Savers Vs. Current Accounts

[hello1212]

Hey guys,

With regards to MP, which one do you prefer?

I've been using current accounts from Neo banks for my stealthing, but noticed a lot of people using savers accounts for theirs.

Is there any benefits to using a savers account as apposed to a current account?

Thanks!

[Boogie_Woogie_MAn]

Savers won't work now.

[hello1212]

Originally Posted by Boogie_Woogie_MAn

Savers won't work now.

Yeah I heard, just curious why everyone was using them, didn't seem like a good idea

[johnboy60]

Can you use your normal personal details on a new bank account? wont ebay recognise the name with a banned account?

[sax4]

Wasn't there the thing that if you add a savers a couple of times then it will fail, but after that they allow you to upload a bank statement? or something like that

[Ebayorbust]

Most folk preferred using savers at the time as they were 10x easier to open than current accounts. A lot of banks allow savings accounts to be opened (and closed) instantly via their apps. There's also no credit checks involved when opening a savings account.

I could open 30+ savings accounts this morning and nobody would bother. I very much doubt I could do that with current accounts. It would take a lot longer to get that amount opened.

[hello1212]

Originally Posted by johnboy60

Can you use your normal personal details on a new bank account? wont ebay recognise the name with a banned account?

Name doesn't have to match for payouts

[hello1212]

Originally Posted by Ebayorbust

Most folk preferred using savers at the time as they were 10x easier to open than current accounts. A lot of banks allow savings accounts to be opened (and closed) instantly via their apps. There's also no credit checks involved when opening a savings account.

I could open 30+ savings accounts this morning and nobody would bother. I very much doubt I could do that with current accounts. It would take a lot longer to get that amount opened.

As far as I'm aware in the UK, so long as you don't have any CIFA markers, you can open as many current accounts as you like, even with an average credit rating. Credit score really only impacts credit cards/accs applications imo

I personally have over 10 high street & neo banks, takes 5mins to apply for a current acc, which is why I was curious as to why people preferred savers didn't make sense..

Can you even freely move funds from a savers acc into a current acc to use the funds?

Never had one so wouldn't know lol

[Boogie_Woogie_MAn]

If you have more then 3 current accounts open with the same back you will run into issues.

Of course you can move the money around, why would you ned be able to?

Originally Posted by hello1212

As far as I'm aware in the UK, so long as you don't have any CIFA markers, you can open as many current accounts as you like, even with an average credit rating. Credit score really only impacts credit cards/accs applications imo

I personally have over 10 high street & neo banks, takes 5mins to apply for a current acc, which is why I was curious as to why people preferred savers didn't make sense..

Can you even freely move funds from a savers acc into a current acc to use the funds?

Never had one so wouldn't know lol

[sax4]

Originally Posted by Boogie_Woogie_MAn

If you have more then 3 current accounts open with the same back you will run into issues.

Of course you can move the money around, why would you ned be able to?

Not with Chase you won't

[hello1212]

Originally Posted by sax4

Not with Chase you won't

Exactly - I have multiple current accounts with them.. Best bank for stealth