i havent checked all your videos,but please do video on business cards (debit/credit ) and accounts which are good for business and resources to raise large business capital.
Two: a UK one for salary, SO’s and DD’s, and another one for abroad use only (Starling) as it’s free to use and withdraw abroad. I pay a little into it each month. If anything were to ever go wrong with the UK account at least I have that one there as back up too.
3 ... one for usual DD (where wage comes in), 2nd one as a backup (different institution) and one for daily usages where I basically try to give myself a budget and stick to it
I'm actually surprised you didn't mention that every bank is insured for up to £85,000, so if you ever find yourself in a position wherein you've accumulated more than that amount, it's worth opening up an account with another bank elsewhere so as to remain fully insured for all your money.
To do this you need to ensure the banks don’t share the same banking license as they’re treated as one bank. For example, if you have an account with HSBC and First Direct you’ll only get one £85000 across both banks as they share the same license.
A great mix there! Are you getting the Blue Rewards each month from Barclays and the Rewards from Natwest? You need a few direct debits but will add up to £120+ a year
4, Halifax as my main account. Chase for day to day spending and occasional 'potting', also ticks the overseas box if that were to be required. My 'switching' account went to Natwest for £175 (£200 on offer now, typical) but I'm keeping it for the Regular Saver. And Nationwide (had it the longest, closest branch, only account I have a cheque book for and they periodically offer good accounts that require it.) Need to sort a new switching account as I recently missed an offer because I didn't have any I could sacrifice.
I created various accounts under NatWest. One for saving, one for disposable spending money, one for bills. Thought I was crushing it but never considered going a step further and opening with other banks instead.
I bank with 3. In Australia I have CBA as main salary. With NAB as my secondary bank for bills groceries coffee brunches leisure . Then I have ANZ for credit card
Thank so much for this content , very helpful. I heard you said you can open an account for the sake of switching purposes. Can you use that same account to switch multiple times ? Or I didn’t get your explanation correctly? Thank you
Purely by accident a while ago, taking advantage of the cash bribe to switch current account with 5% linked saving acc. New acc opened but old one wasn't closed, never bothered to close it.
I have 3 nationwide current account wich is my spending account Natwest current account savings and lloyds direct debit and bills etc. So. Handy to have a couple
Hey mate, thanks for the video....I was wondering where to put some money (possibly six figures) that I'm going to be inheriting soon. Maybe you have a video on that?
Hi, thanks! Right six figures...!! Well you won't need that all in cash, and as long as you are willing to put it away for at least five years then investing, overpaying mortgage and contributing to your pension are probably your best bet. But don't forget clearing any debts.
i opened multiple accounts, the issue, i did it in a short space of time so my credit score dropped. Hopefully it's only temporary and will recover, not really an issue at the moment as im a student but still a silly mistake of me
Thanks Martin. The rate moves about! Usually it’s around £30, but has been as high as £80. If you can, I’d wait and keep checking until it reaches a point you’re happy with (maybe £45/50?)
Andy i get the point of a 2nd account for bills ect... for me its about making money i use club lloys max about £40 a year in intrest and then live on my Amex pay off in full making about £70 a year in total £110 a year from my day to day banking and living costs.
how often do i have to use spare accounts? will they get shut down if i just put money there and leave it for too long? sorry im new to all this and im 18, will it make my credit score down?
Where you talk about switching and switching again etc. I think you should warn people that it WILL impact their credit score so switching is not a good idea if going for a mortgage or other credit application. I would advise to switch sparingly due the the credit score risk. No one needs as many accounts as you, so you telling us you have 16 or so was irrelevant and not helpful. I know you qualified it by saying you test the products and features etc. So thats why you have so many. I only have 2 current accounts and a separate savings account with Atom Bank. Nationwide-for income, billls etc and Starling, for grocery shopping and quick everyday spening on small things. Works very well for me! By the way love your presenting approach. I used to watch that other guy....but I find he is too 'posh' and a little snooty, to the point he isnt giving advice rather, he's telling people how much money he has. Sorry Sasha Yanshin, I speak as I find. Would love to see a video on the best bank awards and what that means. When banks show their scores I note they only show their best scores...im curious which to believe.....is trust pilot reliable on best banks or should one trust banks own awards table?
Hi Clive, glad you're enjoying the videos. You're absolutely right there - and I've actually got a full video on the impact of switching and opening new accounts has on their credit report! Online reviews and awards are always hard to assess. People rarely shout about good experiences but are happy to share bad ones. While I find most awards a bit pointless.
I'm an international student coming to the UK in September 2022 for my undergraduate degree I'm thinking of opening 3 Bank accounts Barclays; Current account HSBC; International students account Monzo; Digital Bank These are along with my 2 accounts in India SBI and Niyo global Any tips?
