Bank accounts

GTR_King

Bank accounts I have

Barclays (Wage paid in) (Opened 2015)
Barclays (Spending) (Opened 2016)
Halifax Rewards (Opened 2017)
Club Lloyds (Rent/Bills) (Opened 2020)
Santander (Food shopping) (Opened 2021)

I am looking a Decluttering my bank accounts so not sure what ones to keep etc 

I want 
Rent/Bills account
Spending account
Reward accounts.

Should I switch out my Santander account will that affect my credit score! 

How many bank accounts do you guys have?

Catplan

What type of Santander account? If it’s the 123 lite I’d be keeping for bills, I make 5.76 after the £2 fee just for having DD’s to pay bills. Plus you can’t get this account anymore.

GTR_King

It just the standard Santander account not rewards or lite want keep my Barclays accounts as they open the longest

Band7

If I were you, I would not close any of them because your average account life is rather short. This will have an adverse effect on your creditworthiness. Your Club Lloyds and Halifax Reward might have a purpose in their own right, for rewards and for access to Regular Savers. Similar one of the Barclays accounts if you are interested in their Rainy Day Saver. You seem to be missing out on a few better accounts,  cashback (Chase) and on current account interest (Kroo)

By all means, mothball those you don't use, disable the debit card(s) if you can. 

If you do decide to get rid of any, use them for a CASS switch which pays a bonus. 

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

You shouldn't be driven by how many current accounts others have, but by your own requirements, and by your own ability to manage your accounts. Some people get a wobble when they have two accounts, others quite happily have a few dozen.

GTR_King

I will keep Barclays as that my longest running current accounts Lloyds & Halifax will keep for rewards Santander might move to get switch offer

WillPS

Band7 said:

If I were you, I would not close any of them because your average account life is rather short. This will have an adverse effect on your creditworthiness. 

This is something many credit outlets present as a truth, but there is very little evidence of this in the real world.

Every lender has their own take on how positive, negative or indifferent this is (and all other metrics they present).

RG2015

WillPS said:

Band7 said:

If I were you, I would not close any of them because your average account life is rather short. This will have an adverse effect on your creditworthiness. 

This is something many credit outlets present as a truth, but there is very little evidence of this in the real world.

Every lender has their own take on how positive, negative or indifferent this is (and all other metrics they present).

My oldest bank account is 40 years old but it doesn't appear on any credit report. My first bank account was with the same bank 10 years earlier but there is no record of this anywhere, even at the bank. (I switched branch when I moved cities 40 years ago).

The oldest account on my credit file is only 8 years old. I have never had any problems obtaining credit throughout those 50 years.

bgr62

Halifax Reward (£125 internal incentive in May 2022 after wanting rid of my secondary Santander account, my longest account which I have held since childhood and I only have the 1). Probably the best of them all too in my opinion tbh.
Club Lloyds + 6.25% Regular Saver on max £400 per month (£200 incentive, opened in January 2023 after my Nationwide FlexDirect promo period ended)
Starling 
First Direct + 7% Regular Saver on max £300 per month (£175 + £40 Quidco pending for a switch completing today)

I do feel like I need to downsize too but each account has it's purpose as you can see above, the Starling is mainly travel. 

Aside from that I have the Nationwide Start to Save 5.25% (I know it's only £50 a month max deposit but the little amount doesn't bother me and it'll be nice in 2 years when I get a lump sum), Chip paying 3.71% and Premium Bonds.

I know you asked how many current accounts but it's nice to jog my memory.

Bridlington1

bgr62 said:

Halifax Reward (£125 internal incentive in May 2022 after wanting rid of my secondary Santander account, my longest account which I have held since childhood and I only have the 1). Probably the best of them all too in my opinion tbh.
Club Lloyds + 6.25% Regular Saver on max £400 per month (£200 incentive, opened in January 2023 after my Nationwide FlexDirect promo period ended)
Starling 
First Direct + 7% Regular Saver on max £300 per month (£175 + £40 Quidco pending for a switch completing today)

I do feel like I need to downsize too but each account has it's purpose as you can see above, the Starling is mainly travel. 

Aside from that I have the Nationwide Start to Save 5.25% (I know it's only £50 a month max deposit but the little amount doesn't bother me and it'll be nice in 2 years when I get a lump sum), Chip paying 3.71% and Premium Bonds.

I know you asked how many current accounts but it's nice to jog my memory.

Why do you feel the need to downsize? If each account serves a purpose you might as well keep all of them.

From Friday I shall have Natwest reward, Natwest Select, RBS reward, RBS select, Ulster Select, Co-op, Santander student, Virgin M Plus, Nationwide Flex, TSB spend & save, HSBC and Metro, so 12 current accounts in total. Each current account has a use, mainly for rewards/linked regular savers.

I then have 31 regular savers plus about 50 EA accounts (most of them are with minimum balances to be fair). They're not doing any harm.

RG2015

@GTR_King,

Sorry, I forgot to answer your question, how many bank accounts do you guys have?

Current accounts, 13 at 11 different banks. Nine are to qualify for higher interest savings accounts and three for various cashback offers.

I also have numerous savings accounts with several providers with anything from pennies to £000s in them.

Its_just_Barry

Monzo - Bills & Savings
Chase - Saving Pots for everything
Amex BA & Barclaycard - for Day to Day (paid off in full each month)