I’m trying to sort out my finances, I currently have 4 current accounts with 4 different banks. I would like to use just one bank for all but I know people say “don’t have all your eggs in one basket”, reason I have 4 for different purposes. I like having my money in a current accounts as I keep the cards with me, just in case.
Chase*
*-Day to day - Family Fun - Car Repair/M.O.T - Birthdays - Christmas - Holiday
Santander
Bills
HSBC Advance
Savings (Immediate Access)
Nationwide
Emergency (Immediate Access)
I’m just looking to see if I’m missing out on things, if I should try anything new, do I have too many accounts or even the set up I have is good?! I like hearing how other people set up their finances to give ideas, anyway thank you in advance
If you had 4 accounts and mixed them up I might say that’s a bit excessive but your 4 seem fairly well spread to me.
I have three. Monzo personal for my bills/spending, Monzo joint for bills/spending and my Lloyds.
I keep Lloyds because it’s VISA, I’ve had that account for a long time and it’s better for cash/cheques. There’s only a couple of quid in it, doesn’t really get used.
Chase for general spending
Monzo for salary and bills
AMEX as a backup. Barely use it now.
Atom/Marcus for emergency easy access savings
Freetrade for investing and long term savings.
Ulster bank- depositing cash (wages usually in cash)
Monzo - main account, bills and most of spending
Starling - joint account ( mainly for spaces)
Chase - transferring my fuel money here every week to get some cash back
Amex - for cash back on bigger items
Amazon credit card - for Amazon vouchers where Amex not accepted
Barclaycard - had for years, hardly used now
Virgin credit card - 0% balance transfer
Marcus savings - emergency fund
Hargreaves’s landsdown - lifetime ISA (for retirement not house purchase)
Few more I never use, some got for current account switching offers and kept for future offers. Don’t think I’ve missed any of importance.
Barclays - Salary lands here (used to get £3 a month for free with blue rewards but RIP to that)
Monzo - ‘Budget’ transferred from salary here for monthly spending. Main account.
Monzo Flex - Larger purchases
Amex - Daily spending where accepted. Otherwise tap with Monzo. This is synced so that money is automatically deposited to an ‘Amex’ pot every time I spend. Direct debit automatically taken from this pot.
MBNA - Long balance transfer.
Revolut - Cheap Netflix and YouTube
Binance & Metamask - Crypto
Moneybox lifetime ISA - Only have £1 in here. Keeping it around for when I’m read to buy a house. I can drop £4k in there for a £1k bonus!
TopCashback/Quidco/Airtime Rewards/HuYu & others - Cashback and rewards
Various high street bank accounts - Standing order going into these to keep them from being marked as dormant. Used for switching offers when they come around.
Love my little rainbow apps.
• Clear score for my credit score
• Monzo for my main account & FLEX card
• Starling as a backup account for cheques etc
• YBS as my long term savings
Monzo everything. I’m on Monzo as I don’t like banking and finance. Monzo makes my financial UX as smooth and invisible as I could ever hope for which is perfect. Ideally I’d be able to pay someone to take care of all of it and I’d just get a monthly allowance from my earnings and then in a few years I could buy a trip to the Bahamas