@@BeCleverWithYourCash unfortunately I opened 5 current account, I want to close down two of them, will it effect on my credit score? if yes how much and when will it resolve?
Andy, I’m currently saving for a house deposit, I’ve got about 6.5-7 grand saved at the moment. My tsb account has stopped paying interest now so I was going to switch that to a virgin money account but I’m worried about this effecting my credit score. I get my wages paid into a NatWest account and use that for my daily spending.
HI Chords. So opening a new current account will have an impact on your score, but nothing major. The general advice is to leave any applications if you're planning to buy with in the next six months. I assume you've already looked at lifetime ISAs?
@@BeCleverWithYourCash Thank you for the reply Andy, I have a H2B ISA and since you can only get the bonus on one I've not opened a LISA. Do you think it would be a good idea to open one anyway? I put 200 a month into a H2B ISA, I have the 3% interest Natwest account that I put the full 50 into every month and a 0.25% Natwest regular saver that I also put 50 into a month. I was putting some into a TSB linked saver which I'm now just leaving in my TSB account instead since that account has matured now but now I'm not getting any interest on that so it's just sitting there. I've also got about £800 in various stocks through eToro and Trading 212 that I had as 'spare money' after maxing out my savings accounts.
There are so many factors! Overall - I think Halifax has a decent reward account and the app is getting better too. Nationwide is the most ethical (as with other building societies) but the app needs lots of work.
Totally. But some people don't like to use credit cards or don't feel confident budgeting when everything comes out of the current account a month later via the credit card bill.
No. As long as you're not in multiple overdrafts, current accounts have little effect on credit scores (I.E. your credit score doesn't get affected if you have multiple accounts open). Bear in mind if you do want to open a new account, your credit score will be affected as it will most likely be a hard search (with a few exceptions as some do soft credit searches)
Hi Andy! First Direct now offering £100 to switch to them. I have been waiting for this opportunity for a while! How have you found them? I hear the customer service is meant to be really good? Not many perks other than 1% reg saver
Hi Melanie, the regular saver used to be great (5%, 6%) but yes, 1% isn't amazing (though better than many other accounts). I find the security a bit annoying on the app.
@@BeCleverWithYourCash I have more faith in the keypad log on system over sms every time. The sooner sms goes the better. Security is more important than convenience. As a first direct customer for 4 years the only issues I have had are account login due to maintenance or the odd IT issue. Nothing like TSB, NatWest or HBOS.
Hi Jake, you can open up multiple current accounts at different banks, and you can have multiple savings accounts too - even if you don't have a current account with those banks. Simply apply for the ones you want. I've plenty more videos about the best options for both bank accounts and savings on the channel
How many accounts do you have?
i havent checked all your videos,but please do video on business cards (debit/credit ) and accounts which are good for business and resources to raise large business capital.
@@AmarjodhSingh Hi Amarjogh - you can find videos on both the best business current accounts and best business credit cards on my channel
Two: a UK one for salary, SO’s and DD’s, and another one for abroad use only (Starling) as it’s free to use and withdraw abroad. I pay a little into it each month. If anything were to ever go wrong with the UK account at least I have that one there as back up too.
3 ... one for usual DD (where wage comes in), 2nd one as a backup (different institution) and one for daily usages where I basically try to give myself a budget and stick to it
@@BeCleverWithYourCash thank you.
I'm actually surprised you didn't mention that every bank is insured for up to £85,000, so if you ever find yourself in a position wherein you've accumulated more than that amount, it's worth opening up an account with another bank elsewhere so as to remain fully insured for all your money.
Maybe because he'd assume that someone with that kind of money would already be aware
@@Alan-lb8ef That's what happens when you assume: Makes an "ass" outta "u" and "me" XD
To do this you need to ensure the banks don’t share the same banking license as they’re treated as one bank. For example, if you have an account with HSBC and First Direct you’ll only get one £85000 across both banks as they share the same license.
I have total 5 accounts.
Natwest - salary
Santander - utility bills
Barclays - backup
HSBC - holiday fund
Starling - everyday spending
A great mix there! Are you getting the Blue Rewards each month from Barclays and the Rewards from Natwest? You need a few direct debits but will add up to £120+ a year
At last! Someone who gives real answers and solutions to real questions! Thanks Andy!!!
Your first reason is why I have multiple investment platforms but I never thought about it current account wise!
I recommend a Monzo account. I use it as a personal spending account and little savings
Hopefully it wouldn't be a problem but you just don't know!
Yes, good account for spending!
