I actually have five over 4 providers. This is so I have both Visa and Mastercard. I use one current account as an accepting acct, all income goes into it then feeds out into others, one dedicated for bills, one for short term sinking funds, one for use abroad with no fees and to enable me to keep holiday savings and spending money separate from my day to day money.
I have 4 current accounts, all with different Banks. All of which have branches in my town. If a branch closes, I still have options for face to face banking 👌
🎉I have nearly as many current accounts as Andy, obviously quite a few of them are the end product of bank switch incentives.I understand the theory of having additional accounts but from my own perspective I have found that I just want SIMPLICITY and that means one current account & one spare!!
When I started creative writing I wanted somewhere different that I could potentially direct earnings and writing-based costs. I therefore arranged a second current account. These days, that account is linked to my PayPal account so I can separate out purchases made by eBay etc. It makes it easier to check hobby purchases as opposed to household finances.
i've got more than one and use them for the savings linked to them and all of that 👍🏻 Plus for anyone who has it, staying below the 85K protected limits needs doing. And like he says, if an app or bank goes down online you can still access some from somewhere else as well.
Very good advice about the 85k but don’t get caught out ie banks are part of the same group. Each bank needs its own banking license when is part group of banks like Lloyds and Halifax
Hopefully your savings are invested rather than sat in current accounts if you're brushing up against the 85k limit, otherwise they are more likely eroding versus inflation.
1. All the rewards are for switching, do you know any banks giving money for just opening and 2. Usually you need 3 direct debits....how do you get past that criteria
I had more than 10 bank accounts while stoozing and holding a full time job. It was great while it was working but It's taken its toll on me when I had a difficult time at work with a high workload and I'm cutting back everything especially after I was missing some of the regular steps and getting charged by some of the bank accounts. I had reminders but with my ADHD I would occasionally get distracted and forget to actually do the reminder. I'm now focusing on my family, mental health and full time job.
I have just had one account for my whole life with one of the high street branches, I never thought to have more than one, and then a bunch of savings accounts and credit cards. I might consider opening on more with maybe Chase for the cash back. I currently use a packaged current account that requires a certain amount paid into it each month, so I can't change where my salary goes but will probably set up some kind of standing order for a second account. Not sure how safe these app banks are though, compared to traditional ones with a branches, but so many people seem to use these app only ones
Most of the ideas in this video could be handled using a Bank with Pots where money is moved to one side, starling , monzo etc. Bills pots etc are very useful. I have about 4 accounts, 20 is excessive unless you get good freebies with them (disney, tickets, better interest, account switch cash etc)
You should have a second account for emergencies as well as if you’re main bank has an IT meltdown or something like that happens you are not left without money to pay for whatever you need
Dont rely on online banking, i dont do this. Have sme cash in other accounts and in other investments, and keep some at home so have usualy got some cash to hand. Dont just rely on banks use other things like silver or gold, isas etc
I have seven current accounts at the moment combining savings accounts, switching incentives, Cashback and regular savers. The biggest problem is that with the savings rates being so high it's easy to catch up to the personal savings allowance of £1000 interest! So that's something to be wary of if you take advantage in this way.
When I closed my Chase account they were very clear that i could not open a new one (I think it was for a year but may have been longer…). I still have Starling as our main account and am very happy with it. And I have never said that about a bank account in 50 years! So not sure at the moment where I would go for a second current account.
I did the a couple of years ago and they still won't let me open another now. I got the same BS I've read before about it as in they don't want old customers back, only new ones coming in.
same here, closed it as it became a dormant account, decided I wanted to reopen later on and they said I have to wait a year (finishes in January), I also closed my Monzo account and the way i got around that was by creating another account with a different phone number, then changing it back to my original. And luckily I haven't closed my chase one and wont consider it. If I knew I couldn't get an account back, I wouldn't have closed it in the first place.
I don't agree with the overdraft account - I have a large overdraft debt, but because it's in my main account I keep it down when income goes in and borrow from other accounts when expenses take me over. It means frequent juggling, but at least I don’t get the 40% hit.
I have 3 current accounts. You never know when you might get de-banked for your political views. We do not live in a free country and we do not have freedom of thought or speech.
What person would have 20 Current Accounts....must be an absolute nightmare to keep track of this ridiculous number! No reply required, thxs all the same....!
Don't tell people what to do. He's giving you free advice here, be grateful and appreciative rather than just criticising! And you have a pause button, USE IT.
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I actually have five over 4 providers. This is so I have both Visa and Mastercard. I use one current account as an accepting acct, all income goes into it then feeds out into others, one dedicated for bills, one for short term sinking funds, one for use abroad with no fees and to enable me to keep holiday savings and spending money separate from my day to day money.
I have 4 current accounts, all with different Banks. All of which have branches in my town.
If a branch closes, I still have options for face to face banking 👌
🎉I have nearly as many current accounts as Andy, obviously quite a few of them are the end product of bank switch incentives.I understand the theory of having additional accounts but from my own perspective I have found that I just want SIMPLICITY and that means one current account & one spare!!
When I started creative writing I wanted somewhere different that I could potentially direct earnings and writing-based costs. I therefore arranged a second current account. These days, that account is linked to my PayPal account so I can separate out purchases made by eBay etc. It makes it easier to check hobby purchases as opposed to household finances.
