Do you have more than one current account? — Scope | Disability forum
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Do you have more than one current account?

MarkM88
MarkM88 Member Posts: 3,130 Connected
I’ve never thought about it before but had a chat with a friend that says it gives you a back up if you have issues with your current account. 

Do you have more than one account? 
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Comments

  • janer1967
    janer1967 Member Posts: 16,329 Disability Gamechanger
    No just the one account 
  • vikingqueen
    vikingqueen Member Posts: 810 Pioneering
     I've always had 2, one has wages paid in the other is my spending money account  ;)
  • woodbine
    woodbine Member, Community Co-Production Group Posts: 7,715 Disability Gamechanger
    Just the one, might not be the worst idea to have a savings account as well for emergencies.
    Be extra nice to new members.
  • MarkM88
    MarkM88 Member Posts: 3,130 Connected
    One reason I was asking for and I asked on another forum too was because the home loss compensation payment the housing association have offered, it’s £6500 and they said they would do it as a direct bank transfer. 

    I was thinking, you often hear stories of people receiving lump sums and the bank querying where it’s from and suspending accounts. 

    I never receive payments that large or have a balance that large so thought gosh what happens if the bank wonders what it’s for or where from?

    it got me thinking though, surely the bank would see where it was from and that it was from a registered organisation and know it’s not dodgy. 

    Yes, I am a worrier, I get that from my mum! 

    Someone pointed out to me that you should always have a back up current account in case that ever happened. 
  • woodbine
    woodbine Member, Community Co-Production Group Posts: 7,715 Disability Gamechanger
    It might be an idea Mark when you know the payment is due to phone your bank and tell them.
    Be extra nice to new members.
  • Jean Eveleigh
    Jean Eveleigh Member Posts: 166 Pioneering
    I have 2 current accounts:-

    I have my main account that my benefits are paid into and my bills come out of;

    Then I have a second that my Direct payment money from social services is paid into and my carers wages and all associated costs agreed in m care plan are paid out of

    And then I have a savings account that is used to store money for vets bills etc.
  • MarkM88
    MarkM88 Member Posts: 3,130 Connected
    woodbine said:
    It might be an idea Mark when you know the payment is due to phone your bank and tell them.
    Good point, I think its just the fact the internet is full of horror stories and I should avoid those,
  • OverlyAnxious
    OverlyAnxious Member Posts: 1,786 Disability Gamechanger
    I have 2 current accounts.

    One for rent and bills, and the other for adjustable expenses such as food & fuel.  Means I've always got enough in the bills account, and can quickly and easily see my food & fuel allowance before shopping or filling up without risking future bill payments.  :smile:
  • Rachel10876
    Rachel10876 Member, Community Co-Production Group Posts: 75 Courageous
    I now have 3 current accounts,
    one is the main account that my direct debits are in.
    one is for park payments because I do park savings.
    the other one most recently is for money that I don’t want to touch so I try and forget about that one. xx
  • Adrian_Scope
    Adrian_Scope Posts: 8,576 Scope online community team
    One for rent and bills, and the other for adjustable expenses such as food & fuel.  Means I've always got enough in the bills account, and can quickly and easily see my food & fuel allowance before shopping or filling up without risking future bill payments.  :smile:
    That's a really good idea for budgeting, thanks for the tip @OverlyAnxious

    @MarkN88, closing or suspending accounts after large payments is usually from cash payments or transfers from unknown or unusual sources or individuals. Hopefully your compensation will come through without a hitch. Although, having a second current (or basics) bank account does sound like it would have some advantages. 
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  • MarkM88
    MarkM88 Member Posts: 3,130 Connected
    @Adrian_Scope yeah that does make sense. 

    @OverlyAnxious do you just transfer funds between the two to manage it? 
  • OverlyAnxious
    OverlyAnxious Member Posts: 1,786 Disability Gamechanger
    edited March 2021
    MarkN88 said:
    @OverlyAnxious do you just transfer funds between the two to manage it? 
    Yeah, that's right.  It just takes seconds nowadays with smartphone apps.