Or you could use a credit card for a couple of days
The benefit of closing those dormant accounts is that you can be eligible for switching offers after a period of time.
That's if the bank will take you back. Some banks eventually blacklist you if you keep opening and closing accounts.
4, Halifax as my main account. Chase for day to day spending and occasional 'potting', also ticks the overseas box if that were to be required. My 'switching' account went to Natwest for £175 (£200 on offer now, typical) but I'm keeping it for the Regular Saver. And Nationwide (had it the longest, closest branch, only account I have a cheque book for and they periodically offer good accounts that require it.) Need to sort a new switching account as I recently missed an offer because I didn't have any I could sacrifice.
Just found your channel and I appreciate the way you communicate about financial matters. Thank you and I'll be watching.
I created various accounts under NatWest. One for saving, one for disposable spending money, one for bills. Thought I was crushing it but never considered going a step further and opening with other banks instead.
I’ve wanted to open several accounts for a while now so I can budget better but I wasn’t sure how to go about it so this has helped massively! Thanks
Very informative Andy! It has certainly made me think about having more than one current account - thank you!
Glad it was helpful!
Loved this. We have about 10 accounts but might consolidate a few.
Yeah could be worth narrowing it down a little, though they don’t do any real harm being open if there aren’t any fees etc
Thank you Andy! Really useful video. I had already 3 accounts but I am going to open one more. Keep going 👍👍👍
Glad it helped! What account do you think you’ll go for?
I bank with 3. In Australia I have CBA as main salary.
With NAB as my secondary bank for bills groceries coffee brunches leisure .
Then I have ANZ for credit card
You can read more about this topic in my blogpost becleverwithyourcash.com/why-you-need-more-than-one-bank-account/
Just got my second one with nation wide and I get recommended this
Thanks Andy for your valuable advices 🙏 please make more videos like this 👍
Will do!
Thank you keep going!
Thanks Lin!
Thank so much for this content , very helpful. I heard you said you can open an account for the sake of switching purposes. Can you use that same account to switch multiple times ? Or I didn’t get your explanation correctly? Thank you
Club lloyds current account and a Chase account, that's all il ever need.
Thanks for sharing !
Awesome video!
Thanks Andy. Got 4 accounts, great advice. Probably need to look at starling as well for overseas spending.
Yep, or the new Chase account is decent as it's fee-free abroad and you earn cashback ua-cam.com/video/JYmk1YbJrBk/v-deo.html
If your replacement card gets 'lost'[or stolen]/in the post a local branch is very useful.
The switching account you refer to is a mule account.
Purely by accident a while ago, taking advantage of the cash bribe to switch current account with 5% linked saving acc. New acc opened but old one wasn't closed, never bothered to close it.
Your videos are so cool 😎
Very useful sir thank you very much I really really appreciate it.
Thanks! So glad it helped
I have 3 nationwide current account wich is my spending account
Natwest current account savings and lloyds direct debit and bills etc. So. Handy to have a couple
Andy. How to start switching? Witch acc you would suggest to open just for a start to use it within a day or two to start switching? Thanks
Hey mate, thanks for the video....I was wondering where to put some money (possibly six figures) that I'm going to be inheriting soon. Maybe you have a video on that?
Hi, thanks! Right six figures...!! Well you won't need that all in cash, and as long as you are willing to put it away for at least five years then investing, overpaying mortgage and contributing to your pension are probably your best bet. But don't forget clearing any debts.
@@BeCleverWithYourCash great thanks!
Any experience of lack of customer service from your bank(s)? Have you involved the Financial Ombudsman? Are they any help?
i opened multiple accounts, the issue, i did it in a short space of time so my credit score dropped. Hopefully it's only temporary and will recover, not really an issue at the moment as im a student but still a silly mistake of me
Thanks for the brilliant (as always) video. The Quidco TSB is showing as £24 cashback for me, not £80...?
Thanks Martin. The rate moves about! Usually it’s around £30, but has been as high as £80. If you can, I’d wait and keep checking until it reaches a point you’re happy with (maybe £45/50?)
@@BeCleverWithYourCash thanks so much for the helpful reply
Andy i get the point of a 2nd account for bills ect... for me its about making money i use club lloys max about £40 a year in intrest and then live on my Amex pay off in full making about £70 a year in total £110 a year from my day to day banking and living costs.
Great. Check out the Halifax Rewards too -spend £500 a month and get £5 reward. I use it to pay off my cashback credit card!
how often do i have to use spare accounts? will they get shut down if i just put money there and leave it for too long? sorry im new to all this and im 18, will it make my credit score down?
