Multiple bank accounts.

phillw

Band7 said:
I would never put my faith (and money) into a single bank. Something can always happen, either specific to your account(s), or to the entire bank. Spread your risk. Use different banks for different purposes, unless you can tolerate high risk levels..

I avoided having savings and debts in the same institution, as you lose some bargaining power if everything goes to !!!!!!.

I don't think having multiple accounts is usually that helpful, if my main hub account went down then it would take longer for me to set up payees than it would take for them to fix the issue. Maybe a cifas marker would make it worthwhile, but then they might all close anyway.

pridehappy

kimplus8 said:

I am looking at having a few different bank accounts as savings pots etc. 
so far I have 
main account- where wages get paid in
bills account- where all my direct debits go out
LISA- mortgage deposit savings
Car account- tax, mot, insurance up front etc
spending account- for my groceries and general spending. 

All my money gets paid into my main account and then I split it up between the other 4 accounts to pay bills, save and have grocery money. 

Is this a normal amount of accounts, does anyone want/have more? 

Will having this many accounts affect my mortgage application on the future? 

I've got quite a few accounts which I tend to switch around quite regularly, trying to make the most out of my banking. Although yes, I'd recommend having more than one current account with at least some funds in it in case your 'main bank' goes down.

- Virgin Money M Plus (main account, great value overdraft, free international transactions and very good linked saver)
- Lloyds Bank Club Lloyds (closing soon, not required and terrible service)
- Nationwide FlexPlus (secondary account, general everyday spending and really mostly use it for insurance benefits)

- Virgin Money M Plus Saver (linked to the main current account, and main savings pot and love the interface and great interest rate)
- Nationwide Flex Instant Saver (smaller savings account for little everyday swoops and the impulse saver feature)
- Few ISA's with the likes of Virgin Money and Skipton.