    Though since receiving PIP, I had that go into the 'other' account so they're fairly evenly balanced now and I rarely need to make the transfers.
  • Ross_Scope
    Ross_Scope Posts: 7,436 Scope online community team
    I just have the one account, and that confuses me enough sometimes :) 
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  • MarkM88
    MarkM88 Member Posts: 3,130 Connected
    @OverlyAnxious I thought that would be the case. I've just opened another account. 

    @Ross_Scope haha, I never really thought about it before, but after reading up on it, there are benefits. 
  • Lisatho11987777
    Lisatho11987777 Member Posts: 5,787 Disability Gamechanger
    I have 7 all together 
  • griff11
    griff11 Member Posts: 124 Pioneering
    I have had 3 for about 20 years.  All joint with my husband .  One is a fee account which gives us both worldwide travel insurance. breakdown cover for all vehicles -useful when we had 2 cars & 2 motorbikes & mobile phone insurance.  I partially offset cost of £13 a month by having reward accounts with other banks .  There are minimum pay in on reward accounts but I simply do standing orders to move money around each month as it doesn't have to stay there!  We only  use one account for spending day to day.  Hubby's pension goes into it.  Mine goes into one of the other.  

    If one bank card is lost or app not working I still have access to money .  
  • Ross_Scope
    Ross_Scope Posts: 7,436 Scope online community team
    griff11 said:
    I have had 3 for about 20 years.  All joint with my husband .  One is a fee account which gives us both worldwide travel insurance. breakdown cover for all vehicles -useful when we had 2 cars & 2 motorbikes & mobile phone insurance.  I partially offset cost of £13 a month by having reward accounts with other banks .  There are minimum pay in on reward accounts but I simply do standing orders to move money around each month as it doesn't have to stay there!  We only  use one account for spending day to day.  Hubby's pension goes into it.  Mine goes into one of the other.  

    If one bank card is lost or app not working I still have access to money .  
    That sounds like a very smart way to do things. I reckon I'd get confused by all that though :D 
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  • bg844
    bg844 Member Posts: 787 Pioneering
    2. One with Halifax which I get everything paid in to and use to spend as I wish (Reward CC) and one with Santander for bills (123 lite), I simply transfer the money over and then my bills are covered. Make a few pounds that way too.
  • griff11
    griff11 Member Posts: 124 Pioneering
    I’ve had one account since the 1980s and, having worked alongside debt advisers for 30+ years I’m different contexts I would never get anything other than 1 current account, 1 savings vehicle and 1 credit card at the very most. Latter mostly has a nil balance but gets used for big expenditures for the consumer protection. 
    Why only 1 current & savings account ?  I have multiple savings accounts to find right balance between easy access and interest rate.  Building societies generally offer better rates so I take two accounts initially one of which is for two years the other for one year.  Then at end of year one replace with a two year account as the previous two year account only had 1 year left to run.  Better interest rates for 2 year accounts.  Then for immediate access I use banks regular savers account.  Both myself & hubby retired so had our pensions payout so we have to ensure we getting some interest on them .  
    Current account if you only have 1 and ATM swallows card how to you manage ?  I had my card swallowed on a Thursday and not replaced till Tuesday!  Also hit issue that I needed to pay a new payee that weekend but couldn't do via that bank as they approve new payees via card reader !  No way around it but luckily I could access other accounts.  I'm a punctual payer so it irritated me no end as I didn't realise there was no way around their system !
    Credit cards.  I agree just one and only use for purchases of goods or services over £100 for protection if something goes wrong.  I had a £545 rogue charge on my card a couple of years ago.  I'd only used card twice at that point , once in New York dept. store in June and House of Fraser in Bristol in the November.  Then following January this fraudulent charge .  Bank refunded no quibble !  
    On line apps & banking makes managing accounts so easy now though I do have a spreadsheet too!    Can you tell I worked almost 40 years in finance ?

  • MarkM88
    MarkM88 Member Posts: 3,130 Connected
    I was shocked when I read on another forum people have 9 and 12 current accounts. Crikey! 

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