How many current accounts can I have?

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For many, the idea of having more than one current account might seem strange, especially if you’ve always used the same bank. But there are no rules stopping you from opening multiple accounts in the UK, and there can be some advantages in doing so. In this guide, we’ll explore whether having multiple current accounts is a good idea, the benefits it offers, and what to consider before you go ahead.

The short answer is yes, you can. There’s no limit to how many current accounts you can have in the UK at any one time. And the same goes for savings accounts. As long as you meet the requirements set out by the financial institution offering the account, you are free to open as many as you like. So while it’s technically possible, you’d have to make sure you fulfil the bank’s criteria for each account.

The information provided here is for informational and educational purposes only and does not constitute financial advice. Please consult with a licensed financial adviser or professional before making any financial decisions. Your financial situation is unique, and the information provided may not be suitable for your specific circumstances. We are not liable for any financial decisions or actions you take based on this information.

Some banks let you open multiple current accounts, while others do not. So it can be a good idea to check with your bank first.

Whether you’re able to open multiple accounts may also depend on the type of account. For example, some banks might let you open a joint account if you already have a personal one with them.

The question isn’t always, “can I have more than one current account?”, but rather, why would I need two or more bank accounts? Perhaps you have had your existing account for a while, and it meets your needs, from receiving your salary and setting up direct debits to withdrawing cash and paying for shopping. In some cases, it makes sense to stick with one account. Many people do just that.

However, there are a few reasons why you might want to consider opening an additional account:

• To manage your money – Each current account you open could be used for different purposes. You could have one for bills, another for your own day-to-day spending, and another for direct debits. Having each expense separated this way lets you see where your money is going, and it can be particularly helpful for budgeting your money.

• Opening a joint account – If you want to manage household expenses together with your partner or housemate, a joint account is one option. You can use it for shared costs like bills and groceries, or as a savings pot for your next holiday. However you use it, it is generally recommended to keep your personal finances in a separate current account.

• Different features – No two current accounts are the same. You might consider opening a new one if you want better online banking services, some interest on your balance, or a more generous overdraft. Exploring your options can give you access to features that better suit your needs.

• New customer rewards and special offers – Some banks offer one-off cash bonuses or other rewards for opening a new account with them. As long as it doesn’t require you to close your existing one, this can be a good reason to explore new options.

Now you have an answer to “how many current accounts can I have?”, how many should you have? There’s no hard and fast rule here. The right number for you will depend on your current financial situation and goals, how you tend to spend your money, and whether you’re able to keep on top of managing different accounts. 

Some people like to have their main account for their income and fixed monthly bills, such as rent or mortgage payments, and a second account for other types of spending, such as transport costs or food shopping, which can change from one month to the next.

If saving money is your goal, it’s generally recommended to use a dedicated savings account, since current accounts typically offer lower interest rates.

If you’re still wondering, “how many current accounts should I have?”, it can help to look at some of the pros and cons of having multiple accounts.

• Lower risk to your funds – If you have all your money in one bank, and you become a victim of fraud, or you happen to lose your debit card, you’re in a more vulnerable position. By spreading your money across multiple banks, you reduce the risk of losing access to all your funds at once.

• Deposit protection – The Financial Services Compensation Scheme (FSCS) protects deposits of up to £85,000 per person, per financial institution. If you have funds above this limit, opening accounts with different banks is a way of making sure all your money is covered.
• Better budgeting – Using separate accounts for specific purposes can make it easier to follow a budget. Some mobile banking apps that are linked to your account also let you track and categorise your spending.
• Access to perks – Banks (and their accounts) vary widely in terms of the benefits offered. Whether you’ve spotted an excellent cashback offer, a tempting discount, or an appealing insurance policy, having multiple accounts allows you to take advantage of these benefits.

• Difficulty keeping track of your money – Having money spread across several accounts makes it harder to remember account details, monitor balances, and keep track of transfers for each one.

• Paying multiple fees – Most current accounts are free to use, but some charge fees. An example is packaged current accounts, which offer added extras, such as insurance or breakdown cover. Having several of these kinds of accounts can become expensive.

• Account requirements – Some current accounts come with conditions, like minimum monthly deposits. Managing multiple accounts means you have to keep on top of these requirements or else risk being penalised.
• Not ideal for long-term saving – Spreading money across current accounts may not earn you as much interest as a dedicated savings account. For more competitive returns, you might be better off pooling all your funds in a high-interest savings account instead. If you’re thinking about saving for the long term, you can compare the benefits of current accounts versus savings accounts to help you decide.

Having multiple current accounts on its own won’t directly harm your credit score, but certain behaviours can impact it negatively, including:

1. Frequently using overdrafts across accounts, which can make it appear that your finances are strained. Lenders could then view you as a risky borrower.
2. Applying for multiple accounts within a short period. Each application typically triggers a hard credit check, which can temporarily lower your score. Applying for too many accounts at once might also raise alarm bells with lenders.

Mortgage providers and other kinds of lenders look positively on responsible financial management, and you’ll likely be rewarded with better rates as a result. Find out more about how to improve your credit score.

If this is a concern, you could consider savings accounts as an alternative. Opening multiple savings accounts in the UK won’t affect your credit score, because these accounts don’t involve borrowing or credit.

For some people, it is worth having more than one current account for the benefits, cashback, and other special offers that come with them. Some of these perks can come in handy, depending on your spending habits and what you’re planning to do with your money. 

As another option, there are several digital banks that let you manage multiple “pots” from a single account. You can choose which payments go from each pot and easily transfer money between them using an app. Money-saving apps can help with budgeting and even track your spending by category. For those who prefer this structured approach, you might not need multiple accounts with different banks.

If you’re trying to manage several current accounts, it can be helpful to monitor your budget and make sure each account has enough funds to cover monthly outgoings. Mobile banking is one way of keeping on top of this. You could also set up balance alerts to prevent any surprises if your funds fall below a certain level. If your balance drops below zero, you might manage if the account has an overdraft, but check for any interest or charges (unless you have an interest-free overdraft).

If your goal is to grow your money, it might make more sense to open multiple savings accounts instead, since these accounts typically offer better interest rates. With Raisin UK, managing multiple savings accounts is simple. You register just once, and from there, you can compare rates, apply to open accounts, deposit funds, and manage everything from one login. For added convenience, the Raisin UK app lets you check your accounts and stay on top of the latest rates on the go.

If you’d rather make some money on your cash, a savings account can offer more interest. At Raisin UK, you can apply for high-interest savings accounts from a range of partner banks and building societies in one place. Register for a Raisin UK Account to apply in a few clicks, view all your savings accounts, and easily fund different accounts.