see where future switch bonuses are coming from and, if I’m honest, I’m feeling jaded from the monthly admin (albeit small) from keeping on top of it.

Anybody else feeling the same?

Daliah

I reckon you are in good company - lots of people here will have multiple current accounts. Only you can tell whether all the accounts you hold are worth your while.

FWIW, I hold many more current accounts than you do, though not necessarily at the same banks you hold yours with, and there's a reason for every one I hold - if only to have an instantly available donor account, should a rare switch opportunity arise, or an opportunity only available to existing account holders comes up. For instance, those who filled their boots with Virgin Money current account now have multiple 1% instant access accounts, and can therefore easily beat the £25k limit per account. Whether this represents an advantage / a benefit to you, only you would know. But if you didn't have multiple VM current accounts already, you would now be limited to one. Similarly with the Halifax Reward accounts - it's nigh on impossible now to get more than 2 of them, whilst it used to be quite possible to hold a few more if you got them earlier, and Halifax don't appear to mind existing accounts.

As I said, only you can tell whether all the accounts you hold are worth your while. Close those that you don't want / need.

jimjames

Roughly looking at £20pm for that list of accounts. Even if the admin takes an hour (mine certainly doesn't take that long) then you're looking at £20 hourly rate, way above the minimum wage so I'd say it's worth it. Accounts that don't get any return might be worth closing or switching. 

PRAISETHESUN

Of the accounts you've listed above, the only one that I've found that can't be completely automated to earn rewards is the Halifax account - once you get everything set up with standing orders and direct debits, they more or less run themselves. The rest that don't pay rewards I hang on to and use as switching fodder when new incentives come up from time to time that I'm eligible for. Very little effort for a few hundred £££ a year - that's my drinking money for the year sorted!

where_are_we

Nationwide current account gives you access to Flex Regular Saver @ 2.5%

TSB current account gives you access to their Monthly Saver @ 2%

First Direct current account and HBSC current account gives you access to Regular Savers @1%. I am not saving in 1% RS`s because there are lots of other accounts paying more interest. However, I keep the last two current accounts ticking over with a small balance in case they offer something better. Who knows where the next best interest rate will be.

JustAnotherSaver

jimjames said:

Roughly looking at £20pm for that list of accounts. Even if the admin takes an hour (mine certainly doesn't take that long) then you're looking at £20 hourly rate, way above the minimum wage so I'd say it's worth it. Accounts that don't get any return might be worth closing or switching. 

The exact same way I look at it and what I tell people who say to me I couldn't be bothered to do that, what a load of faff for so little. 

I'd really like to knock it on the head and have 1 current account & 1 savings account. 

But the easy free money when I'd only be sat watching the TV otherwise, I can't turn it down. 

wolvoman

JustAnotherSaver said:

jimjames said:

Roughly looking at £20pm for that list of accounts. Even if the admin takes an hour (mine certainly doesn't take that long) then you're looking at £20 hourly rate, way above the minimum wage so I'd say it's worth it. Accounts that don't get any return might be worth closing or switching. 

The exact same way I look at it and what I tell people who say to me I couldn't be bothered to do that, what a load of faff for so little. 

I'd really like to knock it on the head and have 1 current account & 1 savings account. 

But the easy free money when I'd only be sat watching the TV otherwise, I can't turn it down. 

Yep this is kind of where I am really. In most of my life I prefer to avoid hoarding, so my natural approach is to consolidate. But the returns are (just) about ok for now to keep going.