Only up to 20?
I have 7.
7, 20 accounts
7, plus a manual account for my workplace pension.
I think the record is like 20+
I’ve two; Monzo and Chase. Three if Coinbase counts. I’m waiting for the support for Revolut and TransferWise. Hopefully by the end of the year PSD2 will allow support for other European banks such as N26 and Sbanken in Norway.
Do you use them all?
I do. Revolut, TransferWise, Chase and Sbanken (Norway) I use on a regular basis. Monzo and N26 I use less frequently. I’d also love to see support and integration with credit cards such as American Express and Shell MasterCard in Norway.
I have 22 (including Revolut and the recent Open Banking integrations for Ulster and Danske banks), so voted 20 in the poll.
Emma supports most of my banks but not all (yet)!
PS: Yes, I use them all, but some have a specific purpose like travelling so are only used occasionally. Emma is very useful for noticing if the balance changes unexpectedly - I can then investigate whether a genuine payment I had forgotten about, or something else, is going on. Plus it helps me realise when I need to top-up some account with more funds (because I do run many of my less-used accounts with a low balance most of the time).
The true figure is actually more like 30+ (I have a bit of a collection of debit cards at this point)!
I know you all probably think I’m a bit mad, but it works for me.
wow thats crazy, what do you use them all for?
Some are effectively savings accounts, others I just have to get a monthly reward for meeting certain conditions and they virtually run themselves.
I also use some for special purposes like travelling (good exchange rate, cash withdrawals abroad), Euro accounts (so I can lock in an exchange rate and change some money in advance via a tool like Revolut), USD accounts etc.
Then I have some I use just for particular features they offer like in-app cheque imaging, or RBS “Get Cash”.
I also like to always carry at least 1 Visa and 1 Mastercard for resilience, plus have some money in accounts from unconnected banking groups just in case one group has technical problems or collapses and I’m left without money.
Then I have the accounts I actually use for day-to-day spending, which I like to keep separate from everything else, so I am not tempted to overspend as I probably would if all my money was in one account.
Also sometimes you need to open a current account with a bank, even if you don’t really want it, to get the best savings rates from them - e.g. many banks require this for regular savers.
Having accounts with lots of banks increases your total branch coverage too. I can be in virtually any area of the country and the changes are that one of my banks will have a branch nearby in case I need one.
I use Curve and Apple Pay to allow me to spend on any of the cards, and I manage the accounts via apps on my phone (rarely needing full internet banking). I find, once it is set up, it’s not much trouble to manage lots of accounts.
Wow I am very impressed!
Can I ask what kind of rewards you get? Or what is the best reward your receive?
The truth is they are all pretty poor now, since they have been cut over the years!
The best one is probably Co-operative Bank’s Everyday Rewards scheme. They pay you a maximum of £5.50 a month, although there are a lot of conditions, and it isn’t a lot but I think it is better than nothing! They pay £4 a month for quite little work - you have to use the debit card to get the extra £1.50.
I also have Barclays Blue Rewards, a Halifax Reward account and an account with Danske Bank in Northern Ireland that pays £5 a month.
It all adds up and is useful when you are on a tight budget.
PS: Also Club Lloyds accounts give you “Lifestyle Benefits” - check their website for details - but it is basically pick a free magazine subscription or get free cinema tickets from them.
I suppose that’s still £66 per year! That would cover a bill for the month and if you have a few accounts like this it makes sense!
Also this community has been so great at saving me money!!
Stuff like this is literally free money so my attitude is that it’s worth putting in a little bit of effort in order to get it!