Current Accounts

Hi All,

Not sure but I've seen somewhere that in the UK you're only supposed to have 1 current account?

Well I have a couple with different providors...

Is this allowed?

Glen

Reply to
GlenC
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Bitstring , from the wonderful person GlenC said

Stop reading the Beano.

Yes.

Reply to
GSV Three Minds in a Can

You can have as many current accounts as you want...only trouble is very few of them offer decent interest rates so that is why most people only have one...and usually it acts as a "portal" for cash movement to online accounts, payment of bills and a location for the depositing of salary.

Reply to
biggirlsblouse

Yopu have been reading the Labour party's next manifesto, one ID card, one account, one house, one job, etc.

Reply to
Wireless Reader

The Bank of Scotland current account offers 3% p.a. provided you deposit £1000 each month. You can apparently churn the same £1000 indefinitely.

Reply to
Plonks

Some offer special deals in their advertising if it is your main account and your salary is paid into it each month. This is probably what you are thinking of.

Reply to
rob.

"rob." wrote

They discriminate against the self-employed?

Reply to
Tim

"Plonks" wrote

And, indeed, churn the same 1,000 around any other banks which make the same type of offer! [Standing orders of 1Kpm from one bank to the next make it very easy!]

Reply to
Tim

Ha! I never thought of doing that.

Reply to
Plonks

Bitstring , from the wonderful person Tim said

No, they really don't care where the money comes from as long as there's £1000+ going in each month. Actually most of them don't check that either (or you can buy them off with promises that there =will be=, 'real soon now').

Reply to
GSV Three Minds in a Can

What is the point of having multiple current accounts paying this rate of interest?

Reply to
Blackthorn

Bitstring , from the wonderful person Blackthorn said

The real question is 'what's the point in having multiple current accounts'. Once you've resolved that you need more than one, you might as well have them all pay decent rates of interest.

The OP asked if it was legal to have >1. The answer is 'yes'. As to whether it is =sensible= to have more than one, that depends on why you want them.

Reply to
GSV Three Minds in a Can

At 11:32:25 on 08/07/2005, Blackthorn delighted uk.finance by announcing:

wonderful person Tim said

£1000+ going in each month. Actually most of them don't check that either (or you can buy them off with promises that there =will be=, 'real soon now').

Budgeting?

Reply to
Alex

Could be done as easily with one current account and several connected savings accounts paying a better rate of interest, no?

Reply to
Blackthorn

At 14:41:01 on 08/07/2005, Blackthorn delighted uk.finance by announcing:

there's £1000+ going in each month. Actually most of them don't check > that either (or you can buy them off with promises that there =will > be=, 'real soon now').

interest?

accounts paying a better rate of interest, no?

Whether it could be done another way is not the issue.

Reply to
Alex

It is when you were answering the question "What is the point of having multiple current accounts paying this rate of interest?"

Reply to
Blackthorn

"GSV Three Minds in a Can" wrote

That's the sort that I'd seen ("at least xK per month"). But rob mentioned deals where "your salary is paid into it each month" ...

Reply to
Tim

At 16:31:23 on 08/07/2005, Blackthorn delighted uk.finance by announcing:

there's £1000+ going in each month. Actually most of them don't >>> check >

that either (or you can buy them off with promises that >>> there =will >

be=, 'real soon now').

rate of interest?

savings accounts paying a better rate of interest, no?

multiple current accounts paying this rate of interest?"

Not at all. This may be the most practical solution for some people. Having 2 debit cards (unavailable on savings accounts) for 2 different budgetary requirements, for instance. There are undoubtedly other reasons for having more than one current account but I'm sure you can do your own thinking.

Reply to
Alex

Not easily in this case, it doesn't seem like a sensible option but I accept that some people may want to use 2 debit cards for budgeting.

Reply to
Blackthorn

Bitstring , from the wonderful person Tim said

I think that was just shorthand for "£x going in". The bank has no idea whether it is salary, or whatever.

Reply to
GSV Three Minds in a Can

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