How many savings accounts can I have?

MiniLaura

This may be a daft question but at present I have two saving accounts at bank, one is a 90 days notice, other just normal instant thing.

How many savings accounts could I have?

Im trying to get my spending sorted out and think best way that I wont touch any given sums is to seperate it into different accounts - would maybe be looking at 5 instant access accounts - sums wouldnt be anywhere near £500 in each, maybe one 90 day notice with up to £1000 and maybe an ISA?

Still to work out details, but wondering if anyone could advise if im creating trouble for myself with lots of accounts? Its purely to have seperate sums accumating for different thigns and stop me spending spare cash.

Thanks


Laura

spalding

As many as you want

Karfypie

why do you want more than one? just wondering.

Baldur

Karfypie wrote: »

why do you want more than one? just wondering.

Fron the original post "Im trying to get my spending sorted out and think best way that I wont touch any given sums is to seperate it into different accounts"

nilrem_2

As advised above you can have as many accounts as you wish, I have 10 fixed rate accounts alone, staggered to mature at different times plus several other savings and current accounts, I know of people with as many as 100 accounts! :eek:

Having lot's of accounts does make it a little more difficult when filling in ones Tax return and organising them though.

Dan29

Also some accounts will only pay interest on a certain balance, e.g. over £1,000, or may pay a very low rate of interest below a certain balance. So sometimes it can be an advantage to have all your savings in the same account.

nicko33

Aren't there some (online) savings accounts that let you subdivide a single account into several pots?

liitleblackcat

nicko33 wrote: »

Aren't there some (online) savings accounts that let you subdivide a single account into several pots?

I have a Halifax Internet Saver and that let's you do that. I have one with a cashcard called "Housekeeping" and two without (at a higher interest rate) called "Piano Fund" and "Rainy Day". Not much in any of them at the moment as the interest rate isn't that brilliant. I don't think any of the >6% instant access accounts let you subdivide.

tawse57

I have 15 accounts with 15 completely different lenders - unrelated banks and building societies.