Can you have to many?

Albermarle

wiseonesomeofthetime said:

Band7 said:

fourmarks said:

Band7 said:

Just counted my savings accounts - 131, incl 21 Virgin opened for me when I opened their then market leading current accounts, and 18 now pretty redundant Zopa accounts from when we could still ladder them, and when Zopa had good rates. In theory I could close the 21 + the 18, but it's too much hassle. So only 92 which still have a purpose.

I got several dozen current accounts, too, each with a purpose, which might be just a reserve for a switch, or something immediately useful like access to a savings account. And some investment accounts.

Remind me not to volunteer as executor for your will.

(Not for many many many years, obviously)

Rest assured, your services won't be required

It's a valid point though.

I have 54 savings accounts and 17 current accounts, and my son wouldn't have a clue 🤦‍♂️

I've seen various threads on various forums on how this can be made easier though, should I choose to 😂

I think generally it is better to consolidate generally to fewer financial accounts as you get older . Both for your own sake and your executors sake.
Not just current and savings accounts, but also credit cards, pension pots, S&S ISA's, IFISA's, GIA's etc 
Like with Noahs Ark, two of each is plenty !

Saver73

Wow! I have 24 accounts, a mix of EA, RS, fixed rate and and an ISA, but recently have started to close down as they mature and have fewer accounts, as more manageable for me.

Bridlington1

wiseonesomeofthetime said:

Band7 said:

fourmarks said:

Band7 said:

Just counted my savings accounts - 131, incl 21 Virgin opened for me when I opened their then market leading current accounts, and 18 now pretty redundant Zopa accounts from when we could still ladder them, and when Zopa had good rates. In theory I could close the 21 + the 18, but it's too much hassle. So only 92 which still have a purpose.

I got several dozen current accounts, too, each with a purpose, which might be just a reserve for a switch, or something immediately useful like access to a savings account. And some investment accounts.

Remind me not to volunteer as executor for your will.

(Not for many many many years, obviously)

Rest assured, your services won't be required

It's a valid point though.

I have 54 savings accounts and 17 current accounts, and my son wouldn't have a clue 🤦‍♂️

I've seen various threads on various forums on how this can be made easier though, should I choose to 😂

I'm in a similar sort of position in that none of my family would have a clue. In fact my grandma has even spent the last year or so trying to convince me that having lots of accounts is somehow illegal so heavens knows how she'd react if she suddenly had to sort out my 100+ accounts.

Malthusian

Albermarle said:

I think generally it is better to consolidate generally to fewer financial accounts as you get older . Both for your own sake and your executors sake.

Don't forget your attorneys...
Opening your parent's "death file" after they have gone into care, Lasting Power of Attorney at the ready, and finding a list of 131 bank accounts is the perfect example of "no good deed goes unpunished".

Band7

It's all very easy - but requires discipline - to keep records of what you have where, and how and when everything can be accessed. Ensuring that those with a need to know actually do know also goes without saying, as is getting LPA set up and having a valid Will. You don't need to be old for any of this.

subjecttocontract

I'm working on the basis that I'm going to die.......but not just yet !

Fortunately, I have family who I've spent time with going through what, where, who with etc .......everyone, however simple their affairs, should take the time & trouble to do similar.

Band7

subjecttocontract said:

I'm working on the basis that I'm going to die.......but not just yet !

The stark reality is that any one can die at any time. Sure, the risk increases with advanced age but young people do sadly die, too.

fourmarks

With death certificate copies costing @ £11, that could potentially multiply into an unpleasant amount it there are myriad accounts to service. Not that I'm criticising holding numerous accounts, I have in excess of 30 myself, but in the spirit of money saving it would be a tad annoying to kiss goodbye to hundreds of pounds, even in absentia.

Exodi

katejo said:

Rheumatoid said

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!  :

That's why I keep a text file with all of my usernames, passwords and secret passcodes for each bank on my desktop and on a physical bit of paper I keep on my desk at work.

In seriousness, using google password manager synced across devices makes life easier.

jaypers said:

You can have as many as you want. Only complication is keeping track. Excel is your friend. 

I'm not sure if it's because of an increasing age, or an increasing pro tech attitude, but I'm finding that I'll create an excel sheet over just about anything now.

Investments? Savings? Energy Usage? Tax Calculations? Car Comparison? Holiday Planning?

At this point, it's not long till I'm noting what I had for breakfast on a spreadsheet.

ForumUser7

fourmarks said:

With death certificate copies costing @ £11, that could potentially multiply into an unpleasant amount it there are myriad accounts to service. Not that I'm criticising holding numerous accounts, I have in excess of 30 myself, but in the spirit of money saving it would be a tad annoying to kiss goodbye to hundreds of pounds, even in absentia.

I suppose the main thing is how many providers rather than how many accounts.