How many accounts do you have?

Middle_of_the_Road

With all the rate chasing, and regular savings accounts I've opened in the last year, I've reached a point where it's becoming quite enough.
Some of the savings accounts could be closed to simplify record keeping, and most of the current accounts are only to enable the regular savers. In all around 44 accounts, and it feels like that's too many.

10 current accounts. Natwest and Santander used as main accounts.

30 savings accounts, including 14 regular savers, 4 fixed term and 1 ISA.

Main saving accounts with Santander, Coventry BS. Nationwide and Halifax. remaining accounts with small balances.

2 credit cards, plus Paypal credit.

SIPP with HL

CMC Invest. Opened for the £50 incentive.

Switched/closed accounts. 
Lloyds
Nationwide
Halifax
Virgin
Metro

orange-juice

Far too many regular savers (10+). I'm an addict. They were helpful when I was saving for a property. Now that I've bought a place, I probabaly should be culling a few in favour of long term investments but I'm too set in my ways.

poseidon1

Very interesting reading the various posts, and noting ( in some cases ) the considerable number of accounts maintained. 

In my case 22 across credit cards, mortgage account, current accounts, savings accounts, Sipps, ISAs, investment portfolio accounts.  

However, every single one of these accounts are operated on a paperless online basis only, so in the event of death ( or serious incapacity!), no one would be able to ascertain who I had financial arrangements with. Beyond this, utilities, car/home insurance similarly paperless.

 For my own housekeeping purposes I used the monitoring app from Money Dashboard (MD) to track and list my various financial/investment accounts, and it occurred to me that facilitating  a future executor's  access to the app in the event of my demise would go a long way in identifying the institutions that would need to be contacted for assets and liabilities estate administration purposes. To this end my thinking was a sealed envelope with the MD login, held together with my will.

However MD will very soon shut down permanently, so I have since migrated across to Moneyhub, which ( for a small subscription) now serves a similar function.

I think the point I am trying to make is laudable as it maybe to asset build and accumulate wealth with a multitude of providers, the irrevocable march towards a future paperless financial landscape, means we also need to mindful of the uphill tasks others may face in tracking down those arrangements if something happens to us.

The legal profession has been highlighting the challenges now facing many estate administrators in this context,  not to mention none death  issues such as dementia etc ( imagine steadily  forgetting who you have accounts with!) . 

Money management apps may prove a useful gateway to bridge these future problems, but only if one takes the time to pause and plan how the multitude of ones' paperless financial arrangements will become visible to others who will eventual need to know.

As for your social media and other digital footprints, a whole other issue entirely!

BooJewels

I've been thinking about the same issue myself @poseidon1 - having recently executed several estates over about a three year period - and having been an active Attorney for 2 of them prior. Luckily they were far more simple than my own affairs - but it does inform your thinking about the future.

Whilst I have something like 25 accounts (fixes, ISAs, EA, NS&I etc) I have tried to limit the number of institutions I keep them with.  I keep a spreadsheet with everything detailed and periodically share pdfs of the salient summary pages with my son.  I also have a printed list of my accounts (including utilities, DDs etc) in the safe with a copy of my will and I hand write on this my log in details.  It also includes the file paths on my computer to the necessary directories and files.  I use the same system on every computer and back up drive.

Because I prefer monthly interest, as it is income for me, I do keep a tight grip on account balances - I tend to log into main institutions most days and at the moment have a system that works well for me.  I rather enjoy the process and treat it like a part time job.  My big worry is if I start losing this level of interest and grip on my arrangements and get myself into a pickle.  I hope that I recognise it if it happens and can simplify things in time.

Barkin

I just keep a list of account details in a spreadsheet, and print a copy when accounts get added/removed. 

poppystar

BooJewels said:

I've been thinking about the same issue myself @poseidon1 - having recently executed several estates over about a three year period - and having been an active Attorney for 2 of them prior. Luckily they were far more simple than my own affairs - but it does inform your thinking about the future.

Whilst I have something like 25 accounts (fixes, ISAs, EA, NS&I etc) I have tried to limit the number of institutions I keep them with.  I keep a spreadsheet with everything detailed and periodically share pdfs of the salient summary pages with my son.  I also have a printed list of my accounts (including utilities, DDs etc) in the safe with a copy of my will and I hand write on this my log in details.  It also includes the file paths on my computer to the necessary directories and files.  I use the same system on every computer and back up drive.

Because I prefer monthly interest, as it is income for me, I do keep a tight grip on account balances - I tend to log into main institutions most days and at the moment have a system that works well for me.  I rather enjoy the process and treat it like a part time job.  My big worry is if I start losing this level of interest and grip on my arrangements and get myself into a pickle.  I hope that I recognise it if it happens and can simplify things in time.

I too have a list of my accounts - basically a spreadsheet snapshot - and a little book with a bit more info under each but I haven’t included my login details (other than notes in the little book to remind me when I need them!). I’d always assumed that for anyone dealing with my estate the headline info would be enough and that they wouldn’t need to be able to access the accounts themselves just know which bereavement teams to contact. Now I’m wondering if I should although I then wonder about the security of writing this information down as I don’t have a safe. 

I do still worry that my father might have had some online account that wasn’t noted down but I didn’t have login details for his emails so have never been able to be as thorough as I’d wished. That little bit of information would really have been so useful! 

Barkin

poppystar said:

BooJewels said:

I've been thinking about the same issue myself @poseidon1 - having recently executed several estates over about a three year period - and having been an active Attorney for 2 of them prior. Luckily they were far more simple than my own affairs - but it does inform your thinking about the future.

