There is no logical reason to have more than one bank account of the same type (ie cheque account) with different banks (other than as you mentioned, if one goes bust, but then you trying to protect your savings not you current account). Each bank account has its own set of bank charges, including a minimum fee, so it will most probably cost you more than having just one account. You don't need numerous bank accounts to pay different types of expense, just better housekeeping, and who cares if the person you are paying is with a different bank and has to wait for their money. However, when it comes to savings accounts you may want to use more than one bank, as they all offer different rates and different terms. You may want to invest cash both short term and long term (instant access, or 30/60/90 notice accounts), and one bank may offer better rates for term accounts and another instant access. It just depends on your circumstances, shop around first.
60 mths ago