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
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
Bitstring , from the wonderful person GlenC said
Stop reading the Beano.
Yes.
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.
Yopu have been reading the Labour party's next manifesto, one ID card, one account, one house, one job, etc.
The Bank of Scotland current account offers 3% p.a. provided you deposit £1000 each month. You can apparently churn the same £1000 indefinitely.
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.
"rob." wrote
They discriminate against the self-employed?
"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!]
Ha! I never thought of doing that.
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').
What is the point of having multiple current accounts paying this rate of interest?
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.
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?
Could be done as easily with one current account and several connected savings accounts paying a better rate of interest, no?
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.
It is when you were answering the question "What is the point of having multiple current accounts paying this rate of interest?"
"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" ...
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.
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.
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.
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