The benefits of multiple current accounts

phillw

Virgin were going up and down all morning, but they have now taken down their online banking & I think they're just going to wait it out.

Maybe they hope chase will announce an increase....

Daliah

I was going to shift a substantial sum from Chase to Virgin but reading the comments on the Virgin Twitter, I am having second thoughts. Apparently outages are a regular thing with Virgin. I normally only use the on the 1st of a month, to skim interest off the current accounts, but for my instant access savings I really do need instant access. Chase, although terrible today with a held up payment, seems to be a lot less dreadful than Virgin.

dc_scotland

"Thousands of customers have been unable to carry out any online banking today as multiple banks are affected by a mass IT problem"

https://www.mirror.co.uk/money/breaking-barclays-halifax-lloyds-monzo-27118977

Bigwheels1111

I must have be very lucky today, moved money from Chase to FD account and then fund regular savers
and Halifax to Skipton regular saver, plus Starling to Skipton regular saver for wife.
No issues.

ZeroSum

phillw said:

wiseonesomeofthetime said:
That's why I have a small reserve in a few current accounts. 

It is small though, as I have credit cards that would cover most regular transactions. 

It's Direct Debit day for a lot of MSE. We're not talking about buying a pint of milk.

Along with having a few back up accounts, it's probably best not to have all of your DD's on the same day.

I use my 123 lite for household bills DD's, spread across the month. But I transfer enough to cover them on them on 1st. Only have the 1 DD go out on 1st. So should it go down one day, I'm not going to get issues with all my DD's  probably 2 at most.

RG2015

ZeroSum said:

phillw said:

wiseonesomeofthetime said:
That's why I have a small reserve in a few current accounts. 

It is small though, as I have credit cards that would cover most regular transactions. 

It's Direct Debit day for a lot of MSE. We're not talking about buying a pint of milk.

Along with having a few back up accounts, it's probably best not to have all of your DD's on the same day.

I use my 123 lite for household bills DD's, spread across the month. But I transfer enough to cover them on them on 1st. Only have the 1 DD go out on 1st. So should it go down one day, I'm not going to get issues with all my DD's  probably 2 at most.

This is an interesting thought. I currently have 12 of 16 DDs going out on the 1st.

However, in 48 years of adult banking I have never had any failure of DDs, SOs, incoming BACS or any other transaction for that matter.

E.ON once took my monthly DD early, but I was alerted by my bank and I transferred some money in to avoid going overdrawn.

I guess there is always a first time, but I am not sure that staggering my DDs would help.

ZeroSum

RG2015 said:

ZeroSum said:

phillw said:

wiseonesomeofthetime said:
That's why I have a small reserve in a few current accounts. 

It is small though, as I have credit cards that would cover most regular transactions. 

It's Direct Debit day for a lot of MSE. We're not talking about buying a pint of milk.

Along with having a few back up accounts, it's probably best not to have all of your DD's on the same day.

I use my 123 lite for household bills DD's, spread across the month. But I transfer enough to cover them on them on 1st. Only have the 1 DD go out on 1st. So should it go down one day, I'm not going to get issues with all my DD's  probably 2 at most.

This is an interesting thought. I currently have 12 of 16 DDs going out on the 1st.

However, in 48 years of adult banking I have never had any failure of DDs, SOs, incoming BACS or any other transaction for that matter.

E.ON once took my monthly DD early, but I was alerted by my bank and I transferred some money in to avoid going overdrawn.

I guess there is always a first time, but I am not sure that staggering my DDs would help.

It wasn't really intentional for this reason. I just went along with the suggested date offered by the companies. Only 1 I've asked to change due to a date clash with Tesco bank when you needed them for the 3% interest

kaMelo

Advice I received years ago when young and irresponsible, to set all direct debits to come out before you get paid rather than after, essentially pay this months bills with last months money. Some you can't change when they get taken but following that advice all those that I can control are paid between 15th and 25th of the month.

wiseonesomeofthetime

All my DDs are 1st of the month. Fine when I was working and paid on 25th.

Now retired, pension lands on, you guessed it, first of the month 🤦‍♂️😂

adindas

IMO anyone who has multiple accounts must see personal benefit to own it otherwise why wasting time and allow credit check if it does not offer any benefit to you ??

As this is personal benefit and applies to personal circumstances, then there will be numerous reasons for that.