How many bank accounts do you have?

[SlipperSliders]

I'm about to move out of marital home so my finances will be tight. At the moment I have my business account which also has a tax pot and my current account which also has a savings account.

I'm thinking about opening another account specifically for paying bills.

Is this a silly way of doing things? I just find it so much clearer to have a bank account for each thing. But would 5 accounts be over kill?

@SlipperSliders Last week, I found a bank account which I thought had been closed! it had 28k pounds in it!! shocked to say the least. always remember that each banking institution only guarantees so much of your money in account ie 50k in the event of a financial crash!! note, not bank but banking institution! a banking institution may own more than one bank!

Thank you, I have a nationwide letter on side offering me 200 to swap.

I was thinking of doing swap just after payday to prevent a wage hiccup but will look at another option now. Think I have TV licence and dd phone coming out and old account I could use.

I have my “main account” that my salary gets paid into. I then have two other current accounts that I transfer money into monthly. One is a joint account which is for the mortgage and household bills. The other is specifically for school fees and holiday clubs.

i then have a savings account and a share dealing account.

• Personal current
• Personal savings
• 2nd personal current that about £5 a month of DD's come out from that I've never got round to changing and closing. I should do that.
• 'Spare' savings account that currently has money gifted to our new baby in it until we open their own account.
• Joint current
• Joint savings

Oh I have loads acorss a number of banks I am always squirreling money away.

I have my main current account

One for fun stuff and using abroad

One where I keep money for big regular bills (eg service charge, annual insurance)

A rainy day/unexpected expense instant access savings

Cash ISA

Stocks and shares invesment account

A general "fun things for me" savings account.

Do you bank with another bank? Eg Halifax or Lloyds you can open another account with them in 5mins if you already bank with them. Use that new account to switch.

Set up new DDs on the new ac, I use PayPal and maybe move something small like TV licence or repaying an empty credit card. Tfr enough to cover any payments due out. Do the switch. The new Nwide offer isn't even asking for money to go in or debit card payments, so a nice easy switch.

As far as current accounts go I have two. The main one my bills go out from and my wages go into. But I have everything listed that’s due to go out every month on a spreadsheet so when I get paid I deduct the total of my bills from the total and transfer whatever is left into my no2 account and that’s spendable.

Just check that the phone payment is a DD and not a recurring card payment, you can see that from the statement.

I have my main account which my pay and child benefit goes into. As soon as I get paid all my bill money gets transferred into another account (same bank). I get paid every 4 weeks but bills are monthly. So much easier to keep an eye on bills that way, and see what I've got left in my main account.

I also have another account (again, same bank) that I transfer a few ££ into every pay day which I then transfer to my sons isa every now and then.

So much easier to have several accounts and as they are with the same bank I can see them all on the one app. Makes budgeting easier.

I have four.

1. Bills account - my wage goes into here
2. Daily spending account
3. Easy access savings
4. 1 year fix savings

I did that for a while, I had a job that paid weekly, then a standard order moving 1/4 of the monthly bills into a different account each week, which the direct debits came out of. It worked well.

I have one account - which child benefit goes into
and one account which my salary goes into - and then 5 sub accounts-

savings
emergencies
celebrations
Child pocket money
Household payments.

Then when my salary goes in, there are automatic transfers of set amounts to each of those sub accounts. The sub accounts all have bank account number so I can set up payments if necessary.

4

Chase = 1% interest
Santander
monzo
First direct
money box

7
Joint with DH
Business a/c and bus savings
Then 4 others that are sort of legacy but that I use for my own money, some tax savings and general savings

I personally find it useful hiving off money that will be used for different purposes

Probably got around 20 accounts. That spans current accounts, credit card accounts and savings accounts. It includes joint accounts with OH, but he also has his own current accounts and savings accounts.

I do transfers every week. Once we've been paid, excess money gets transferred over to savings accounts, then it's fed back as and when needed to pay bills/credit card etc. I try to keep the current and cash card accounts with a balance of no more/no less than £100 in each.

We use credit cards for all day to day spending, and pay off in full each month. Useful for protection for faulty goods and firms going bust etc!

Direct debits set up for all utilities, road tax, insurances, mobile phone sim cards, TV, phone and broadband.

Payments are made by whichever account gives the best "cash back" or other incentive for that type of payment. Easy to earn a few hundred in cash backs each year.

All very organised. I use book-keeping software (VT) to keep on top of it all so I can see at a glance the total balances in accounts and also totals owing to credit cards. Direct debits etc are set up as memorised recurring transactions in the software, so I know what's coming up and can ensure I do transfers to cover in time.

2 current accounts with separate banks
5 credit cards, paid off in full each month
various savings accounts

I have 7 if you include ISA etc.

My brain works better with lots of different pots for different purposes

I have 2 accounts in my main bank. One is hardly used but still has the odd direct debit out of it.
Then a few years ago I opened a Revolut account because as I'm self employed a lot of people pay me that way. In my Revolut I have several 'pockets' for savings, tax bill, car expenses etc.
works for me anyway.

Thanks everyone. I thought I was weird for wanting an account for each purpose of my spending or saving. Now I see it's not. 😊