What's in your wallet/purse?

LMcScrooge

Does one person really need 3 current accounts?

Willing2Learn

LMcScrooge wrote: »

Does one person really need 3 current accounts?

I've got 10 (I've just closed two so it was twelve).

They all have linked savings accounts or pay rewards, cashback, that sort of thing etc.

In my main wallet, I've currently got:
1 x credit card
2 x debit cards
1 x travelcard
£44.82 cash

In my reserve wallet, I've got:
2 x credit card
8 x debit cards
€20 cash

LMcScrooge

How do you get use out of 12 bank+savings accounts though? I don't earn enough to get one account off the 'basic' intereste rates, let alone 12.

Willing2Learn

Some of the accounts I just keep a pound in, and then I claim the switch reward or open a linked regular savings account. With the exception of the TSB (my main current account paying 5% interest), I just pay a transfer in and then transfer out the same amount once a month to claim the reward for some accounts. Nationwide FlexDirect I keep £2500 in for 5% interest, Tesco current I keep £3000 in for 3% interest etc etc

Terry_Towelling

LMcScrooge wrote: »

How do you get use out of 12 bank+savings accounts though? I don't earn enough to get one account off the 'basic' intereste rates, let alone 12.

I guess it is down to how much money you have at your disposal. Some are lucky enough to be able to open up multiple current accounts - all of which pay relatively high interest (or some other sort of reward).

TSB and Nationwide (to name but two) both pay 5% interest on balances up to a certain limit, so it is useful to fill that type of account up to the interest limit and then take advantage of their linked regular savers - some also paying up to 5%.

Once you've filled up the high-interest current accounts and high-interest regular savers you then move to other regular savers and thence on to conventional easy-access/notice/fixed rate savers.

Much also depends on whether you are recycling existing savings or using income to fund your savings.

If you don't have enough cash to play the game widespread, you can still pick a high-interest current account and make the most of it. If you are worried about meeting the pay-in requirements but you have cash savings elsewhere you can probably transfer those in and out to fulfil requirements.

E.G. Nationwide FlexDirect requires £1000 per month pay-in to get the interest. If you don't have enough income to meet that but have, say, £100 to spare in your 'usual' current account, you could arrange to transfer that £100 in and out 10 times during the month by STO. Job done!

Sapphire

Debit Card
Nectar Card
Waitrose Card
BM membership card
V&A membership card
Driving licence (for ID purposes)
Tube map
Gym membership card
Assorted business cards
c. £25 in cash

That's it. Don't have time to fiddle about with opening other accounts than my main one (and monitoring them, and ensuring the cards don't get stolen). No wonder some people feel the need to have spreadsheets, keep track of their spending, etc.

Robisere

What is in my wallet is my business only.

[Deleted User]

Robisere wrote: »

What is in my wallet is my business only.

....wow....

Vet

TSB debit card
TSB credit card
Driving license
Dust

rainbowskies

Lloyds debit card (main account)
Monzo debit card (works as back-up account and free to use abroad)
Halifax Clarity credit card (free to use abroad)
Driver’s License
Tesco clubcard
£20

I try and keep it minimal.