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How many savings accounts can you have for one bank?
 

Hi everyone,

I got a good and helpful response on my last post so thank you and I was wondering how many savings accounts can I have for one UK bank?

I currently bank with Halifax and have 6 accounts and 4 accounts with Llyods. I use to bank with NatWest and opened about 6 or 7 accounts. I no longer used certain accounts so I would close them and then I was blocked from using the app and then followed by a letter in the post to say I can no longer bank with them and I don't want the same experience to happen to me again.

So any advice is much appreciated.

Re: How many savings accounts can you have for one bank?
 

How quickly where you opening and closing them to be shut down?

Up to 5 accounts at any one bank is the amount the forum has always said is a good amount to have.

Re: How many savings accounts can you have for one bank?
 

Why are you using lloyds?

:faint:

Re: How many savings accounts can you have for one bank?
 

I opened 3 or 4 in one week and closed 2 with in 2 weeks so that is probably why they stopped me from banking with them.

I'm using Lloyds just because I wanted to see if I would get accepted and I was. I have noticed you can't change your PayPal name with Lloyds has to be your name but with Halifax you can so I will stick at my 6 accounts I have with them. Thanks for the help.

Re: How many savings accounts can you have for one bank?
 

That would cause them to cease business with you

RE the 6 accounts you have with Halifax. That is on the high side of things

Re: How many savings accounts can you have for one bank?
 

Yes and I don't want that to happen again. I will not be opening anymore savings accounts with Halifax :) Thank you for the great advice again I learn so much on this forum.

Re: How many savings accounts can you have for one bank?
 

Have a look at Smile.com if you want to open another few accounts at some point :)

I have 3 with them without a problem

Re: How many savings accounts can you have for one bank?
 

I will have a look thanks :)

Can you use a different name for PayPal by adding a smile bank to it?

Re: How many savings accounts can you have for one bank?
 

Its only really Lloyds that has issues with it

Re: How many savings accounts can you have for one bank?
 

Oh that's interesting I never knew that looking forward to looking at the website given thank you James :)

Re: How many savings accounts can you have for one bank?
 

Being a business customer at a bank and having a personal relationship in branch can really help.

If you're pushing lots of funds through savers consistently they will be asking questions. In this day and age basic / personal / savings accounts really are not made for business use. When they see that they have been used for business purposes they will have no hesitation of shutting the accounts you currently have open. It has happened and it will get worse.

Avoiding fees etc business accounts you can easily open a LOT at the same bank, more so as you have a legitimate reason to use multiple accounts for multiple business purposes :thumb:

Re: How many savings accounts can you have for one bank?
 

If I went into my Halifax branch and said I would like to open a business account they wouldn't close my savings accounts will they?

Would I be able to open more business accounts with Halifax as well as I didn't know that. I thought you can only have one business account for one bank is that not true then?

Re: How many savings accounts can you have for one bank?
 

You can keep your personal savings accounts open while still having a business bank account. They are separate

Re: How many savings accounts can you have for one bank?
 

If I keep my savings accounts open which I want to as I don't want to lose them won't they be at risk of being closed down with large amounts of payments going into them?

Re: How many savings accounts can you have for one bank?
 

Well savings accounts are not perfect for exactly that reason.

A few hundred a week I have never had an issue with so long as most the money stays in the savings accounts

Re: How many savings accounts can you have for one bank?
 

I open savings accounts for stealth accounts and I don't receive any saving cards for the accounts opened so I just transfer it to my main account and withdrawal it but because I have lost my Natwest accounts I'm worried I might lose my Halifax accounts :(

So do you think I should open a business account with Halifax? Can you have more than 1 business account with Halifax?

Re: How many savings accounts can you have for one bank?
 

Yer that really is not great as a long term plan

If you don't need to use the money then keep it in the Halifax savings account.

If you keep getting money into the account and withdrawing it that is what often causes banks to look at the savings accounts and close them down

Re: How many savings accounts can you have for one bank?
 

It's not your right and it's making me worried as so many of my stealth accounts have a savings account to it but not a lot of money is going in them. My main PayPal account has my current account attached to it not a business account but current account is that ok to keep bringing the larger payments into? Is that good business practice?

Re: How many savings accounts can you have for one bank?
 

It depends how large your large payments are

Banks know that people sell on PayPal using their current accounts.

Re: How many savings accounts can you have for one bank?
 

A few grand a month. I was hoping to do the same on my other accounts as well but being savings accounts probably best not to now.