How many bank accounts do you have?


#1

Reading the forum I am surprised at how many bank accounts people have, I wonder how people manage them and move money between them and why?


#2

I used to have loads, mostly to get the high interest rates.

I’d use Santander as my main account which pays interest on up to £20k and setup standing orders for the minimum pay-in amounts to the other accounts on the first of each month. I’d then transfer the money + any interest back.

I got bored of this and used Starling’s switching service to close them all down apart from Santander :+1:

Now Starling has the spending money, Santander hold the rest of my cash with better interest and the rest has gone into investments.


#3

Maybe a personal account for salary and direct debits, one for business expenses to keep them separate from personal expenditure, one for segregating funds such as saving for annual holiday, another for a second currency. Everyone will have their own personal reasons


#4

Starling is my one and only bank account. Switching was the best decision I ever made!


#5

That is such a great reply!


#6

I have 3/4, I’m chasing the best interest rates, but as these cease I’ll consolidate those to 1 or 2.


#7

I myself have my main account with Nationwide (for the worldwide travel insurance) I have a Club Lloyds account, Starling and Monzo

I will switch my Club Lloyds to Starling.
Monzo just doesn’t do it for me

I am looking at other Worldwide insurance providers, along with car breakdown and Mobile phone insurance. If I can get those for the £13 per month I pay Nationwide, then I would switch fully to Starling


#8

three quarters (3/4) of an account rather than three to four (3-4) now that sounds interesting


#9

If only you knew how interesting, everyone would want one!!


#10

Currently Starling as my sole current account, one ISA that I’m moving to my Virgin Money savings when it matures next month and a one year fixed saver with Atom which will most likely have the same fate as the ISA.


#11

Blimey forgot my Atom savings account, make that 4/5 accounts then. I deleted the Atom app as I could never log in! Stupid facial recognition, stood blinking furiously at my phone! How annoying. Will just wait for an email from them telling me my account is going to mature. Won’t be putting my money with them again unless they are offering eye watering rates.


#12

eye-blinking rates, perhaps?


#13

Ha ha, yes that too.

Great rates, dreadful app. Tried to log on several times, gave up an deleted it it annoyed me so much.


#14

It is simple. After setting up you just use the pin to log in each time rather than select the blink now option :wink:


#15

I remember access anything too secure and you’d have to either talk to the phone or use your image to unlock the account… I imagine this looks real good in public. :stuck_out_tongue:

Seriously though, it once put me off accessing my account once whilst in the break room at work. :frowning:


#16

I would but the app won’t let me bypass the eye blinking stage. It involves a call to their CS who say the same as you, however it doesn’t work for me?!

Facial recognition is fine if it works, but a nightmare if not. Why they tried something fancy rather than food old fingerprints I will never know!?


#17

Well Apple seem to think facial recognition is the future as well, so expect Samsung and the other Android makers to introduce it soon too…

As for my bank accounts - I’ve got 2 current accounts Nationwide and Starling and 3 savings accounts - 2 Savings with Nationwide (Instant Access and ISA) and a Tesco Bank instant access saving account.

Of course - I’ve now also got Starling Savings Goals so I’ll be closing the 2 instant access savings accounts (there’s nothing in them anyway!).

Still going to keep the Nationwide account as that’s my Salary/Bills account and I then transfer my spending money over to Starling atm. If Starling introduce budgeting so that i can ‘set aside’ money in my account for specific bills then I’ll probably jump over completely and close the Nationwide account as well.

A slightly different question - how many bank accounts have you had previously? If I remember them all - I’ve had 7 other previous current accounts that have been a mixture of traditional banks (Lloyds, Natwest), Online ‘new tech’ banks (First-e, Cahoot, Smile) and ‘challenger’ banks (Co-op, First Direct). I’ve only got the Nationwide account now because I moved to Scotland and had a Natwest account at the time and assumed I could use RBS branches - but then found out that that wasn’t the case.


#18

I’m sure it a software issue rather than anything else. I’m thinking Apple’s R&D budget is slightly more than Atom’s, so would hope that it would work first time on Apple.

Apple won’t put their reputation on the line for a semi iffy service, however Atom have in my view. They tried to be clever, but it’s so frustrating you just give up. I think that is defeating their idea of it.


#19

I have starling now which I use more and more.

Monzo prepaid which I haven’t used a few weeks.

Clarity credit card for abroad.

MoneyFarm with 2 portfolios.

So…one current account…although it’s a little risky without my nationwide phone ijsursnce anymore.


#20

I have current accounts with Starling, Monzo (preview), Nationwide (main) & Natwest (joint).
I need to see more from Starling or Monzo before I jump ship from Nationwide.
No chance of closing joint account her indoors won’t move - had same account for 17 years. In that time I’ve had current accounts with 7 different banks.


Introducing Joint Accounts