Skip to content

Multiple Bank Accounts

Can I have more than one bank account?

Victoria Russell
Written by  Victoria Russell
Updated: 04 Dec 2023

What are the rules around multiple current accounts and what are the benefits and pitfalls? Our guide explains everything you need to know.

Different current accounts can have varying features and benefits, from those paying interest on your balance, for example, to those paying cashback, That’s why it can be a bonus to have more than one. But even if there’s nothing to stop us from opening multiple current accounts, there could be limitations to consider.

Can I have more than one current account? 

The simple answer is yes, there are no explicit rules that prevent you from opening several current accounts. In fact, doing so could open the doors to a variety of bonuses and features unique to each bank or account type. Different current accounts can have varying features and benefits, from those paying interest on your balance, for example, to those paying cashback, That’s why it can be a bonus to have more than one. But even if there’s nothing to stop us from opening multiple current accounts, there could be limitations to consider. 

However, the practical side of managing multiple accounts is not to be overlooked. Some accounts come with strings attached, such as the need for minimum deposits or the setting up of direct debits, which could complicate your financial landscape if not managed carefully. 

Can I have more than one account with the same bank? 

Yes, it's generally possible to hold multiple accounts with the same financial institution. Banks often have a variety of offerings to meet the diverse needs of their customers. You can also often have different types of accounts with the same banks, such as a current account and a savings account or a regular saver and a fixed-rate ISA. 

It's not uncommon for customers to have both individual and joint accounts under their name within the same bank. This could be a mix of current accounts, savings accounts, and other specialized accounts, depending on the bank's criteria and the customer's financial goals. 

What are the advantages of having more than one bank account? 

There are several reasons why you might consider opening more than one account: 

  • Perks and rewards: Banks often look to draw in new customers by offering incentives when opening a current account such as cash bonuses or high interest on in-credit balances. There can also be rewards such as cashback on bills or travel insurance as part of the package. 

  • Easier budgeting: Having separate accounts for different expenses can simplify managing your money and ensure you're covering all your financial bases. 

  • Building a savings pot: A secondary account can be earmarked for savings. Although, an easy access or regular saver account might be a more interest-friendly option. 

  • Keeping business separate: For those who are self-employed, a separate business bank account is invaluable for accounting purposes. 

  • A useful back-up: An additional account can provide peace of mind, serving as a fallback if your primary account encounters issues. 

  • Financial protection: The FSCS protects your money up to a certain limit per financial institution, so multiple accounts can increase the amount of money protected. 

  • Spending abroad: Specialized foreign currency accounts might save you money on fees while traveling. 

  • Trying another bank: Opening a second account can be a risk-free way to experience a new bank's services. 

What are the disadvantages of multiple accounts?

On the flip side, here are some potential drawbacks to consider: 

  • Keeping track of your money: More accounts mean more numbers to monitor, which can complicate your financial oversight. 

  • Higher risk of fraud: The more accounts you have, the more potential entry points there are for fraudulent activities. 

  • Could affect your credit score: Each time you apply for a new account, your credit score may take a temporary hit. Additionally, having multiple overdrafts might give an impression of financial strain. 

  • Paying multiple fees: Some accounts come with fees that could outweigh the benefits if you're not maximizing the potential rewards from each account. 

Will having two or more current accounts damage my credit score?  

Not necessarily, no. However, having two or more current accounts won’t necessarily damage your credit score, but it could have a negative impact if you start dipping into multiple overdrafts – making it look as if your finances are becoming stretched. 

Moreover, applying for several accounts within a short timeframe can lead to multiple hard inquiries on your credit report, which may lower your credit score temporarily. 

Is it easy to open multiple current accounts?  

The process of opening multiple accounts is straightforward, especially with online applications. However, fulfilling the criteria for each account to reap the full benefits can be more of a challenge. These criteria often involve minimum deposits and setting up direct debits, which can be a hurdle if not managed properly. 

Can I have two current accounts if I have bad credit?  

Having bad credit can complicate the process of opening additional current accounts, particularly those with overdraft facilities. Each account provider has its own criteria and your credit score will be checked before you’re accepted. The better your credit score the more chance of being accepted. Our guide gives you simple tips on how to improve your credit score

Rebecca Goodman
Rebecca Goodman
Financial journalist

Our expert says

The current account market is extremely competitive with providers trying their hardest to attract and retain new customers. This means it’s possible to get a wide-range of rewards when you sign up to a new current account, from cash freebies to access to exclusive savings accounts. It can be a big benefit to have more than one current account, giving you access to cashback, rewards or interest paid on in-credit balances. But before you apply for a new account, it’s well worth researching how much you need the new account, if it will actually save you money, if there are any fees to pay, and if you’ll meet the requirements for the account in the first place."

Other useful guides 

We have a range of guides to give you more information on current accounts. These include: 

Step-by-step guide to opening a bank account 

How to choose the right current account for you 

Everything you need to know about current account cashback 

Compare current accounts with MoneySuperMarket 

Navigating the maze of current accounts can be daunting, but MoneySuperMarket is here to help. You can find a new current account quickly and simply with our comparison tools. We collaborate with the UK’s leading banks to present a wide range of options, sortable by various factors to ensure you find the perfect fit for your financial life. 

 It’s important remember that the ideal banking setup is as unique as your financial goals. Carefully consider the perks, potential pitfalls, and your personal circumstances to make the most of your banking experience. Whether you're a savvy saver, a keen investor, or simply looking to streamline your spending, the right combination of current accounts can be a powerful tool in your financial arsenal. 

Compare current accounts