Advantages and disadvantages of having more than one bank account?

WillPS

FlorayG said:

OMG some people have numerous accounts! What's the advantage of having so many please?

https://forums.moneysavingexpert.com/discussion/comment/80836169/#Comment_80836169

tl;dr: it makes my wife and I £55ish a month net for a very small amount of effort.

born_again

Brie said:

Rob5342 said:

The old dont keep all ypur eggs in ome basket applies. It's a good idea to have at least two current accounts so you have a backup if you cant access one of them. I can't see any disadvantages to having multiple ones, it only takes a fingerprint to open the app so there is no inconvenience. 

unless you don't use apps or have a fingerprint option on your phone of course.  But Monzo I think is app based?

In any case all it takes is a way to remember the different account access codes/pins.  But definitely worthwhile having more than one and in different banking groups. 

Was it HSBC that had a major system meltdown a few years back?  Anyways - lots of people unable to access cash, pay bills, buy groceries. 

And having been burgled I might suggest that a minimum of 3 accounts is required.  2 with cards in your wallet/phone and one somewhere else safely tucked away (not in your sock drawer) in case you get burgled or otherwise have your wallet/phone stolen/go missing.  I mention the sock drawer as it's such a cliche place to stash things that any "decent" burglar will know to look there.

TSB, on changeover to new system, April 2018. Cost them a £48.6 m fine from FCA on top of all the compensation paid out. But at some point most banks have a outage that causes issues, or are down for maintenance at some point over a weekend.

Sometimes happens that either Visa Or Mastercard system goes down, So also make sure you have one of each card just in case.