Can it be bad for you to have too many savings accounts?

Indispensable_Hobbes

I hope that questiona makes sense.

Can it have an adverse effect of your "credit score"?

grumbler

jenyking wrote:

Can it have an adverse effect of your "credit score"?

I think the answer is NO. Your savings are not registered in your credit files. Quite the contrary, I think that some information about your savings available to a lender can help you sometimes to get credit.

Indispensable_Hobbes

Oh thats good.

I was a little bit sick about the A&L account so withdrew the money and am thinking of getting a Cahoot or that ISISISISISISIS account.

Don't want to make a bad record for myself opening loads of accounts.

Stink_Pod

jenyking wrote:

Don't want to make a bad record for myself opening loads of accounts.

The only thing I would consider is that each separate bank *may* run a credit check - read the small print carefully, a number of searches *will* affect your ability to get credit in the short term. If the search is only for ID purposes (e-identity check) then it shouldn't be a problem as this doens't leave a 'footprint' on your file.

FWIW, although your savings aren't recorded on your credit file, the fact that you have an account with a certain back can be - although this generally applies to accounts where a card/cheque book are issued.

Hope this helps

Stonk

It's just a pain if you kick the bucket and someone has to track down all your cash ;o)

deemy2004

Its not bad its fun... playing with numbers on 30+ accounts...

As above it will in some way be positive for your credit scoring as the bank will probably have some info on you if you have multiple accounts with multiple banks.

Walletwatch

deemy2004 wrote:

Its not bad its fun... playing with numbers on 30+ accounts...

As above it will in some way be positive for your credit scoring as the bank will probably have some info on you if you have multiple accounts with multiple banks.

Agreed. I started off with just a current a/c at Citi paying a princely 0.1% p.a. Then started on savings a/cs with a Citi savings account. Kept it alive when I opened my ING, as the Citi current a/c is my main account, from where all my DDs / SOs go out, so till the time it goes out, I park them in my Citi savings a/c. Then opened an egg when the rate moved up to 5.5% introductory. Then came the Regular savers - first Abbey, then Halifax, so decided to have Web saver + current accounts also with them, so I could park the money in the Web saver and move it electronically at the last moment to the current a/c where my SO was maintained for credits into the respective Regular Savers. Of course, then HSBC came along with a whopping 8% on its RS, but instead of opening a web saver with them (relatively lower interest rates), set up an overdraft on my current a/c with them, so I could fund the account at the last moment (on due date actually) for the RS debits.

And of course, I have always taken max advantage of these Regular Savers, so I have one each for wifey and myself at each of these places, so in terms of number of accounts, you can say it does get tricky at times, but as Deemy suggests, it is good fun. The idea is clear - to extract upto the last drop of interest from the banks on the float you maintain with them. That is the reason all my movement of funds across banks also is in cash (so I don't let them use my float for earning money on the transfer period)

Indispensable_Hobbes

lol you must be loaded!!!

Cheers for the comments guys.

i only have a few accounts, not keen on keeping ones that are poor performance or samey performance n one is better eg ING is better than A&L imo due to the timescale of "clearing" and withdrawing.

deemy2004

The halifax kids accounts means X8 new accounts :)i.e 2 per child per parent.