Is it better to have one bank account or many?

TracyG

Moderator
Apr 26, 2009
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I have several bank accounts with different banks and was wondering whether this was a good thing or a bad thing.

My partner and I have sole accounts with different banks which we've had since before we met (over 15 years) and a joint account with another bank which we opened when we moved in together. We have another account which we had to open to get the mortgage we chose and which we have to deposit a certain amount in to each month. I also have a account from when I was young which I never use but have not bothered to close. My money transfers around the accounts to cover various payments etc, and I know it sounds disorganised but it works quite well for us, even though I am sure there are changes I could make for the better. But does using several accounts in this way effect my credit rating for the better or worse, or make no difference? Is it safer to have my money transferring around accounts in today's financial climate of crashing banks and fraudsters, or am I putting myself more at risk?
 

Rachelle

New Member
Apr 25, 2009
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I'm not really au-fait with banks and the charges, etc but surely you are being charged admin fees on all of these accounts or interest charges if you ever go into od. Certainly it would be easier for you to see where all your money is coming and going at a glance if everything was held in the one account. But really, I guess, whatever works for you!
 

hip-consultant.co.uk

Premium Member
Mar 13, 2009
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www.hip-consultant.co.uk
As with most things, shopping aroung can provide savings. However, it can be problematic when it comes to organisation IMO. We have a number of accounts, business and personal which are held by one bank. It certainly makes life easier for acc to acc transfers though i am sure i am paying increased charges for this pleasure.

If your banking is maybe simpler it maybe beneficial to look at other deals banks are offering, especially in regard to saving accounts.
 

G_M

New Member
Feb 1, 2009
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Depends entirely why you want more than one and how you use them.

For some people, one account is simpler to manage, keep track of, and avoid charges. For others, multiple accounts help them manage their money in 'pots' for different things.

Like yet others, I have multiple current accounts as well as savings accounts. eg 5 Lloyds c/a (which each pay 4% up to 7K), 2 Halifax accounts (£1 balance but they pay me £5 per month each), a Nationwide c/a (free European cash withdrawals), and a Nat West one for day-to-day banking (Faster Payments system).

Everyone's needs are different though!