How Many Bank SAVER Accounts with a single Bank(UK only)

[gurucashflow]

Hi there,

As you can guess, I have the typical banks; that are recommended on the forums.

However; I wanted to know how many savers accounts I can open and do a paypal direct debit on, with the same bank, before it starts looking a little bit crazy?

I mean it's not like anyone is looking over my account anyway, so why not open 40 accounts tonight?

I currently have 6, Obviously I want more... what's stopping me?

[JamesNorth101]

I never open more than 4 accounts with any one bank.

Plenty of banks about that you can open more accounts with if you need to.

[gurucashflow]

It's funny James, I actually planned on PM'ing you about this because I know you've got alot of knowledge in this area from reading your posts.

Ah, so i went over the invisible line on this one bank; thats fine, It's just a shame that means there is like an upper limit on bank accounts I can have using this method

Like say 12-16 accounts total.

Hmmm, i best start searching for options in the future, or trying to make some of these accounts pass through each limit jump

thankyou

[gurucashflow]

I hate to ask; but what proof do we have that we shouldn't open loads of accounts with one bank?

I guess it looks weird, I actually used to work for a bank; and, we did kind of look over peoples accounts occassionally, for all kinds of reasons, but I don't remember a button to flag stuff. and even if I did press that button, I wouldn't really know what happens next when it's passed to that department.

[JamesNorth101]

There have been reports of bank accounts all getting closed if someone has had too many.

4 is just my preference, you may well be able to have more if they are opened up slowly over the years. I as of yet have no need to have more than 4 with any one bank. Maybe in years to come I will need to open 5 or 6 but until then I stick with 4.

[uscool]

im wondering if i can use Halifax Everyday saver to fund it from PayPal ?

Thanks

[JamesNorth101]

It is not recommended to fund PP from a bank account. While the e-cheques may sometimes go though, they also may not due to the mismatching name.

Better to use a VCC to fund any purchases.

[GreenBean]

Originally Posted by gurucashflow

I hate to ask; but what proof do we have that we shouldn't open loads of accounts with one bank?

I guess it looks weird, I actually used to work for a bank; and, we did kind of look over peoples accounts occassionally, for all kinds of reasons, but I don't remember a button to flag stuff. and even if I did press that button, I wouldn't really know what happens next when it's passed to that department.

Proof usually comes when a bank tells a customer they are closing down accounts because they (the bank) does not like the manner in which their accounts are being used.

This is not just hearsay. We have had UK users whose accounts were closed as I outlined. We have had even more USA users who had to use other banks.

Banks have rules and regulations. They must comply with different government rules. Each bank has back office staff that have access to check each and every customer's file. A bank finding 30 bank accounts from one customer would react. Teller at front office may never be aware. But the Fraud Department within the bank would be.

This is where you have the potential for troubles. Reasonably a customer may have several bank accounts and justify that to the bank. Going over an unwritten limit within a bank will mean issues.

This is why it is preferable to be circumspect when opening accounts.
Have too many accounts ( savings or otherwise) and risk a credit file mark.
A bank will protect itself, not its customer.

[uscool]

Originally Posted by JamesNorth101

It is not recommended to fund PP from a bank account. While the e-cheques may sometimes go though, they also may not due to the mismatching name.

Better to use a VCC to fund any purchases.

sorry i meant attach Halifax Everyday saver and use paypal to withdraw to it , i have a Halifax Everyday saver so wondering if i could make use of it ,

thanks

[GreenBean]

Originally Posted by uscool

sorry i meant attach Halifax Everyday saver and use paypal to withdraw to it , i have a Halifax Everyday saver so wondering if i could make use of it ,

thanks

Doable, yes. Make sure there is a direct debit.

Keep in mind James' advice too regarding transfers.

[uscool]

Originally Posted by GreenBean™

Doable, yes. Make sure there is a direct debit.

Keep in mind James' advice too regarding transfers.

Hi, yes i knew about the transfers, how would i know if Halifax Everyday saver is a direct debit, i can log into online to it , could i find out ?

Thanks

[Mack the Knife]

Halifax:
You can only have 5 Online Savers and 5 Everyday Savers

BoS:
Theoretically, you can have more than 5 Access Savers, but you will get 'blocked' when you try to get Access Saver #7 (around there).

Santander:
You can have as many Instant Access as you like. Get a Santander current account (proper one), then, from Online Banking, you can easily open savers. Beware! Don't do what I did. When I realised I could open as I please, I opened 20 in one day, had more than 50 created in that week, then Santander closed all and took away my current account even (as mentioned above, Fraud Dept. called me, I said I simple like opening savers, not against any rules, etc.). No black mark on credit file or anything. They were just annoyed. You can easily create Santander savers, even from their website (as in no need to go into online banking).

Barclays:
I like them!!! Once you have have your current account and online banking sorted, you can open as many Everyday Savers as you like. T&C states, "You can have more than one....." I currently have 20. No issues. One a day, no more than 3 a week. But I have a very good relationship with Barclays and have my day job salary go in here, etc. My excuse for so many? I sell on eBay, sell different items and categories of items, so have different EB and PP accounts, and as I want to keep them separate (so easier to audit), I need separate bank accounts. They were OK with this. They would have probably said no if the Barclays person sold on EB, lol. So there you go


P.S. STAY AWAY FROM LLOYDS. BOS EVEN!!!

[Mack the Knife]

Originally Posted by uscool

sorry i meant attach Halifax Everyday saver and use paypal to withdraw to it , i have a Halifax Everyday saver so wondering if i could make use of it ,

thanks

I have used Halifax ES to withdraw before with no issues. Last done a few months ago, before I moved to Barclays.

[GreenBean]

Originally Posted by Mack the Knife

Santander:
Don't do what I did. When I realised I could open as I please, I opened 20 in one day, had more than 50 created in that week, then Santander closed all and took away my current account even (as mentioned above, Fraud Dept. called me, I said I simple like opening savers, not against any rules, etc.). No black mark on credit file or anything. They were just annoyed.

This is the role of the Fraud Dept. They are obliged to ensure all is OK with what the customer is doing.

Their primary role is to ensure no money laundering is happening.

If another bank was to check you, it is feasible that the two Fraud Depts may 'talk' off record to each other depending on circumstances.
I know that from working experience.

It is wise to have a good relationship with at least one bank for business purposes.

[Mack the Knife]

So true, GB.

This is why I have my pay, mortgage, etc. with Barclays. They are quite good actually, and very accommodating.

The problem with the LLOY group is..... BoS was becoming a bit of a pain. As was Halifax. Maybe 'cos I used it only for PP sales.

Definitely agree! Best to have a strong relationship with one bank. This way, you can get additional bank accounts, if ever needed.