Multiple Current Accounts

A question about : Multiple Current Accounts

I have seen this question asked and have seen multiple answers, is there a limit on single and joint current accounts someone can have?

We have gone from having a joint packaged bank account (nothing wrong with it and no miss selling) to multiple accounts.

Our plan is pay salaries in to a joint Santander 123 account. My OH who earns below 10K has opened a TSB account in her name (5% on up to Ј2000). We plan to keep the balance at Ј2000, then transfer Ј750 a month via standing order to it, then straight out to a halifax reward account (with 2 direct debits) then pay it back in to the Santander account.

The TSB account is in single name as she doesn't earn enough to pay tax and I am a higher rate payer, is this allowed? Does it work moving the money round in a circle like this or do the banks cotton on to it?

Any thoughts?

Best answers:

• I haven't had a problem using multiple accounts for various reasons. I have 5 current accounts over 3 banks. 1 my pay goes into, 1 pays for bills, 1 I transfer money to that matches the amount I spend on my credit card which I pay off in full, 1 account I use to fund the final account which is a high interest account. No issues at all moving your own money around to help you manage your money better.
• Perfect many thanks. Good tip on credit checks.