Is multiple saving/investment accounts a good idea

Chloboshoka_2

I have 2 investment accounts, a Lisa, ISA and 3 other saving accounts. 

LISA is with moneybox
1 saving account is with Coventry 
Isa with Lloyd’s 
the other general two saving account is with Lloyd’s 
One investment account is with Freetrade and the other is with Circa5000

Multiole accounts means I am less likely to splurge and makes me more frugal, but I am curious if I am missing out on benefits if I have it all in one. 

penners324

Are you getting thr best interest rates from those accounts?

Are you investing enough in your pension?

Albermarle

Chloboshoka_2 said:

I have 2 investment accounts, a Lisa, ISA and 3 other saving accounts. 

LISA is with moneybox
1 saving account is with Coventry 
Isa with Lloyd’s 
the other general two saving account is with Lloyd’s 
One investment account is with Freetrade and the other is with Circa5000

Multiole accounts means I am less likely to splurge and makes me more frugal, but I am curious if I am missing out on benefits if I have it all in one. 

You could not have all these types of accounts with one provider, or at least you would struggle to.

Chloboshoka_2

penners324 said:

Are you getting thr best interest rates from those accounts?

Are you investing enough in your pension?

The moneybox one has the best interest rate. The Coventry one is only 0.01% and I’ve been looking at other saving accounts with higher interest rates. 

The Lloyd’s ones are 0.04% 

I have accounts with other providers.


How much is enough for my pension? I have a work pension with the NHS and also got a pension pot with moneybox where I have merged all my old exployment pensions in. 

Band7

Chloboshoka_2 said:

penners324 said:

Are you getting thr best interest rates from those accounts?

Are you investing enough in your pension?

The moneybox one has the best interest rate. The Coventry one is only 0.01% and I’ve been looking at other saving accounts with higher interest rates. 

The Lloyd’s ones are 0.04% 

I have accounts with other providers.

You can very get at least 2,500 times better interest than 0.01%, even in instant access accounts.

Chloboshoka_2 said:

How much is enough for my pension? I have a work pension with the NHS and also got a pension pot with moneybox where I have merged all my old exployment pensions in. 

It depends on how much income you need in retirement. Only you can tell. Don't forget to add your state pension to your expected income.

redpete

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Is multiple saving/investment accounts a good idea

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I hope so, I have 30 savings, investments and pension accounts, Mrs RP has a further 10, and these are spread across 29 different providers.

Chloboshoka_2

redpete said:

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Is multiple saving/investment accounts a good idea

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I hope so, I have 30 savings, investments and pension accounts, Mrs RP has a further 10, and these are spread across 29 different providers.

Wow that’s a lot do you find it hard to keep up with sometimes?

eskbanker

It's more about why you'd want multiple accounts of each type, rather than simply considering numbers of accounts:

For current accounts, it's generally recommended to have at least two with different banking groups, so that in the event of technical outages, or card loss/theft, or account freeze/block, etc, you still have ready access to funds.

For credit cards, it can be beneficial to have both a Visa and a Mastercard, again for resilience purposes.

For savings accounts, it's often worth having an easy access account (moved regularly to maximise interest), plus maybe one or more fixed term accounts with better rates in return for locking the money away, and perhaps a regular saver or two, again for better rates for small amounts.  Using ISAs may also be worthwhile, to benefit from the tax benefits.

For investments, there's not likely to be as significant a benefit from multiple accounts, given the inherently long term nature of investing, i.e. speed of access isn't likely to be as important as other account types above, although it's not unknown for investors to benefit from one account with a pricing structure favouring regular purchases and a different one more suited to ongoing holding.

Those fortunate enough to have to consider FSCS protection limits will also factor these into account structuring....

Albermarle

For credit cards, it can be beneficial to have both a Visa and a Mastercard, again for resilience purposes

Although just having one credit card that is not the same ( Visa or Mastercard) as your debit card, also largely covers any technical issues with either.

eskbanker

Albermarle said:

For credit cards, it can be beneficial to have both a Visa and a Mastercard, again for resilience purposes

Although just having one credit card that is not the same ( Visa or Mastercard) as your debit card, also largely covers any technical issues with either.

Largely, yes, but there are scenarios where a backup credit card will be of more value than using a debit card, such as car hire, or preauthorisations for hotels, or transactions where section 75 protection is desirable, etc.

Bridlington1

Chloboshoka_2 said:

redpete said:

>>>>

Is multiple saving/investment accounts a good idea

<<<<

I hope so, I have 30 savings, investments and pension accounts, Mrs RP has a further 10, and these are spread across 29 different providers.

Wow that’s a lot do you find it hard to keep up with sometimes?

I've gone even further than that. I'm on 50 savings accounts, 3 investment accounts, 15 current accounts and 2 credit cards.

Most of the savings & current accounts have a minimal balance though. Many of the savings accounts are there so that I can get access to any loyalty rate savings accounts in the future so don't require much attention. Many more used to offer top rates but have now lagged behind and been emptied as a result and are still open just in case the interest rate shoots up (and also I can't be bothered to close them). Again this requires little attention. A lot of the others are regular savers so require just one transaction a month usually and others (including 2 of the investment accounts) exist because I can pay into them by direct debit or debit card for the sake of the reward accounts. Most of the current accounts only require a few transactions a month to get the perks so again requires little attention and one of the credit cards is only used for one transaction a month to get a direct debit out of it.

I have a list of sort codes/account numbers of accounts which I have opened and highlight the ones I've closed so I don't lose any accounts. I then use a spreadsheet to keep track of where my money is.