One thing that happens shockingly often in the UK is false fraud flagging of an account which can close it for months.
i've got more than one and use them for the savings linked to them and all of that 👍🏻 Plus for anyone who has it, staying below the 85K protected limits needs doing. And like he says, if an app or bank goes down online you can still access some from somewhere else as well.
Very good advice about the 85k but don’t get caught out ie banks are part of the same group. Each bank needs its own banking license when is part group of banks like Lloyds and Halifax
Hopefully your savings are invested rather than sat in current accounts if you're brushing up against the 85k limit, otherwise they are more likely eroding versus inflation.
1. All the rewards are for switching, do you know any banks giving money for just opening and 2. Usually you need 3 direct debits....how do you get past that criteria
This all sounds like really good advice, and if I had any money I would totally be on board
😂 same
I had more than 10 bank accounts while stoozing and holding a full time job. It was great while it was working but It's taken its toll on me when I had a difficult time at work with a high workload and I'm cutting back everything especially after I was missing some of the regular steps and getting charged by some of the bank accounts. I had reminders but with my ADHD I would occasionally get distracted and forget to actually do the reminder. I'm now focusing on my family, mental health and full time job.
I have two bank accounts: Santander since it was Abbey National and Natwest. They suit me. My pensions go into NatWest and Santander, the Daily stuff.
I have just had one account for my whole life with one of the high street branches, I never thought to have more than one, and then a bunch of savings accounts and credit cards. I might consider opening on more with maybe Chase for the cash back. I currently use a packaged current account that requires a certain amount paid into it each month, so I can't change where my salary goes but will probably set up some kind of standing order for a second account. Not sure how safe these app banks are though, compared to traditional ones with a branches, but so many people seem to use these app only ones
consider trying / testing one..for a lot of folks, it's a really good deal.u
Cash back is negligible and why would u not just use a cash back credit card?
Most of the ideas in this video could be handled using a Bank with Pots where money is moved to one side, starling , monzo etc. Bills pots etc are very useful. I have about 4 accounts, 20 is excessive unless you get good freebies with them (disney, tickets, better interest, account switch cash etc)
He literally explained this in the video. You don't need to do it again as if it's your original idea.
Open as many as you like as long as they're not digital and that require your photo ID like Chase.
A lot of the best savings rates are reserved for Current Account holders, so I hold a few just to be able to access those.
Oh the validation!
You should have a second account for emergencies as well as if you’re main bank has an IT meltdown or something like that happens you are not left without money to pay for whatever you need
That was literally his first point.
@@deltaechomusicnh555Guy didn’t watch the video
Dont rely on online banking, i dont do this. Have sme cash in other accounts and in other investments, and keep some at home so have usualy got some cash to hand. Dont just rely on banks use other things like silver or gold, isas etc
I have seven current accounts at the moment combining savings accounts, switching incentives, Cashback and regular savers. The biggest problem is that with the savings rates being so high it's easy to catch up to the personal savings allowance of £1000 interest! So that's something to be wary of if you take advantage in this way.
I closed a starling account over a year ago and now it won’t let me reopen a new one 🤔
Same here using monzo now
When I closed my Chase account they were very clear that i could not open a new one (I think it was for a year but may have been longer…). I still have Starling as our main account and am very happy with it. And I have never said that about a bank account in 50 years! So not sure at the moment where I would go for a second current account.
I did the a couple of years ago and they still won't let me open another now. I got the same BS I've read before about it as in they don't want old customers back, only new ones coming in.
same here, closed it as it became a dormant account, decided I wanted to reopen later on and they said I have to wait a year (finishes in January), I also closed my Monzo account and the way i got around that was by creating another account with a different phone number, then changing it back to my original. And luckily I haven't closed my chase one and wont consider it. If I knew I couldn't get an account back, I wouldn't have closed it in the first place.
@@anaymakan6989 Mine has been closed longer than a year and they still wouldn't open a new one for me.
I don't agree with the overdraft account - I have a large overdraft debt, but because it's in my main account I keep it down when income goes in and borrow from other accounts when expenses take me over. It means frequent juggling, but at least I don’t get the 40% hit.
I have no photo id. So i can't open more than one bank account.
Open a second one,with the same bank you use. One for wages and direct debits and bills. One for everyday spending. That’s what I did. It works well.
@@georgesmith7111 that's OK if you've got under £85,000
I have monzo as main account use pots for bills and have kroo as 2nd account
I don't keep my bank accounts on my phone.
I have 3 current accounts. You never know when you might get de-banked for your political views. We do not live in a free country and we do not have freedom of thought or speech.
I have nationwide and also nationwide (was virgin)
Universal Credit don’t like multiple accounts!
Universal credit doesn't like anything or anyone! 😅
@@quizmastergarythats cos its not so easy for them to spy on you.
Is there anything they can do to punish you about it?
What person would have 20 Current Accounts....must be an absolute nightmare to keep track of this ridiculous number!
No reply required, thxs all the same....!
Someone who’s job it is to talk about current accounts 😀
@@BeCleverWithYourCash Give it a rest plse & get over yourself!
slow down, you're gabbling , stop waving your hands about, it's very distracting, pause between subjects, let us catch up.
Don't tell people what to do. He's giving you free advice here, be grateful and appreciative rather than just criticising! And you have a pause button, USE IT.
@@charitygoldartDon't tell people what to do!
If he is too fast for you all you need to do is slow the vid down to 0.75 speed.