Current Accounts


G

GlenC

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
 
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G

GSV Three Minds in a Can

from the said:
Hi All,

Not sure but I've seen somewhere that in the UK you're only supposed
to have 1 current account?
Stop reading the Beano.
Well I have a couple with different providors...

Is this allowed?
Yes.
 
W

Wireless Reader

GlenC said:
Not sure but I've seen somewhere that in the UK you're only supposed
to have 1 current account?
Yopu have been reading the Labour party's next manifesto, one ID card,
one account, one house, one job, etc.
 
P

Plonks

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

rob.

GlenC said:
Hi All,

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


--
 
T

Tim

Some offer special deals in their advertising if it is your
main account and your salary is paid into it each month.
They discriminate against the self-employed?
 
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T

Tim

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

Plonks

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

GSV Three Minds in a Can

from the said:
They discriminate against the self-employed?
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').
 
B

Blackthorn

GSV Three Minds in a Can 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?
 
G

GSV Three Minds in a Can

from the wonderful said:
What is the point of having multiple current accounts paying this rate of
interest?
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.
 
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A

Alex

At 11:32:25 on 08/07/2005, Blackthorn delighted uk.finance by announcing:
What is the point of having multiple current accounts paying this rate of interest?
Budgeting?
 
B

Blackthorn

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


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

Alex

At 14:41:01 on 08/07/2005, Blackthorn delighted uk.finance by announcing:
Could be done as easily with one current account and several connected savings accounts paying a better rate of interest, no?
Whether it could be done another way is not the issue.
 
B

Blackthorn

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


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?"
 
T

Tim

No, they really don't care where the money comes
from as long as there's £1000+ going in each month.
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" ...
 
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A

Alex

At 16:31:23 on 08/07/2005, Blackthorn delighted uk.finance by announcing:
It is when you were answering the question "What is the point of having 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.
 
B

Blackthorn

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


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.
 
G

GSV Three Minds in a Can

from the said:
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" ...
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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J

Jonathan Bryce

GlenC said:
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?
Yes.

At least I hope it is, as I have rather a lot of them.
 
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