How many accounts do you have?

allegro120

B0bbyEwing said:

I am torn between drastically dialling back the accounts I manage & simplifying things (but will then take some kind of hit on the interest) and continuing it as it is - getting the interest, but it being 1) a bit of a ballache and 2) quite complex.

Made me wonder how many accounts other folk manage & for those who have quite a few, do you get the same thoughts I'm having or are you quite happy running so many?

My setup will be different to everyone else's here. I've just tallied up & came to 60 accounts. That doesn't include my SIPP, my LISA, my S&S ISA or my 2 credit cards.

Some of them are for various non-money perks (e.g. Lloyds cinema tickets), others just run £1 in them & are used to hit criteria for perks (e.g. Halifax rewards), others are open because you have to have X to be able to have & (e.g. First Direct & their 1st account, everyday savers - avoiding monthly charges), to get Barclay's 5% I've also got their current account & blue rewards account.

So there's various for various reasons but the total is 60

It requires some leg work at the start & end of each month. I have in the past when updating my spreadsheet gone wrong somewhere to the tune of more than should be possible (e.g. saved £5k yet we only had £3.5k income that month) but then it's straightened out the following month & I've been unable to track what went on.

And that's probably the main part of me thinking about this - the getting it wrong some months when tallying. Ok it's straightened out the next month but I don't like the fact it went wrong in the first place. 

But I know what I'll be thinking if I strip it right back & make it super simple ...... I'll be thinking at the interest I'm passing up. 
So can't win.

Anyone actually made the move to simplify & prefer/regret it?

I have 97 at the moment.  This doesn't include low interest savings accounts that banks open for you at maturity of RSs, but includes those with £0 or minimum operating balances that I keep for various reasons.  I don't find it difficult to maintain them, I've been doing this for a long time, have a spreadsheet and diary... I'm very used to it. 

Angelica123

B0bbyEwing said:

friolento said:

B0bbyEwing said:

 

So I used https://www.moneysavingexpert.com/savings/regular-savings-calculator/ and took First Direct as an example. The max of £300pm at their 7% & that link says I get £135 interest over a total of £3,600 that's been drip fed in to the account.

You haven't counted the £68 interest from the 4.1% source account.

If your best source account is 4.1%, you'd be better off if you put your £3,600 into a 1-year account that pays more than 5.63%.

Ah I never realised it'd be that way - Month 1 being £300 in First Direct at 7% but then £3,300 in the savings at 4.1%. Month 2 being £600 in FD @ 7%, £3,000 in the savings at 4.1%.

Is that how you ran the calculator? I never noticed a way to do that with the MSE calculator as most calculators I come across just like to keep things very simple. But it's late & that's my excuse

I see no 5.63% on the MSE page https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/. I do see notice accounts which I'm not keen on, same with fixed accounts. It means I'd need to decide an amount to put in & then the rest in easy access. 

The money saving calculator does exactly what you are requesting. 

https://www.moneysavingexpert.com/savings/regular-savings-calculator/

It compares dripfeed from EA to regular saver compared to leaving all in EA. As Friolento has already demonstrated for you. You just need to implement the metrics of your regular saver and your EA account. 

Rich1976

1 current account
2 credit cards ( one for everyday spending and the other for holidays abroad )
1 instant access account
2 fixed savers ( one of which is maturing next month and will be moved to the easy access account )
will probably be opening a FD Regular Saver in December 

that’s it .

boingy

Saver73 said:

@Bridlington1 the most dedicated saver ever! 

Yup. Just be glad you are not their executor!

I've got about 50 accounts but only about a dozen active ones plus long-term ISAs etc. I gave up using a spreadsheet and use KMyMoney - a freebie. It's not perfect but it helps enormously by handling all the regular transactions and updating investment prices. On about the 5th of each month I spend an hour or so making sure all the transactions match the real ones, adjusting the guesstimate amounts and checking that the £2000 merry-go-round has happened correctly (it cycles through several accounts to avoid fees and/or qualify for perks). 

This year has been a little crazy with all the interest rate changes prompting me to chase savings rates but I think it will settle down for a while now.  

subjecttocontract

I guess it doesn't really matter how many accounts we each have.....it's whatever you are happy with. We are all different and whilst I wouldn't want 100 accounts, I certainly could never see me rumbling along with half a dozen.

I tend to keep spreadsheets that lists all my savings/ investments and crucially I keep a tally of projected annual income from savings accounts. If the total income from my playing around with what's being offered is increasing I feel that justifies the number of accounts I hold.

B0bbyEwing

poppystar said:

Sleekit said:

poppystar said:

at the moment thwarted by Halifax who won’t allow me to close 2 accounts I no longer want

I've never heard of this before, although perhaps it's common and I've just been ignorant of it.

Why are they not letting you close an account, and how?

Their system for closing has a flaw in it. You need to reduce the balance to below £5 in order to be able to close the account but if interest has accumulated during the year then their own system shows them the account has over £5 in eventhough that doesn’t exist for the customer as it hasn’t been paid. They can tell me what the interest to date will be but I can’t withdraw that to reduce the balance because it hasn’t been paid yet. They can’t close an account that has more than £5 in. So basically stalemate until the interest is paid next year when I can then quickly take it out and the account can be closed. 

I was told on the phone it could be done in branch but my local branch says not. 

