One or Two accounts?

lincsvape
lincsvape Posts: 17 Forumite
in Budgeting & bank accounts
What do most people do?

Have one current account for everything - wages in, bill payments, shopping, going out? Etc

Or two current accounts, one for wages and spending and maybe one just for direct debits and bills which part of the wages get transferred into each month?
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Comments

  • ceredigion
    ceredigion Posts: 3,709 Forumite
    First Anniversary Photogenic First Post
    2 accounts, how quaint
  • surreysaver
    surreysaver Posts: 4,095 Forumite
    Name Dropper First Anniversary First Post
    It's probably wise to have a spare account which is kept active and has money in it, in case your main bank's computers go down, or frozen due to suspected fraud or something.
    I consider myself to be a male feminist. Is that allowed?
  • MarkFromCornwall
    MarkFromCornwall Posts: 885 Forumite
    Name Dropper First Post First Anniversary
    People here aren't typical. We tend to have several that pay a monthly reward, several that pay a few percent in interest, several that paid a cash bonus for opening them and maybe some that have special deals like cashback. Please let's not turn this into another 'who has the most current accounts' conversation!
  • EachPenny
    EachPenny Posts: 12,239 Forumite
    First Post Combo Breaker
    Hello lincsvape.

    Not so long ago you said you had both a Barclays and a Lloyds account but only wanted one current account - and asked us to vote on which one you should keep.

    So which one did you go for in the end, and why are you having second thoughts?
    "In the future, everyone will be rich for 15 minutes"
  • lincsvape
    lincsvape Posts: 17 Forumite
    I now have lloyds Basic Account and a natwest reward account. Thinking of keeping the basic one for just bills and use my natwest which has all the facilities for wages and spending
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    edited 6 June 2017 at 8:29PM
    lincsvape wrote: »
    I now have lloyds Basic Account and a natwest reward account. Thinking of keeping the basic one for just bills and use my natwest which has all the facilities for wages and spending
    Doesn't the Reward account charge £2 per month, and pay 2% cashback on various bills? If so, you appear to be paying out yet not receiving any benefits?


    EDIT: But to answer your question, I'd wager most people in the UK have just one current account for everything. However, most on here will have more than one.
  • TheShape
    TheShape Posts: 1,779 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    I have a large number of current accounts but one account which I would consider my 'main' account which receives my wage and from which all my bills are paid. I like the simplicity of my main transactions being made via one account but find it very useful to have at least one additional account incase my main account provider has issues, I lose my card etc.
  • greenlightluke
    greenlightluke Posts: 166 Forumite
    First Anniversary First Post Combo Breaker
    I have several accounts:
    - main account (first direct)
    - food and household account (NatWest)
    - holiday account (Tesco)
    - emergency fund account (NatWest)
    - want account (Monzo)

    I'm typically really bad at budgeting and saving but I'm getting better and I found this method most effective for me. All my money is accounted for so I'm not looking at my main account through the month wondering where all my money is going.
  • Ilona
    Ilona Posts: 2,449 Forumite
    Different methods suit different people. I am very good at managing my money so I only need one bank account and one credit car. I pay my utilities quarterley by cheque into the bank. I have minimum direct debits, my monthly bank statement has only one page, easy to check.

    Savings can be short term for emergencies, things breaking down, medium term for annual events like car insurance, MOT, and tax, weekends away, or long term for changing the car, weddings, moving house, holiday of a lifetime.

    I don't split my money up into separate accounts, because I find it simpler to have one total which covers all of the above. I take one look at my statement, nothing untoward going one, the figure at the bottom is in my head. Columns of figures confuse me. At this moment in time I know I could change my car tomorrow, part ex plus cash. I could go on a round the world cruise, but I don't want to.

    I don't have a savings pot as such, I just don't fritter the money away on things I don't need, the balance creeps up and up when you stop spending. It's all down to self discipline.

    Ilona
    I love skip diving.
    :D
  • Annie_Clark
    Annie_Clark Posts: 30 Forumite
    I've got two bank accounts, one for all bills and regular expenses (direct debits, standing orders, childcare etc), and one for shopping. I get my salary paid on the 25th in the "bills account", I calculate how much money I need for bills (some expenses are variable e.g. childcare) and "park" them in the bills account and I transfer the rest to the "spending account". That way I make sure all bills are paid, regardless of when the direct debit is due to go out.

    I can't be bothered to use more than 2 accounts, life's complicated as is :)

    Oh and I do have a savings account but that looks very sad at the moment ;)

    PS. It also helped tremendously when I lost my "spending" card, to have the other bank card readily available....
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