Using just one bank

Hi all

Does any of you do all your banking with only one bank? I know they say “never keep all your eggs in one basket” but Ive currently got bank of Scotland, Halifax, Lloyds, HSBC and Barclays I keep money in those banks for different things but would love to cut that down to just one or maybe possibly two with the second being just for the money I can’t see unless I log in!!

I have current accounts at five banks to take advantage of various perks (linked high interest savings accounts, cashback on bills, etc). If those perks didn’t exist or ceased to be worthwhile I’d drop down to two but wouldn’t drop down to one.


My Wife and I have a packaged Nationwide Flexplus account for our joint responsibilities, Mortgage, Council Tax, Utility bills etc to which both of us transfer money into. We both now have our own Starling personal accounts. I have my occupational pension paid into that every month.

I also have a RBS account purely for having my work salary paid into. The RBS account is there solely for the switching bonus and in 12 months time if another switching bonus is available with another bank, I’ll dump it and CASS. I keep my monthly obligation of using my debit card once a month so I can keep my switch bonus.

We wouldn’t personally ever drop to just one account and it’s good to have the joint account and personal accounts to keep things distinctly separate. It certainly makes life a lot easier when budgeting.

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I use Starling for all my banking though I also have Nationwide FlexPlus purely for the insurance benefits.


currently HSBC and Starling… had several other but closed down. I am tempted to just go with HSBC, quite impressed with them. But Starling app and notifications are way superior.
Plus Starling better for overseas spend.

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Yeah nationwide insurance is pretty good value, was tempted with that myself

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Bank of Scotland and Halifax do the instant notification as well, I switched away from starling when BOS started sending me the notifications! I’m actually enjoying banking with Santander

Whilst I’ve had multiple bank accounts for pretty much all my life (though I did have only one UK account for a couple of years when I first came here, but still multiple accounts back in Germany), I’d think that you’d most likely be absolutely fine with just one account, if you’d prefer that.

Although I don’t think I’d trust any of the newer banks to be my only bank.

Just to add my tuppence worth. Like some others here, I wouldn’t ever go down to just one bank. I did for a long time have only one current account and I never had any problems, but having experienced the benefits of dividing up my money (if only for the organisation of it) I wouldn’t go back to just one now.

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I would just use one bank. It’s my dream! :heart_eyes::heart_eyes::joy:

But it would need to have instant spending notifications, “tomorrow’s payment” notifications, saving pots, the ability to pay bills from a pot, free overseas spending, an overdraft (although not that important), a sexy app, a super easy and quick way of sending money, cheque scanning and an easy way of paying in cash (for the once every few years time that happens :man_shrugging:t2:).

That’s all I can think of right now. But yeah, that’d do. I use Starling as my main bank and I’ve loved it. And they are only a few features away from being everything I need! :hushed:


I’m not gonna lie, the whole fraud issues thing laid out by Mr Dan has made me consider my options of late. :thinking::thinking: If I lost my money for a week I’d basically be ruined! :grimacing::grimacing:

But anyway… I’ve digressed… Yes… Yes I would happily use one account.

I use First Direct for salary and Direct Debits.

Starling for day to day spending.

Nationwide FlexPlus for the Travel and Mobile insurance.

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I’m planning on cutting down on the bank accounts too.

I think i’ll end up with :-

A - Starling because of the Mastercard Debit and the Spaces option and other stuff like the notifications and early sight of Direct Debits in the feed

B - Bank of Scotland, so I have branch access and the Cheque Imaging option and also a Visa Debit card in case one of them goes down i’ll have the other to fall back on.

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The actual only way two accounts would work for full back purposes, would be using two cards using two different bank or merchant acquirers. Banks like Barclays or Lloyds Banking Group process themselves. Others like HSBC, RBS do not, they rely on third parties.

HSBC for example also use GPS for card processing, although its a different process, so they don’t have the issues when the likes of Starling do, but its important to bear that in mind.

RBS use Worldpay

So having Starling and HSBC would be futile if there was a complete GPS breakdown.

That’s surprising given how big they are.

My fault Global payment services is what starling use, global processing services HSBC but my point stands about banks using third parties

I’d struggle to manage if I had to make do with just one bank account. I have one account for all my bills and different ones for spending. That works for me and that’s the way it’s staying.

Many years ago when I only had a single account I found it harder to work out how much I’d got left and could afford to spend, so I never want to go back to that situation.

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And then there is the issue that Nationwide use a different company (TSYS) for credit cards compared to debit cards and I believe LLoyds Bank have something to do with TSYS too?

We could do with a list of which banks are linked with which payment companies :slight_smile:

For the thickies amongst us (ok, me :roll_eyes:) what’s the significance of having that knowledge? Am I missing something, please?

Well, out of interest really (as far as I am concerned) :slight_smile:

It might also serve to let those who care about such things pick their card providers in case of some kind of IT meltdown affecting one then another may not be affected.

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Oh ok. Ta.