How many current accounts can I have?

 

You can usually have more than 1

You might have considered opening more than 1 current account, perhaps to manage different spending pots. But what are the rules?

In the UK, it’s usually possible to have more than 1 current account. That could be multiple accounts with the same bank, or spread across a few different providers.

In this guide we explore what’s allowed, why you might want to have more than 1 current account, and the things you should consider.

Are there rules I need to be aware of?

To open a current account, there are some basic requirements you’ll need to meet.

 

Residence

To open a UK current account, you’ll usually need to give proof of UK residence.

Age

Many current accounts are only available to applicants aged 18 or older.

Exceptions might include student accounts, or youth accounts opened under parent or guardian supervision.

Credit history

Your bank might complete a soft credit check before accepting an account application, or a hard credit check if you ask for an overdraft.

What is a credit check

What is an overdraft

Photo ID

To verify your identity, you might need to show a current UK driving licence or passport.

Some accounts - especially those offering packaged benefits - may also ask for:

Regular account deposits

For example, money you receive monthly from a salary or pension.

Monthly fees apply to some current accounts, but you could get a discount if you meet a minimum monthly deposit amount.

Active direct debits

For example, you might set up regular payments to cover your rent, mortgage or utility bills.

Terms, conditions and limitations can vary between accounts, so make sure you check the small print carefully before you apply for a new current account.

Why might you have more than 1 current account?

There are many reasons why you might have more than 1 current account.

Day-to-day budgeting

For example, 1 account could be used for household bills, while another could be used to track everyday spending.

Separate spending pots

Maybe you need to keep money aside to pay for car maintenance, holiday spending, annual insurance premiums and so on. For this, you might like to choose an account that pays credit interest on balances you hold for a month or more.

Just for emergencies

It’s sensible to keep a cash reserve handy for unexpected costs.

Depending on your needs, you might like to consider either a separate current or instant access savings account.

Shared responsibilities

A joint account could be a good way to manage shared expenses.

Different account features

For example, if you’re travelling abroad, you might select an account that doesn’t charge foreign transaction fees.

Rewards and incentives

You might be offered a one-off bonus for switching accounts. Some accounts offer packaged rewards, such as cashback or lifestyle benefits. Just be aware that account fees could apply where extra benefits are offered.

Just as a back-up

If for any reason there’s a problem with 1 account, it could be handy to have another you can access and use.

Protect your finances

With the Financial Services Compensation Scheme, your money is protected up to £120,000 a person, for each financial institution.

Good to know

A savings account or ISA could be a more effective way to grow your money over time. When comparing options, consider how much access you might need to your money.

Things to consider before opening multiple current accounts

Having more than 1 current account can have benefits. But there are also things to consider.

Credit score impact

Depending on the type of checks your bank completes, opening a bank account could affect your credit score. The effect will be more noticeable if you apply for multiple accounts in a short period of time, or if you have any use any account overdrafts.

Monthly fees

On some accounts, especially those offering rewards and benefits, you might need to pay a monthly account fee. This could be waived if, for example, you pay in a certain amount of money each month, but that depends on the account.

Fees can add up, so just be aware.

Doubling up on benefits

You probably don’t need 2 accounts offering the same benefits. Especially if you’re paying a monthly account fee for the privilege, it can pay to be selective.

Account admin

Having multiple current accounts obviously means you’ll have more to monitor and manage. Make sure you keep an eye on your transactions, statements, balances and, to limit interest charges, any overdraft use.

How to open a bank account with Lloyds

Whether you're a new customer or already have a bank account with us, you can open a second bank account.

Find your next current account

From no frills everyday banking, to accounts packed with extra benefits for a monthly fee, there’s a Lloyds current account for you.

Current accounts

Already a customer?

Easily upgrade or add a new account.

View all your accounts together and we won't ask you for information we already know.

Log in to apply

Find your next current account

From no frills everyday banking, to accounts packed with extra benefits for a monthly fee, there’s a Lloyds current account for you.

Current accounts

Already a customer?

Easily upgrade or add a new account.

View all your accounts together and we won't ask you for information we already know.

Log in to apply

Let’s look at the details

  • Yes, in the UK you can generally open multiple current accounts with the same bank. That could include both joint and individual accounts.

    Just make sure you check any conditions set by the account provider. For example:

    • not all accounts will be available to joint applicants
    • some account types could be limited to 1 for each customer.

    Always check the terms and conditions before you apply.

  • Depending on acceptance, it’s certainly possible to have 2 or more current accounts with different banks in the UK. Doing so could help you to access a range of account benefits and manage various needs.

    As always, just make sure you understand the terms, conditions and any limitations of each account before you apply.

    Did you know

    Open banking makes it possible to view and manage your accounts – including those held with many other providers – all in 1 place. To get started, you’ll need a Lloyds current account and the Lloyds app.

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