Current Accounts - Anyone have several?

[bitchstewie]

I have a single current account that my salary goes into and that everything comes out of.

I guess like a lot of people I opened a current account when I was a student and I've simply never moved.

For savings I have various "pots" scattered about, but they're very much "savings" accounts so don't offer "banking" facilities like overdrafts (which I don't want/need) or debit/credit cards.

The new FCS limits have focussed my mind that I need to move a pile of money out of my bank and I'm wondering whether it's normal to have current accounts at more than one bank, as it may be useful as I can access it for daily use vs. it being a little more off limits in a savings account, if you get me.

[uuf361]

I've got three.....the original one from when I was very young, the second when I worked briefly for a bank (the one I consider my main), and the third required even I took out a mortgage with another bank.

Nothing to do with limits just by circumstance and a lack of willingness on my part to close any.

[Xaero]

I've got 6 across 4 banks (some let you have more than 1). The only reason is because a few have high interest (well 5%) but only up to a certain limit, so any money over that I move into another account. It's a fuss to set up, but worth it when several tenners are generated monthly from a few different sources just for a little effort.

[PositronicRay]

Mrs R and I have 4 current accounts across 3 banks (one joint)

[Sheepshanks]

bhstewie said:

The new FCS limits have focussed my mind that I need to move a pile of money out of my bank.....

I suppose you should never say I it's impossible but I take the view that if banks start going bust then all bets are off anyway.

[davepoth]

Sheepshanks said:

bhstewie said:

The new FCS limits have focussed my mind that I need to move a pile of money out of my bank.....

I suppose you should never say I it's impossible but I take the view that if banks start going bust then all bets are off anyway.

Quite.

One thing that puzzles me is why you'd want to keep seventy five grand in a current account that doesn't earn much interest?

[menousername]

davepoth said:

Quite.

One thing that puzzles me is why you'd want to keep seventy five grand in a current account that doesn't earn much interest?

Where else would you put it that's safer?

Stocks & shares ISA?

BTL which requires a top up mortgage and is equally at risk of foreclosure should TSHTF

[bitchstewie]

davepoth said:

Quite.

One thing that puzzles me is why you'd want to keep seventy five grand in a current account that doesn't earn much interest?

Unless you want to risk it, or commit it so you can't get to it, there aren't many options that pay much unless you literally want to scatter £3-5k pots everywhere.

1.5% is about the best I've seen that allows withdrawals.

[bitchstewie]

Sheepshanks said:

I suppose you should never say I it's impossible but I take the view that if banks start going bust then all bets are off anyway.

And in a way I kind of agree with that, but it would seem foolish to ignore the limits.

I've also been through the fun of wondering if all my savings had disappeared during the Icesave saga, so I'm a little more cautious now.

[Mattt]

bhstewie said:

Unless you want to risk it, or commit it so you can't get to it, there aren't many options that pay much unless you literally want to scatter £3-5k pots everywhere.

1.5% is about the best I've seen that allows withdrawals.

Lots around now, eg Santander 123

[Pints]

menousername said:

davepoth said:

Quite.

One thing that puzzles me is why you'd want to keep seventy five grand in a current account that doesn't earn much interest?

Where else would you put it that's safer?

Stocks & shares ISA?

BTL which requires a top up mortgage and is equally at risk of foreclosure should TSHTF

Instant access savings accounts offer higher interest rates.

[HonestIago]

I have 3x BOS (paying c. 3%), 1x Nationwide paying just under 5%, 1x TSB also paying just under 5% and an RBS one which I get paid into and actually use as a current account as opposed to a savings stash!

Setting up the necessary direct debits was a bit of a pain but worth it for the interest these accounts (excluding RBS) generate.

[NerveAgent]

I have a Natwest account which I use day to day and a Santander 123 as a savings account. Thinking about setting up some more but I don't have many direct debits.

[gazapc]

I've got my actual Natwest current account, 2 x TSB accounts earning 5% on £2k each, Nationwide earning 5% on £2.5k, M&S current which gave me £125 voucher to switch (just used a donor natwest account) and access to a 6% monthly saver, and a Tesco bank current account earning 3% on £3k.

About to add the Coop bank to that for another £140 quid account switching bonus. I'll use a Tesco saver as a source of the required direct debits. After that then there will definitely be First Direct, Halifax and Lloyds for the interest/switching bonus and once i've exhausted all of them then Santander 123.

It's a bit of a faff with paperwork/setting up standing orders at the beginning but I'm getting much better rates than any standard savings account and some beer money from the switching bonuses

Edited by gazapc on Sunday 5th July 12:53

[AyBee]

3 for me too:
- Account 1 - my first account, chosen because my mum was there;
- Account 2 - student account because they had the best student offers when I was at uni;
- Account 3 - offers the best interest rates.

I rarely use Account 1 these days, salary goes into 2 and then gets distributed to 3 and elsewhere as and when required because I can't be bothered to change where my salary goes in to and Accounts 2 and 3 both have mobile apps so moving money about takes seconds

[droopsnoot]

For the "balancing act" of extracting the most from the various current accounts on offer, I was pointed to this web site recently which looks quite handy:

http://www.bankaccountsavings.co.uk/

I have no affiliation with it etc. etc.

[lukefreeman]

2, soon to be 1.

1 X joint current account where everything goes in.
1 X ISA
2 X premium bonds
1 X Credit card.

[AyBee]

droopsnoot said:

For the "balancing act" of extracting the most from the various current accounts on offer, I was pointed to this web site recently which looks quite handy:

http://www.bankaccountsavings.co.uk/

I have no affiliation with it etc. etc.

I like that, thanks

[Craikeybaby]

One current account for me and one joint account with another bank.Multiple savings accounts though,

[sideways sid]

bhstewie said:

I've also been through the fun of wondering if all my savings had disappeared during the Icesave saga, so I'm a little more cautious now.

Wasn't that 2008? You say that the money you're referring to is in addition to savings.

Have you considered spending it on something?