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Can you have to many?

Can you have to many savings accounts?
I currently have two EA savings accounts, Marcus and Coventry building society (I know there are better rates available) and I am contemplating opening another.
I don't have huge amounts in either of them and I deposit £20 a month into both and would put the same into another account if I were to open one.
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  • jaypers
    jaypers Posts: 918 Forumite
    500 Posts Second Anniversary Name Dropper
    You can have as many as you want. Only complication is keeping track. Excel is your friend. 
  • Rheumatoid
    Rheumatoid Posts: 953 Forumite
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    I wouldn't be surprised if some on here had 50 or more.
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j
  • refluxer
    refluxer Posts: 3,001 Forumite
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    madlyn said:
    Can you have to many savings accounts?
    I currently have two EA savings accounts, Marcus and Coventry building society (I know there are better rates available) and I am contemplating opening another.
    I don't have huge amounts in either of them and I deposit £20 a month into both and would put the same into another account if I were to open one.
    For small monthly deposits like that, I would definitely look into Regular Saver accounts as you'll get higher rates of interest than you'll get in Easy Access accounts.

    https://savingschampion.co.uk/best-buys/personal/regular-savings-accounts
  • Just had a count up = 51 accounts.

  • katejo
    katejo Posts: 4,068 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 15 May 2023 at 1:52PM
    I wouldn't be surprised if some on here had 50 or more.
    Keeping track of lots of different login passwords is part of the problem!  : :)
  • Just had a count up = 51 accounts.

    You must make a killing with YouGov.finance!
  • madlyn
    madlyn Posts: 1,052 Forumite
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    refluxer said:
    madlyn said:
    Can you have to many savings accounts?
    I currently have two EA savings accounts, Marcus and Coventry building society (I know there are better rates available) and I am contemplating opening another.
    I don't have huge amounts in either of them and I deposit £20 a month into both and would put the same into another account if I were to open one.
    For small monthly deposits like that, I would definitely look into Regular Saver accounts as you'll get higher rates of interest than you'll get in Easy Access accounts.

    https://savingschampion.co.uk/best-buys/personal/regular-savings-accounts
    Not looked at the link yet, but are regular savings accounts fixed for a certain period of time? usually 12 months.
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  • DietIrnBru
    DietIrnBru Posts: 185 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    There is such a thing as too many - rarely - if ever - will any assets be fully optimised and you can only go with the information you have at the time. I appreciate that many are motivated by the extra decimal points of percentages here and there - but personally, I wouldnt sit fingers poised for the next release of new savings products. My savings are either in fixed rate products, regular saving accounts and easy access. I may push the boat out once a year and move my current account for a £200 bonus to put towards my mortgage. Six month - once a year is sufficent review time.

    Overall my savings are like my investment ISA, park it, forget about it until it needs a quick review and live my life. The savings interest I could make is miniscule at best and for the level of effort required - I'd be quicker doing an extra bank shift at work.
  • Albermarle
    Albermarle Posts: 25,523 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    madlyn said:
    refluxer said:
    madlyn said:
    Can you have to many savings accounts?
    I currently have two EA savings accounts, Marcus and Coventry building society (I know there are better rates available) and I am contemplating opening another.
    I don't have huge amounts in either of them and I deposit £20 a month into both and would put the same into another account if I were to open one.
    For small monthly deposits like that, I would definitely look into Regular Saver accounts as you'll get higher rates of interest than you'll get in Easy Access accounts.

    https://savingschampion.co.uk/best-buys/personal/regular-savings-accounts
    Not looked at the link yet, but are regular savings accounts fixed for a certain period of time? usually 12 months.
    Yes usually last one year.
  • refluxer
    refluxer Posts: 3,001 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    madlyn said:
    refluxer said:
    madlyn said:
    Can you have to many savings accounts?
    I currently have two EA savings accounts, Marcus and Coventry building society (I know there are better rates available) and I am contemplating opening another.
    I don't have huge amounts in either of them and I deposit £20 a month into both and would put the same into another account if I were to open one.
    For small monthly deposits like that, I would definitely look into Regular Saver accounts as you'll get higher rates of interest than you'll get in Easy Access accounts.

    https://savingschampion.co.uk/best-buys/personal/regular-savings-accounts
    Not looked at the link yet, but are regular savings accounts fixed for a certain period of time? usually 12 months.
    Yes - most last for one year and these accounts are aimed more at people who want to save for that entire period, so a Regular Saver probably won't be appropriate for cash you're likely to need regular access to.

    Saying that, some Regular Savers do allow withdrawals (or even closure) if needed but if you do start to look at this type of account, you just need to make sure you read any T&Cs carefully as not all allow withdrawals or closure without penalty (eg. Coventry's Regular Saver has a 30 day interest charge) and other T&Cs can differ from one to the next. Managing lots of Regular Saver accounts takes a bit of management but, TBH, with a prospective £60/month, you'd only need one.

    There is a pretty comprehensive list of the different types of RS account available in this thread : https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1
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