Whilst I have something like 25 accounts (fixes, ISAs, EA, NS&I etc) I have tried to limit the number of institutions I keep them with.  I keep a spreadsheet with everything detailed and periodically share pdfs of the salient summary pages with my son.  I also have a printed list of my accounts (including utilities, DDs etc) in the safe with a copy of my will and I hand write on this my log in details.  It also includes the file paths on my computer to the necessary directories and files.  I use the same system on every computer and back up drive.

Because I prefer monthly interest, as it is income for me, I do keep a tight grip on account balances - I tend to log into main institutions most days and at the moment have a system that works well for me.  I rather enjoy the process and treat it like a part time job.  My big worry is if I start losing this level of interest and grip on my arrangements and get myself into a pickle.  I hope that I recognise it if it happens and can simplify things in time.

I’d always assumed that for anyone dealing with my estate the headline info would be enough and that they wouldn’t need to be able to access the accounts themselves just know which bereavement teams to contact. 

That was certainly the case when my father died last year and I was sorting out his affairs. 

BooJewels

poppystar said:

BooJewels said:

I've been thinking about the same issue myself @poseidon1 - having recently executed several estates over about a three year period - and having been an active Attorney for 2 of them prior. Luckily they were far more simple than my own affairs - but it does inform your thinking about the future.

Whilst I have something like 25 accounts (fixes, ISAs, EA, NS&I etc) I have tried to limit the number of institutions I keep them with.  I keep a spreadsheet with everything detailed and periodically share pdfs of the salient summary pages with my son.  I also have a printed list of my accounts (including utilities, DDs etc) in the safe with a copy of my will and I hand write on this my log in details.  It also includes the file paths on my computer to the necessary directories and files.  I use the same system on every computer and back up drive.

Because I prefer monthly interest, as it is income for me, I do keep a tight grip on account balances - I tend to log into main institutions most days and at the moment have a system that works well for me.  I rather enjoy the process and treat it like a part time job.  My big worry is if I start losing this level of interest and grip on my arrangements and get myself into a pickle.  I hope that I recognise it if it happens and can simplify things in time.

I too have a list of my accounts - basically a spreadsheet snapshot - and a little book with a bit more info under each but I haven’t included my login details (other than notes in the little book to remind me when I need them!). I’d always assumed that for anyone dealing with my estate the headline info would be enough and that they wouldn’t need to be able to access the accounts themselves just know which bereavement teams to contact. Now I’m wondering if I should although I then wonder about the security of writing this information down as I don’t have a safe. 

I do still worry that my father might have had some online account that wasn’t noted down but I didn’t have login details for his emails so have never been able to be as thorough as I’d wished. That little bit of information would really have been so useful! 

I haven't recorded log in details for my executor in that role - as you say, they would only need a list of the institutions where I hold funds, their bereavement departments would sort it from there, as you say.  I think they might prove useful in an interim period where I might be temporarily incapacitated and before an LPA could be lodged with an organisation - or short term where that wasn't even necessary.  As Attorneys for my Dad for example, either my sister or I often logged in to his accounts when we were with him, using his computer, to check on transactions or to pay bills for him - at the point where he had capacity, but was finding his computer too much like hard work.  I never had the details outside his house, we didn't have copies of the information. I'm hoping the need to activate an LPA or an executor to have need might be a long time in my own future and my financial arrangements will no doubt be very different by then.

The aunt that passed earlier this year was 95 and her affairs were very simple - but her records were immaculate.  So she was totally on top of her own affairs until she went into hospital at the end, so I might still keep on top of things as time passes.  Maybe the fact that I'm already interested will be enough to fuel my energy to do so.

Hurdler

A bit convoluted and at the height of my MSE journey I had a lot more so this is my dialled back version. I do all my business and personal finances at the very least once a month, if not a couple of times (due to different pay days from freelancing jobs).

Here goes (Different establishments)

5 x Current Accounts

• Main (Salary & Bills, Tenant & Lodger Rental income)
• Cash Allowance Account (£350 a month, take out £70 cash a week)
  
• 'Treat' Account (Whatever is left from £70 a week - for eating out, takeaways, golf etc)
  
• Overflow Buffer (Saving for hols, self-assessment, household refurb spend etc)
  
• Business Current (Freelance income and expenses)
  

5 x Savings Accounts

• Buffer Account (Minimum 3 months outgoings excl. credit cards)
• Rent Account (Lodger's Deposits)
  
• Cash Allowance e-savings account (At end of year anything left in Cash Allowance goes in here for extra buffer)
  
• Treat Account e-Saver account (MSE 1p challenge - end of year can go towards hols etc)
  
• Business Savings account (Pending corp tax, accountants fees etc)

Investment wrap which handles cash savings to put into ISAs all in one wrap and managed by financial planning company - pays me a monthly dividend which together with lodgers, and tenants in late parent's bungalow means I have a buffer when freelance sports work dries up in the off-seasons.

I typically do my personal finances around 10th of the month - most online statements and bills are available by then and I can set up most of my credit card payments in advance. All managed on an Excel spreadsheet.

Business finances - I get paid for one client on the 15th and another at the end of the month so tend to do a couple of rounds of that plus ad-hoc invoicing for another client at the end of the month.

I haven't included my credit cards as I pay them all off when due. 

Only thing I might change in 2024 is where I can pay myself a month's outgoings (incl. credit cards), I will transfer out all rental income and top up my buffers. But I don't forsee having any new accounts now.

arthurdick

Only 6 for me and even that feels like a lot.

Halifax

Chelsea

Coventry

Sainsbury (closed)

Tesco

Nationwide

Santander