Do you have more than one current account?
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MarkM88
Community member Posts: 3,127 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?
Comments
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No just the one account
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I've always had 2, one has wages paid in the other is my spending money account
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Just the one, might not be the worst idea to have a savings account as well for emergencies.2024 The year of the general election...the time for change is coming 💡
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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. -
It might be an idea Mark when you know the payment is due to phone your bank and tell them.2024 The year of the general election...the time for change is coming 💡
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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. -
woodbine said:It might be an idea Mark when you know the payment is due to phone your bank and tell them.
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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.
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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 -
OverlyAnxious said: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.
@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.Community Manager
Scope -
@Adrian_Scope yeah that does make sense.@OverlyAnxious do you just transfer funds between the two to manage it?
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MarkN88 said:@OverlyAnxious do you just transfer funds between the two to manage it?
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. -
I just have the one account, and that confuses me enough sometimesOnline Community CoordinatorConcerned about another member's safety or wellbeing? Flag your concerns with us.
Did you receive a helpful reply to your discussion? Fill out our feedback form and let us know about it. -
@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. -
I have 7 all together
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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 .
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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 .Online Community CoordinatorConcerned about another member's safety or wellbeing? Flag your concerns with us.
Did you receive a helpful reply to your discussion? Fill out our feedback form and let us know about it. -
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.
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Username_removed said: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.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 ? -
I was shocked when I read on another forum people have 9 and 12 current accounts. Crikey!
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