Are there any disadvantages to opening many current accounts (I have 4 at the moment. I’m 19) apart from the initial drop in “credit score”? I find it a lot easier to manage money in multiple current accounts because it is easier to control a budget for different things (large essential things, saving, everyday spending, and non-essential stuff).
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Personal view? Not really, no.
Credit score is a something and nothing and that’s about the only thing that will be impacted.
You may want to avoid temptation by not having an overdraft on all of these accounts, however!
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Other than the initial hit you mentioned the only other thing I can think of is credit utilitasion. They like to see you using a certain amount of your available credit.
So if you open more accounts you might have more credit and your percentage will drop.
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One of them is a student account so had a decent overdraft but I avoided the overdraft option on the others. I have been nowhere near using my overdraft on any of them and I am aware of the risks.
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I avoided getting an unarranged overdraft on 2. Another is a student account but I haven’t used the overdraft on that one and I don’t know about the other one (only just opened it).
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Fair enough. Good to know.
Credit utilisation as Ordog discusses is more to do with credit than current accounts so that shouldn’t be impacted at all. Not that I’m a great believer in any of these metrics anyway.
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Sorry, Feathers is correct. I always assumed it took into account overdrafts too but I checked and it strangely doesn’t 
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Thanks for your help!
I know basic things about banking and credit etc but not all of the more complex details so I’m glad you were able to help with my concerns 
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No problem.
Convention has long held that people only have one current account but the reality is that you can have more.
If you find a financial system that works for you but needs a number of different accounts then go for it.
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I have 16, plus Revolut, TransferWise, Monese, Dozens etc.
I just like seeing how each company does things. And I collect the cards, have done for years.
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I may also have a bit of an obsession about the cards 
I have also gone for accounts that have slightly different features - good student account, good savings account, cheque imaging etc so it’s not just about budgeting.
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I have 2 - I want to get a 3rd but fear it will impact me.
I have 0 overdrafts and don’t plan on getting one as of yet
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I have 11 current accounts. Zero credit.
No overdrafts on any of them. Don’t believe in them.
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I used to have 3 or 4 but they were never used. In my minimalist lifestyle that I live I asked myself why and then closed them all down. Now I just have Monzo.
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I’m almost there. In fact, today I received an email from HSBC informing I’ve not used my current account for 3 months and so it’ll be closed in 9 months with no use. No big deal. I’ve used Midland/HSBC since the late 80’s as my primary accounts so HSBC had had its fair share of income from me.
Bye then! 
That leaves several other unused legacy accounts to die by the wayside, plus Revolut which may be ignored, in the quest for personal-finance-karma
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I do like the idea of trying them all out and messing with them. I think I would enjoy it but then again I’m lazy 
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Has this affected your credit score? Opening so many?
Any credit score impact related to opening an account drops off after 6 months anyway.
I’ll try not to repeat my opinion of the scores themselves 
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The impact of the Lloyds account I opened in Oct/Nov last year has just dropped off my meaningless number now.
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My credit score is of no interest to me but, in answer to your question, yes.
When I took 5 switch bonuses in 2017/18, it took a hit.
And this year, opening multiple Virgin Money accounts for the 2% interest, plus another switch bonus, in space of about six weeks, my credit score took a hit.
As I said before though, I am not concerned about the fictional number, nor do I foresee me ever needing credit.
I am not a lover of being in debt, so avoid it as much as I can.
I do hold credit cards, but more for emergency use nowadays than cashback.
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