Can you have to many?

refluxer

Exodi said:

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.

I manage all of my finances online these days, however the security implications of using a password manager for this definitely makes me uneasy.

 A while ago (over a period of many months), I had someone making repeated attempts to access my Google account. Fortunately, my account security was such that they weren't successful but when they then turned their attention to trying to access a different email account (one that I use for resetting my Google password), I decided to thoroughly review the online security of all of my accounts and one step I took was to remove all of my financial usernames and passwords from Google's password manager.

While alternative password managers are obviously an option, using one isn't without it's risks either as many have been compromised in the past, including big names like Norton as recently as this year.

adindas

Bridlington1 said:

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.

Show them this thread.

Exodi

refluxer said:

Exodi said:

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.

A while ago (over a period of many months), I had someone making repeated attempts to access my Google account. Fortunately, my account security was such that they weren't successful but when they then turned their attention to trying to access a different email account (one that I use for resetting my Google password), I decided to thoroughly review the online security of all of my accounts and one step I took was to remove all of my financial usernames and passwords from Google's password manager.

While alternative password managers are obviously an option, using one isn't without it's risks either as many have been compromised in the past, including big names like Norton as recently as this year.

As someone who has had past accounts compromised, I can empathize with the concerns you list.

However, realistically accounts details are generally gained from two main methods:

A data breach of a random website (in which the perpetrator may try the same details on important sites like email). This will happen regardless of whether the individual users of the site happened to use password managers or not.

Compromised software, which will still record and relay details that are input, whether the user is using a password manager or not.

In fact I would go so far as to say in both those examples, using a password manager potentially reduces these opportunities because:

In the case of a data breach, a user that doesn't need to remember the password may elect to use one of the ridiculous recommended passwords e.g. tnZN&Y53!W%k&)qk, whereas if they had to remember it, they'd probably elect to use the same memorable password they use on other sites.

And in the case of compromise software, it becomes harder to record and relay a users details if they are never physically typing  or seeing their passwords.

However, what I do concede, is that the core concern lies in the fact that if they were able to successfully access your google account, they gain access to all of your accounts at the same time, which is obviously a reasonable concern.

My views on this are that 2FA (which I expect thwarted the attempt on your account) is the best protection against this (ensuring it is on both your main and recovery account). Unless the perpetrator has access to your account details and your phone at the same time, they could not access your account. I accept this is not infallible as it is possible to SIM swap/spoof (and I'd recommend setting up a SIM pin to safeguard against this).

Regarding your link, I think it may be a bit misleading as it is effectively impossible to 'hack' a password manager. Using Google password manager as an example (since that's what we're talking about), the data is encrypted using a secret key known only to the users device. This means Google's servers don't have un-encrypted access to your data. The only way to access the google password manager would be if someone knew the users login details (and 2FA wasn't setup).

In the Norton example you linked, this looked to be the case (so Norton wasn't hacked, people had used the same login details for a company that suffered a data breach, as those for the login manager: "the attackers performed credential stuffing, meaning they were trying to enter accounts with usernames and passwords they had acquired elsewhere (likely the dark web). This was clearly a success, as Norton warned that the malicious actors may have gained access to logins stored in the password manager. "

My recovery outlook account is actually passwordless (I wish Google would do this), so it can only be accessed on new devices with an authenticator.

I guess the point of my rambling is - if you adopt the security measures (however inconvenient they are) - particularly 2FA, it becomes incredibly difficult for people to get into your account, even if they know your details.

madlyn

Blimey!! I am lagging behind.
1 current account
1 S&S ISA
2 EA savings accounts

Exodi

madlyn said:

Blimey!! I am lagging behind.
1 current account
1 S&S ISA
2 EA savings accounts

As Matthew McConaughey says in the Wolf of Wall Street,

You gotta pump those numbers up. Those are rookie numbers in this racket.

dealyboy

madlyn said:

Blimey!! I am lagging behind.
1 current account
1 S&S ISA
2 EA savings accounts

Blimey Madlyn, you need to get on your bike  .

I only have a few accounts but frankly I admire those who can manage multiple 10's of accounts to maximise their wealth and income safely.

After all we are money makers as well as money savers  .

madlyn

  

Bridlington1

madlyn said:

Blimey!! I am lagging behind.
1 current account
1 S&S ISA
2 EA savings accounts

I think I'd go round the twist only having a few accounts. If your only current account gets frozen for whatever reason you would suffer a great inconvenience to say the least. I'd say it's best to have multiple current accounts even if it's just for the sake of having a backup option in case of this scenario arising, not to mention all the various perks you could be bagging.

madlyn

The thing is, I find it a bit confusing and scary.
Once I have paid all my monthly necessary bills, I currently put just under £100 away in my EA savings accounts, S&S ISA and a private pension. I could increase this but I like to have a cushion to fall back on in my current account should I ever need it.
purely as an example, is having 4 EA accounts and 2 RS accounts with around £15 a month (maybe less if I went for more accounts) going into each worth it? 

Ray_Singh-Blue

Things I have one of:
wives
houses
jobs
cars
pensions
bank accounts

Things I have lots of:
socks

Simple is best, but you need more that one pair of socks or you'd be washing all the time.