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Advantages and disadvantages of having more than one bank account?
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FlorayG said:OMG some people have numerous accounts! What's the advantage of having so many please?tl;dr: it makes my wife and I £55ish a month net for a very small amount of effort.
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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.
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.
Sometimes happens that either Visa Or Mastercard system goes down, So also make sure you have one of each card just in case.Life in the slow lane0
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