We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Can you have to many?
madlyn
Posts: 1,052 Forumite
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.
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.
SPC 037
0
Comments
-
You can have as many as you want. Only complication is keeping track. Excel is your friend.1
-
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 :j1
-
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.
https://savingschampion.co.uk/best-buys/personal/regular-savings-accounts
2 -
Just had a count up = 51 accounts.
0 -
Rheumatoid saidI wouldn't be surprised if some on here had 50 or more.0
-
subjecttocontract said:Just had a count up = 51 accounts.0
-
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.
https://savingschampion.co.uk/best-buys/personal/regular-savings-accounts
SPC 0370 -
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.1
-
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.
https://savingschampion.co.uk/best-buys/personal/regular-savings-accounts0 -
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.
https://savingschampion.co.uk/best-buys/personal/regular-savings-accounts
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/p10
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.7K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.1K Spending & Discounts
- 240K Work, Benefits & Business
- 616.1K Mortgages, Homes & Bills
- 175.3K Life & Family
- 253.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards