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  • FIRST POST
    • ijoycaptain
    • By ijoycaptain 26th Jan 18, 5:50 PM
    • 6Posts
    • 1Thanks
    ijoycaptain
    How many current accounts do you have?
    • #1
    • 26th Jan 18, 5:50 PM
    How many current accounts do you have? 26th Jan 18 at 5:50 PM
    How many current accounts do you have, and why?

    I.e. one for wages and spending, and a second for household bills (utility direct debits / rent) etc?

    Maybe a third to put money into exclusively for use abroad on holidays?

    It would be very interesting to find out peoples methods for managing their finances.
Page 3
    • Skippy13
    • By Skippy13 4th Jul 18, 9:46 AM
    • 152 Posts
    • 52 Thanks
    Skippy13
    I have 4 - Halifax as my main account, Nationwide Flexplus joint account, Natwest for switching bonus and Barclays as it was a joint account with my Mum and I kept it when she died.
    • ozaz
    • By ozaz 4th Jul 18, 10:02 AM
    • 185 Posts
    • 62 Thanks
    ozaz
    LoL, you people really have 13 or 15 or even 20 current accounts? Is that true? I can't believe it :-)

    I would like to have between 4 and 6. I think that's the maximum that I would be able to manage effectively. Actually, I would be happy with 3, but I need more so I can switch them elsewhere if I find some new good switching incentive.

    How do you manage all those accounts? How does it affect your credit rating?
    Originally posted by SlovakianGuy
    I don't have 20 current accounts but I have accounts from around 20 providers if I include savings accounts and investment products. Once a month I log the balance of each account in a spreadsheet. Probably takes me about 30 minutes.

    I also use an account aggregator to keep an eye on the transactions in my bank accounts. I use Emma, but there are several aggregators out there.

    Regarding credit rating. Opening a current account with an overdraft facility will certainly result in a hard credit search. However, opening a current account without an overdraft facility doesn't necessarily lead to a hard search. I know at least one of the banks I use - Monzo - doesn't do a hard search: https://www.moneysavingexpert.com/news/banking/2018/01/monzo-to-ditch-its-prepaid-card-from-april
    Last edited by ozaz; 04-07-2018 at 10:12 AM.
    • SlovakianGuy
    • By SlovakianGuy 4th Jul 18, 11:27 AM
    • 53 Posts
    • 11 Thanks
    SlovakianGuy
    Thanks!

    I think I would only use one account for day-to-day banking. I log in to my main TSB account at least once a week but usually twice or even more often. I always know exactly how much money I have, how much I spent, etc. Just few weeks ago I opened my second account in Nationwide, which I will use as my main account instead of TSB. I will keep TSB for some time because of the interest, but I plan to switch it elsewhere. I don't want to stay with a bank that rejected to issue me a credit card after 4 years with them. There is one thing though... On my credit report I can see my TSB account and it's history of 4 years. I suppose that if I close it, then this history may be deleted. At least with credit cards it works this way. I often read "if you close your oldest credit card account, the overall length of your credit history will decrease". So I'm a little bit afraid of it, however, it shouldn't be a big problem for my credit rating. After all, I've never had any overdraft, so it actually doesn't have much to do with "credit" as such. Right or wrong?

    OK, now let's say I would have 5 current accounts. Using just 1 for day-to-day banking. On the other 4 accounts I would set up standing orders just to send money between them to meet the criteria of the minimum monthly pay in. I wouldn't have to worry about the remaining balance on those 4 accounts since I wouldn't use them for spending. This way it should be relatively easy to have multiple current accounts but maybe there is something I haven't taken into account? Let me know your thoughts. Cheers!
    Last edited by SlovakianGuy; 04-07-2018 at 11:31 AM.
    • sparks6
    • By sparks6 4th Jul 18, 11:56 AM
    • 17 Posts
    • 2 Thanks
    sparks6
    2 xTSB (int)
    2 X tesco (int)
    2x natwest (first ever bank acc and a joint
    1 club lloyds (was int now reg savers)
    3 xVantage (one currently being switched to barclays) (was int now savers and looking to switch)
    1 M&S (for reg saver)
    1 First Direct (for reg saver)
    1 Nationwide ( for reg saver)
    1 Coop ( for monthly ireward )
    1 Santander 123 1 everday banking (Main bills acc was for int now back for int , one spare switch acc)
    • colsten
    • By colsten 4th Jul 18, 1:51 PM
    • 9,398 Posts
    • 8,340 Thanks
    colsten
    Can we have a number of current accounts? Like 5 current account in different bank?

    This is because when I go lloyds open a current account, they asked me you already have Barclays, Halifax, Nationwide, why need so many current account.

    Is UK law does not allow open multiple current account?
    Originally posted by alandaniel132
    There is no law that limits the number of current accounts you can have. This doesn't mean that all banks will always accept your application - they can turn you down without giving a reason. If you apply online, you won't get asked how many accounts you already have. At least I don't know of any online application that does, and I have accounts with all of them, sometimes even multiple ones with the same bank. Some banks do now limit the number of current accounts you can have with them but I haven't heard of any that decline your application because you have one or more current accounts elsewhere. For all they know, you might want to open an account with them to switch from another bank - - i.e. it is new business for them, and they are all keen for new business. Also, some require you to have a current account to get access to their savings accounts.
    • SlovakianGuy
    • By SlovakianGuy 4th Jul 18, 2:09 PM
    • 53 Posts
    • 11 Thanks
    SlovakianGuy
    If you apply online, you won't get asked how many accounts you already have.

    But don't they find out during the credit check?



    it is new business for them, and they are all keen for new business.

    Probably in most cases, but mu friend, for example, spent about 2 hours in NatWest branch as they were too reluctant to accept her application for switching to them from HSBC. Maybe because she's been living in the UK for only one and half year?
    I told her about the switching offer, she went there and applied, but later was a bit angry about it.

    Btw, if you apply for basic account without overdraft, do most banks still perform hard check on your credit report?
    • enthusiasticsaver
    • By enthusiasticsaver 4th Jul 18, 2:23 PM
    • 7,289 Posts
    • 16,027 Thanks
    enthusiasticsaver
    For a few years I had numerous current accounts for the higher rate of interest. Before taking early retirement though we simplified our finances and started investing and moved a lot of the money into investments/sipps. Now I have 5 current accounts.

    We have one joint current account with Santander 123 which is our main current account for the 1.5% interest and the cashback on direct debits. All our pensions go in and all bills come out of there along with everyday spending. We use the Santander 123 credit card for fuel and food. A linked internet saver holds our house and car maintenance fund.

    I have a sole current account with first direct for my personal spending. Money is always in and out of there but no interest. The linked online saver is a slush account which again pays nominal interest but means I avoid the 10 monthly charge and don't have to comply with the funding requirements.


    I have an old Nat West account which I used to use for bills for a second property but now that is sold I use it as my holiday fund. No interest paid .


    I have 2 old current accounts with Tesco paying 3%. I don't use these as these are just for savings but opened before they asked for minimal funding and direct debits. I just move the interest out each month. Again there is a linked internet saver and this and the Tesco current accounts hold our general savings to cover our early retirement until all our pensions start paying out.

    I don't get involved with switching bank accounts any more.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • coffeehound
    • By coffeehound 4th Jul 18, 3:33 PM
    • 2,061 Posts
    • 3,214 Thanks
    coffeehound
    1 x Lloyds Classic a/c opened in 1985.

    Life's complicated enough ...
    • fabsaver
    • By fabsaver 4th Jul 18, 4:46 PM
    • 911 Posts
    • 2,240 Thanks
    fabsaver
    17 currently

    1 main account
    4 earning 3-5% interest
    3 earning monthly rewards
    3 needed to access 5% regular saver accounts
    2 for perks (travel insurance / cinema tickets)
    4 dormant awaiting next switching bonus
    • Anthorn
    • By Anthorn 4th Jul 18, 10:45 PM
    • 4,008 Posts
    • 1,078 Thanks
    Anthorn
    Three current acounts: One French which is ... er ... in France and in Euros; one U.K. paying cash back on bills and one U.K. for everyday use and interest. Two U.K. savings accounts used for rainy day funds.
    • Fingerbobs
    • By Fingerbobs 5th Jul 18, 10:41 PM
    • 500 Posts
    • 139 Thanks
    Fingerbobs
    Fun thread this :-)

    Currently I have:

    Current Accounts: 10
    Credit Cards: 7
    Instant Access Savings Accounts: 11 (although admittedly most of them are pretty much dormant)
    Fixed-Term Savings Accounts: 2
    Regular Savings Accounts: 9
    Share Dealing Accounts: 5
    Stocks and Shares ISAs: 1
    Cash ISAs: 1
    • hangonthebox
    • By hangonthebox 7th Jul 18, 9:49 PM
    • 20 Posts
    • 12 Thanks
    hangonthebox
    My main current account is a Nationwide FlexDirect. My weekly salary goes into this account every Friday.
    My second account is a Lloyds Cash account (no longer onsale, replaced by the Basic Account) into which goes a weekly transfer to cover all my bills (direct debits are all from this account).
    My third account is a Bank of Scotland Basic Account which I use as my Paypal account and the card for all online purchases, funded from my main account.

    I also hold two CYBG current accounts, Yorkshire Current Account Direct and B, (both currently unused having recently ditched them in favour of Nationwide), a Natwest Select Current account opened for the switching bonus, a TSB Basic account, a Coventry Money Manager (basically a current account with a cashcard but no debit card) and Monzo & Starling accounts.
    • Vet
    • By Vet 8th Jul 18, 11:58 AM
    • 64 Posts
    • 37 Thanks
    Vet
    4
    1 main, 3 for 5% savers
    • Westie983
    • By Westie983 8th Jul 18, 10:21 PM
    • 4,614 Posts
    • 15,150 Thanks
    Westie983
    I have lots, I am managing it all using YNAB.

    I have set up scheduled payments for each account and I know how much each one needs to cover bills, earn interest, regular saver payments..

    Looking at YNAB it shows 50 accounts (mixture of current accounts savings accounts and regular savers)

    I will be reducing* the number as they reduce their interest or DD capacity or they come to an end.

    *Although I think it will increase if Virgin keep launching RS every few months

    Westie983
    Save 12k in 2019 #10 Total (16000)+0/12000 = 0.0%
    Sealed Pot Challenge ~ 12 #97 Total (450)+1/500 = 0.20% ( x 11)
    Xmas 2018 1 a Day #2 Total (165)+0/365 = 0.00%
    Virtual Sealed Pot #1 Total (1300)+0/1000 = 0.00%
    2 Savers Club 2018 #16 Total (1030)+0/2000 = 0.0%

    Total 1.00/15865 = 2.00%
    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • Frogletina
    • By Frogletina 9th Jul 18, 3:04 AM
    • 3,094 Posts
    • 11,260 Thanks
    Frogletina
    I have lots, I am managing it all using YNAB.

    I have set up scheduled payments for each account and I know how much each one needs to cover bills, earn interest, regular saver payments..

    Looking at YNAB it shows 50 accounts (mixture of current accounts savings accounts and regular savers)

    I will be reducing* the number as they reduce their interest or DD capacity or they come to an end.

    *Although I think it will increase if Virgin keep launching RS every few months

    Westie983
    Originally posted by Westie983
    Hi Westie

    I could have written your post, although by opening an account on Friday I now have 51 accounts!

    However, one has a nil balance because Virgin appear to have requested a full transfer instead of a partial transfer (ISA) so I have to make a visit to them tomorrow to sort things out.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 1567.31 SPC 9 #441 1014.64 SPC 10 #441 1164.13 SPC 11 #441 1598.15
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