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Yeah, you read that right. I’ve got 14 different bank accounts.

That’s probably 13 more than most people. And you might think it’s 13 more than anyone could need. But from decent interest rates to cash rewards, there’s a reason I’ve got each and every one.

And there have been more, such as Lloyds and M&S, which I’ve switched away from. But to give you an idea of what each account offers me, here’s a rundown of why I got it in the first place, how I use it now, and whether you should be getting that same account too.

Plus, at the bottom of the article, some more info on where you can go to check out all the different offers and deals banks are running right now to get you to open an account with them.

You can listen to my podcast episode on this very topic here:

1. Nationwide FlexDirect

This is my main current account. For the first year, I got 5% interest on up to £2,500 saved there. That’s since dropped to a not-so-great 1%.

I also got £80 cashback when I opened it, and another £100 when I referred my wife to open one for herself. 

Until recently I was also able to have a 5% regular saver, though this feature was closed in April. This could now be a “switching” account that I ditch in order to get offers elsewhere.

Why you should get it: The 5% interest for the first year can’t be beaten by any other account right now. And if you’re referred by a friend you’ll both get a £100 bonus.

2. Starling

One of the new app-only banks, Starling gives me fee-free spending and cash withdrawals overseas. 

Why you should get it: There’s no better card for overseas spending. Plenty of budgeting innovations too that help you keep track of your spending.

3. NatWest Reward

This is a joint account with my wife and we use it to pay all our shared bills. In return for the £2 a month fee we then get 2% cashback on most of those outgoings, including Council Tax, energy and mobile phones.

Why you should get it: The cashback. RBS offers the same account, though there’s also the Santander 123 Lite which might work out better for you – it depends on the size of your bills.

4. First Direct

I had to open this account when I took out my mortgage, but I’ve kept it as it gives access to a 5% regular saver. This has a monthly limit you can save of £300.

Why you should get it: New joiners can get £100 for switching, and there’s a £250 interest-free overdraft.

5. Monzo

Like Starling, Monzo is a new app-only bank. I got it for the foreign transaction benefits, but these aren’t as good as they were and I’d rather use my Starling account or Tandem credit card when overseas. 

Why you should get it: If you want to try out some of the innovative features to help you track your spending.

6. Tesco Bank

I opened this a few years ago to get 3% on up to £3,000 saved there. Sadly this amount is going to be dropped to 1% in June. I’ll be switching it away then, possibly to Lloyds to get some free cinema tickets.

Why you should get it: One to avoid now. If you’ve got it then you should be switching away.

7. Barclays

I opened the Barclays account as part of a switching deal to get double Blue Rewards for the first year. This should net me £120 over 12 months. After this it’ll drop to just £36 a year. Better than nothing, but not too special.

Why you should get it: Only switch to Barclays if there’s a double Rewards offer, or if you have extra things like a mortgage or insurance via Barclays.

8. Halifax Reward

I took advantage of a £100 switching bonus to get this account. I’ve kept the account as I get a £2 reward each month for having two direct debits and paying in a certain amount – though it’s not as profitable as it once was – the rewards have dropped from £5 when I first had the account.

Why you should get it: There’s currently a switching bonus worth considering, though the monthly reward isn’t that special anymore.

9. Transferwise

This is a different one. I sometimes get paid in US dollars, mainly for the advertising you see on the blog. Now it could get paid straight into my business account but then I’d be hit with extra fees to swap it to pounds. Instead I get it sent to a Transferwise account. It stays in dollars, which I can then spend without converting – lots of the software that runs the blog and podcast is American run – or swap to pounds later at a better rate.

Why you should get it: If are regularly paid or spend in different currencies.

10. Yorkshire Bank

This is my business account which I got for 25 months fee-free banking. Yep, fee-free. Most business accounts charge you a monthly fee and even extra for each time you have money paid in or out. My fee-free time is nearly over though so I’ll be looking for an alternative.

Why you should get it: If you have your own business and want to avoid extra charges.

11. TSB Classic

Another account I opened to get high interest on savings. In June it will be cut from 5% to 3% (on balances up to £1,500), but it’s still better than most other savings accounts.

Why you should get it: If you’ve already had the Nationwide 5% account for a year, then this is the next best place for your savings.

12. TSB Classic (number 2)

Sadly you can’t do this anymore, but I was able to have two accounts.

13. TSB Classic (number 3)

This is a joint account with the same interest rate.

14. TSB Classic (number 4)

The last one with TSB, and it’s another joint account. Again you can only have one joint account now.

> Check out all the latest bank switching offers and high-interest deals from current accounts

Why you need more than one bank account

The best bank switching, cashback and interest offers (January 2020)


How many accounts do you have? Let me know in the comments below.

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