Can I open more than one current bank account?

ffacoffipawb

freezspirit wrote: »

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.

Balls.

My main account is with firstdirect.

I also have current accounts with Nationwide, Lloyds TSB, Halifax, Cahoot.

That makes 5 current accounts. Up to a month ago I also had a current account with Smile (closed because never used) and Chelsea Classic (swithed into a better interest paying product). That was 7 current accounts at that point!

Paul_Herring

freezspirit wrote: »

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.

This is similar to what I already do. I have my 'main' current account (LTSB) where my wages go in, and bills come out, and I have a SO going to another current account (NW) which is what I use for day to day spending/going out etc.

I use it as a crude way of budgeting - the amount going into the other account is fixed (unless I'm going abroad - since it's a NW account,) and that's all I'm 'allowed' to spend each week. If there's no money in there, I don't get to go to the pub

freezspirit

Exactly Paul atleast I'm not the only one who wants to do this as a form of budgeting.

Anyway gave HSBC a second chance at a different branch got a similar reply "saleswoman" says its their banking policy that all new accounts will have to close other current accounts at other banks. Went in with last 3 months bank statements for the credit card with limit of £500 but will have to go back tomorrow to see if I have been accepted.

On the way back to where I parked my moped noticed Lloyds so went to give them a chance. To my surprise very very helpful. Sorted out current account, credit card and saving account. So will see how it goes for the next couple of months.

Will also do nationwide later this week, need to go to different town where they have a bigger branch to apply.

So thinking of having Barclays as main, where income goes in etc and everyday things.

Lloyds with a SO from Barclays as Luxuries

Nationwide for petrol or other things like a backup.

C_Ronaldo

Ive not used HSBC before but what a load of tripe theyve told the OP,

Paul_Herring

freezspirit wrote: »

[rep] says its their banking policy that all new accounts will have to close other current accounts at other banks.

Seems it's part of the training then.

1) There's no way they're actually allowed to tell you what to do with other accounts.
2) How are they actually going to enforce this (or even tell if you have closed the other accounts?) What about the accounts you don't tell them about?

I'd be very interested in their answer to those two points, if anyone's inclined to go to an HSBC and waste their time

Swan_2

wayoflife wrote: »

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

my Ex has two Flex (current) accounts & I assumed all banks/building societies did the same until I read this thread ... you live & learn

*funky_pig*

Hi guys,

I too had also formed the impression that you could only hold one current account at a time (I have most likely received this info from some random high street bank salesman aswel in the past!) Am glad to be informed that this is not the case.

I hold a current account with Natwest but am looking to open another one for matched betting and other moneysaving uses etc Am I best to go with an online one and, if so, can anyone suggest one which would be the best (and simplest) to go for??

Thanks

P.S I'm new to the forums so be nice

sdooley

They are perfectly entitled to refuse credit (the overdraft facility) if you refuse to close down your other accounts. In fact it would be a sensible lending policy.

But otherwise they shouldn't care what you do with your old accounts.