Can I open more than one current bank account?

freezspirit

The reason I ask this, is I spent several hours today trying to do three things , firstly open a new current account, open a savings account and to get a credit card.

Ok to give you some background, I'm with Barclays for a current account and credit card. I've never got a loan or been in debt (I know I'm one of the lucky few - but I don't spend what I don't have, learnt that from my parents) I have always paid my credit card bill in full either before or on the due date. I also have a saving account with Nationwaide (£20/mon).

So I went into HSBC with my passport, photo provisional licence, a current mobile phone bill, a barclays bank statement, my paid credit card statement. Which I thought was good enough as proof of identification and where I live but also it proved that I am in the black (moneywise as the statement shows I regular income going into the account). How wrong I was!

Firstly, (I will call him salesman for ref.) said I can't have a current account unless closed my Barclay account as under the terrorism and moneylaudering act you can only have one current account. I have never heard of this before. I don't want to close my barclays account, I said fine leave that. Oh I forgot to mention that the saleman couldn't find my address on his pc - how surprised I was since I've been living here for the past 9 years!

So the saleman went onto process information to see if I could have a credit card - computer says ring loans department (supposedly) anyway to get a credit card with £500 limit, all my proof of money/address/indentification not enough will need to go back with atleast 3 bank statements etc. So credit card on hold.

Finally saving account cos I want to save between £20-£30/mon, before I had gone down went online and HSBC have a saving account with 8% but salesman offer me the flexible saver with under 3% a hugh different the reason saleman couldn't give me regular saver as according to him I couldn't have a current account.

The main reason why I want 2 current accounts is cos I want one for everyday living and the other for luxuries, I want to manage my finances! I don't mind setting up a standing order to transfer money from one account to the other.

It's like I have money and the banks don't want it! Yet I was thinking if I asked the salesman that I want a loan, he would be more than happy to give me the money within minutes!

Sorry this is longwinded but it just drove me mad. Has anyone experienced this or if its true you can only have one current account.

masonic

freezspirit wrote: »

Firstly, (I will call him salesman for ref.) said I can't have a current account unless closed my Barclay account as understand the terrorism and moneylaudering act you can only have one current account.

What utter rubbish. I fluctuate between holding 1-3 current accounts. There are good reasons for holding more than one account and it sounds like this person was deliberately misinforming you to try and win your exclusive custom. This sort of conversation would put me right off opening any sort of account with the bank in question.

mothersuperior

HSBC are known to say this to everyone!!! It's utter rubbish!

gt94sss2

freezspirit wrote: »

Sorry this is longwinded but it just drove me mad. Has anyone experienced this or if its true you can only have one current account.

Yes, you can have more than one current account - I have several with different banks.

I suggest you open one online that way you don't need to deal with any 'salespeople' - if you want to compklain to HSBC about being misinformed, their complaints process is here

HSBC do say that to have their Regular Saver Account you do need a current account with them - so at least one thing he told you was correct...

I'm beginning to wonder if the reason I have so little trouble with banking is that I do almost everything online..

Regards
Sunil

freezspirit

Afterwards I went into Lloyds, less pressure HSBC but the mood I was in after HSBC I didn't feel like siting thru another long sales speech so I just took the leaflets and left.

I think my mistake was to say I have a current account but its catch 22 cos to open an account you need to show proof of income. It seems all banks want you to transfer to them exclusively. But I am very grateful to both masonic and mothersuperior now all I've got to do is find a bank that will let me open an account to put my money in!

gt94sss2

freezspirit wrote: »

I think my mistake was to say I have a current account but its catch 22 cos to open an account you need to show proof of income.

I'm pretty sure thats not normally the case and most banks allow you to open an account without even having an opening deposit.. however, as I say I would apply online

Regards
Sunil

wayoflife

Nationwide allow you to open as many flex accounts as you like

freezspirit

Sunil, the reason I went "instore" was I thought I would be better informed. Ironically I thought it would all be processed/done at once or most within days.

I am now thinking of opening the accounts online now. I might give HSBC another chance but go to a different town to see if I get the same answers.

A reason why I'm a bit shy about doing banking online it just from past experience of Barclays making mistakes with both my current and credit card its best to have paper copies of statements etc.

msaquib

With HSBC it depends which branch you go. My sister initally applied for an Current Account over the phone. She was offered Debt Card/Overdraft and Credit Card.

She went into the HSBC branch and provided passport & LTSB Bank Statements. The Salesman said they cannot open the account unless they see something in writing from LTSB that this account is closed.

She left and went to another HSBC branch. Account was opened in minutes with no problems.

M

gt94sss2

freezspirit wrote: »

A reason why I'm a bit shy about doing banking online it just from past experience of Barclays making mistakes with both my current and credit card its best to have paper copies of statements etc.

With most banks I think (certainly HSBC) if you open the current account online you will still get paper statements unless you choose not too..

Regards
Sunil

ManAtHome

Most of us would probably recommend Nationwide as your first or second current account - well worth it for the cheap euros/dollars (or at least cheaper than anywhere else...lol). Don't think there's any advantage in having HSBC as your second account rather than N/W.