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How many bank accounts can you have?

(6 Posts)
MrsSnape Mon 28-Jul-08 15:34:54

I do internet banking and currently have 6 accounts with natwest.

One is a step current, one is a proper current, One is a joint account with my son (kids account but with me on the name so I can do direct money transfers over the net) and I also have 3 e-savings accounts blush

I am a bit of a money nazi and like to be super, ultra organised with money.

Anyway I now want another account, my younger son needs an account so I was thinking it would be easier just to open another e-savings account and name it after him.

My question is...how many accounts can you actually have? someone told me today I'll be done for tax evasion if I carry on, not sure if they were joking or not blush

whomovedmychocolate Mon 28-Jul-08 15:37:35

The banks are under an obligation to check your identity and query the need for multiple accounts. In practice many people do - I have four for various investment reasons, they are all declared. It is illegal to have an account in another name for illegitimate purposes and there's really no need to have an e-savings account in his name (let alone the fact you generally need to be 18 to open this account type).

The best policy is to ask the bank, they won't bat an eyelid.

claricebeansmum Mon 28-Jul-08 15:39:59

I think you can have as many as you like. We have different bank accounts for all sorts of things. It's fine.

hanaflower Mon 28-Jul-08 15:48:22

Message withdrawn at poster's request.

janinlondon Mon 28-Jul-08 16:04:25

I have seven - including two current accounts.....

Niecie Mon 28-Jul-08 16:12:24

You can have as many as you like in as many names as you like so long as the bank is happy and you are not giving the accounts different names for fraudulent purposes.

How old are your children? They can't be evading tax if they aren't taxpayers which, lets face it, is pretty much all children, except the ultra rich.

I agree, ask the bank though. Can you not get standard children's accounts that can be managed over the net?

Shop around though - I would be nervous about having all my (nest) eggs in one basket.

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