Where you talk about switching and switching again etc. I think you should warn people that it WILL impact their credit score so switching is not a good idea if going for a mortgage or other credit application. I would advise to switch sparingly due the the credit score risk. No one needs as many accounts as you, so you telling us you have 16 or so was irrelevant and not helpful. I know you qualified it by saying you test the products and features etc. So thats why you have so many. I only have 2 current accounts and a separate savings account with Atom Bank. Nationwide-for income, billls etc and Starling, for grocery shopping and quick everyday spening on small things. Works very well for me! By the way love your presenting approach. I used to watch that other guy....but I find he is too 'posh' and a little snooty, to the point he isnt giving advice rather, he's telling people how much money he has. Sorry Sasha Yanshin, I speak as I find. Would love to see a video on the best bank awards and what that means. When banks show their scores I note they only show their best scores...im curious which to believe.....is trust pilot reliable on best banks or should one trust banks own awards table?
Hi Clive, glad you're enjoying the videos.
You're absolutely right there - and I've actually got a full video on the impact of switching and opening new accounts has on their credit report!
Online reviews and awards are always hard to assess. People rarely shout about good experiences but are happy to share bad ones. While I find most awards a bit pointless.
I'm an international student coming to the UK in September 2022 for my undergraduate degree
I'm thinking of opening 3 Bank accounts
Barclays; Current account
HSBC; International students account
Monzo; Digital Bank
These are along with my 2 accounts in India SBI and Niyo global
Any tips?
I got 8 banks
Hello Andy,
Thank you for the video,
Does having/opening multiple banking accounts effect the credit score
Hi Allen. It can, though it's rarely much of an issue. You can watch my video about this here ua-cam.com/video/OEnfxavcxvs/v-deo.html&t
@@BeCleverWithYourCash unfortunately I opened 5 current account, I want to close down two of them, will it effect on my credit score? if yes how much and when will it resolve?
Andy, I’m currently saving for a house deposit, I’ve got about 6.5-7 grand saved at the moment. My tsb account has stopped paying interest now so I was going to switch that to a virgin money account but I’m worried about this effecting my credit score. I get my wages paid into a NatWest account and use that for my daily spending.
HI Chords. So opening a new current account will have an impact on your score, but nothing major. The general advice is to leave any applications if you're planning to buy with in the next six months.
I assume you've already looked at lifetime ISAs?
@@BeCleverWithYourCash Thank you for the reply Andy, I have a H2B ISA and since you can only get the bonus on one I've not opened a LISA. Do you think it would be a good idea to open one anyway? I put 200 a month into a H2B ISA, I have the 3% interest Natwest account that I put the full 50 into every month and a 0.25% Natwest regular saver that I also put 50 into a month. I was putting some into a TSB linked saver which I'm now just leaving in my TSB account instead since that account has matured now but now I'm not getting any interest on that so it's just sitting there. I've also got about £800 in various stocks through eToro and Trading 212 that I had as 'spare money' after maxing out my savings accounts.
u can't save for a house
what would you say the best highstreet bank is?
There are so many factors! Overall - I think Halifax has a decent reward account and the app is getting better too. Nationwide is the most ethical (as with other building societies) but the app needs lots of work.
Why would you want a separate account for daily spending? Isn't that what our reward credit cards are for?
Totally. But some people don't like to use credit cards or don't feel confident budgeting when everything comes out of the current account a month later via the credit card bill.
Get on with it Andy
I think some credit agencies punish you for having multiple current accounts. Is this true?
No. As long as you're not in multiple overdrafts, current accounts have little effect on credit scores (I.E. your credit score doesn't get affected if you have multiple accounts open). Bear in mind if you do want to open a new account, your credit score will be affected as it will most likely be a hard search (with a few exceptions as some do soft credit searches)
Hi Andy! First Direct now offering £100 to switch to them. I have been waiting for this opportunity for a while! How have you found them? I hear the customer service is meant to be really good? Not many perks other than 1% reg saver
Hi Melanie, the regular saver used to be great (5%, 6%) but yes, 1% isn't amazing (though better than many other accounts). I find the security a bit annoying on the app.
@@BeCleverWithYourCash I have more faith in the keypad log on system over sms every time. The sooner sms goes the better. Security is more important than convenience. As a first direct customer for 4 years the only issues I have had are account login due to maintenance or the odd IT issue. Nothing like TSB, NatWest or HBOS.
how do i make two accounts for my savings? i’m not barclays
Hi Jake, you can open up multiple current accounts at different banks, and you can have multiple savings accounts too - even if you don't have a current account with those banks. Simply apply for the ones you want. I've plenty more videos about the best options for both bank accounts and savings on the channel
Does the same bank allow you to have more than one current account?