Is it possible to open more than one current account in the UK? and how will this affect my credit score.

I only say this as there are current accounts that pay 3% interest on balances - which would be great to have as the rate is better than a savings account and I get instant access to the cash within the account (this will be a pretty dormant interest accumulating account), but I would also to have a separate account to pay my bills and receive my salary (this will be a busy account that I can use to monitor my spending and so on).

  • 2
    Open as many as you want. Credit score isn't affected. current accounts that pay 3% interest on balances There is a catch in that. Did you read the whole terms and conditions ? I don't think so.
    – DumbCoder
    Commented Jun 18, 2014 at 16:14
  • I would like to think I understood it. This is the account: santander.co.uk/uk/current-accounts/123-current-account
    – Husman
    Commented Jun 18, 2014 at 16:17
  • 1
    at least £500 is paid in each month, you have at least 2 Direct Debits, have at least £1,000 in your account. Did you read these points ? And the interest earned isn't tax free either.
    – DumbCoder
    Commented Jun 18, 2014 at 16:22
  • yup. I'm building up my savings up to £20000 (the max they pay interest for) - so £500 or more is put away as soon as I get paid per month. I have about £6000 in savings already, so thats more than the £1000 minimum requirement. And as a couple we have 2 sim only mobile phones that are paid by direct debit. So thats all the small print taken care of?
    – Husman
    Commented Jun 18, 2014 at 16:26
  • So you want to have 2 123 Current Account's under the same account holder? You do realize that if they allow this, there is effectively no point in stating Monthly interest of 3% AER (variable) on balances between £3,000 and £20,000 because I can open 5 accounts if I have £100,000 to save...
    – karancan
    Commented Jun 19, 2014 at 0:47

1 Answer 1


There is not (as far as I'm aware) any legal limit on how many current accounts you can have in the UK.

However, banks may impose their own restrictions. So assuming you're referring to the Santander 123 Current Account, at the bottom of the Full Details tab it states:

One single or one joint 123 Current Account (or one of each) per person only.

Incidentally, if you are considering this account, you should pay all your bills from it too, as that will generate cashback which could well be worth more than any interest, and would also cover the £2 per month fee.

  • Well the 3% interest will more than cover the £24 annual fee. But great answer.
    – Husman
    Commented Jun 19, 2014 at 10:28

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