For the small amount left in there it’s really not worth my while fighting this but it is so frustrating not to be able to get rid of these accounts and reduce my total number by a little. 

Back in the day - a.k.a. when I was doing just about anything to get a few more pence to go towards a house deposit, that right there (phone telling you go in branch, branch telling you they can't do it) would've been a complaint letter going in. Disgraceful customer service, yada yada, go elsewhere, blah blah etc etc.

And (for the price of a stamp) it would've usually resulted in at least £50 as an apology (and the account would be closed in this case).

Everyone I've ever spoken to about it say the same thing, either 1) "it's not that big a deal" or 2) "I couldn't be bothered doing that".

But as I say, for the price of a stamp & 5mins work, I'd get £50. I don't know what you guys get paid but I know for sure I'm not on £50 an hour, nevermind £50 for 5mins.

B0bbyEwing

allegro120 said:

B0bbyEwing said:

I am torn between drastically dialling back the accounts I manage & simplifying things (but will then take some kind of hit on the interest) and continuing it as it is - getting the interest, but it being 1) a bit of a ballache and 2) quite complex.

Made me wonder how many accounts other folk manage & for those who have quite a few, do you get the same thoughts I'm having or are you quite happy running so many?

My setup will be different to everyone else's here. I've just tallied up & came to 60 accounts. That doesn't include my SIPP, my LISA, my S&S ISA or my 2 credit cards.

Some of them are for various non-money perks (e.g. Lloyds cinema tickets), others just run £1 in them & are used to hit criteria for perks (e.g. Halifax rewards), others are open because you have to have X to be able to have & (e.g. First Direct & their 1st account, everyday savers - avoiding monthly charges), to get Barclay's 5% I've also got their current account & blue rewards account.

So there's various for various reasons but the total is 60

It requires some leg work at the start & end of each month. I have in the past when updating my spreadsheet gone wrong somewhere to the tune of more than should be possible (e.g. saved £5k yet we only had £3.5k income that month) but then it's straightened out the following month & I've been unable to track what went on.

And that's probably the main part of me thinking about this - the getting it wrong some months when tallying. Ok it's straightened out the next month but I don't like the fact it went wrong in the first place. 

But I know what I'll be thinking if I strip it right back & make it super simple ...... I'll be thinking at the interest I'm passing up. 
So can't win.

Anyone actually made the move to simplify & prefer/regret it?

I have 97 at the moment.  This doesn't include low interest savings accounts that banks open for you at maturity of RSs, but includes those with £0 or minimum operating balances that I keep for various reasons.  I don't find it difficult to maintain them, I've been doing this for a long time, have a spreadsheet and diary... I'm very used to it. 

I've just had a look. Not been doing this for as long as you probably - my spreadsheet started out in August 2015.

My accounting will be a bit more complex than most other peoples though, which I can't really go in to too much but it's certainly lead to mistakes happening when tallying which is completely my fault. 

My wife has been saying for ages I should simplify things right down if just to calm my mind & free up time. It's just hard to do when it feels like I'm saying no to 'free money' lol.

boingy

I guess a key thing is whether you enjoy it, which I do! If it becomes a drag then simplify or accept that it's a drag but that it earns a few more pounds towards something that is not a drag.

enthusiasticsaver

We simplified a few years back so just have the following.
1 main joint current account with savings spaces to help budgeting.
2 personal current accounts but I only opened one to take advantage of a regular saver and to operate mums accounts online as POA.
1 joint internet saver
1 regular saver
1 sipp
1 stocks and shares ISA

poppystar

B0bbyEwing said:

poppystar said:

Sleekit said:

poppystar said:

at the moment thwarted by Halifax who won’t allow me to close 2 accounts I no longer want

I've never heard of this before, although perhaps it's common and I've just been ignorant of it.

Why are they not letting you close an account, and how?

Their system for closing has a flaw in it. You need to reduce the balance to below £5 in order to be able to close the account but if interest has accumulated during the year then their own system shows them the account has over £5 in eventhough that doesn’t exist for the customer as it hasn’t been paid. They can tell me what the interest to date will be but I can’t withdraw that to reduce the balance because it hasn’t been paid yet. They can’t close an account that has more than £5 in. So basically stalemate until the interest is paid next year when I can then quickly take it out and the account can be closed. 

I was told on the phone it could be done in branch but my local branch says not. 

For the small amount left in there it’s really not worth my while fighting this but it is so frustrating not to be able to get rid of these accounts and reduce my total number by a little. 

Back in the day - a.k.a. when I was doing just about anything to get a few more pence to go towards a house deposit, that right there (phone telling you go in branch, branch telling you they can't do it) would've been a complaint letter going in. Disgraceful customer service, yada yada, go elsewhere, blah blah etc etc.

And (for the price of a stamp) it would've usually resulted in at least £50 as an apology (and the account would be closed in this case).

Everyone I've ever spoken to about it say the same thing, either 1) "it's not that big a deal" or 2) "I couldn't be bothered doing that".

But as I say, for the price of a stamp & 5mins work, I'd get £50. I don't know what you guys get paid but I know for sure I'm not on £50 an hour, nevermind £50 for 5mins.

That’s a good point. I’ve just dealt with their complaints department over an account of my late father’s (that one they closed too quickly🙄) and got a bit on top for my troubles. That may be a way to go and might even be profitable!