Can you have more than one current account?

There is no legal limit on how many current accounts you can hold in the UK. MoneyHelper, the government-backed money guidance service, puts it plainly: provided you meet the eligibility criteria, there is no limit to the number of accounts you can open¹. The same applies to switching. HSBC states there is no limit to how many times you can switch bank accounts².

What limits you instead is the banks' own rules. Individual providers decide how many of their own accounts one person may hold, and those rules vary widely. Some allow as many as you like, some allow one per person, and some allow one in your sole name but several in joint names. A second account is also a second application, which leaves a mark on your credit file, and money spread across brands that share a banking licence counts towards a single protection limit rather than one each.

This page sets out what the rules actually say, what a second account does to your credit file, how joint accounts change things, and where the protection stops.

There is no legal limit on how many current accounts you can hold

The rule that matters is eligibility, not quantity. A bank can refuse an application based on your credit history, and banks often check your credit rating when you open a current account⁷. Beyond that, nothing in the rules caps the number of accounts a person may hold across the market.

Banks apply the same approach to savings accounts held alongside a current account. Yorkshire Building Society says there is no limit on the number of regular savings accounts with different providers that you pay into, as long as you stick to the rules of each⁸. Furness Building Society states there is no limit on the number of its Everyday Savings accounts you can open⁹, and Yorkshire Building Society says the same for easy access accounts, though some providers may limit how many of a specific account you can have¹⁰.

The practical constraint is administrative rather than legal. Each account needs its own security details, its own statements and its own tax position if it pays interest, and each application is a separate credit search. MoneyHelper's guidance on choosing an account starts from what you need the account to do rather than how many you hold¹¹.

Why people open a second current account

The most common reason is separating money that behaves differently. Business Debtline notes that it is sometimes easier to cope with paying bills if you open a separate bank account, paying regular amounts in so you can plan ahead and keep up with regular bills, with Direct Debits and standing orders taken automatically¹². The same guidance suggests a second business bank account to keep business money separate from everything else¹².

A current account is the account for managing money day to day: paying bills, receiving money such as salary or benefits, and keeping track of spending¹³. MoneyHelper lists what a current account usually lets you do: receive benefits and wages, spend in shops, withdraw cash, manage the account online or by mobile app, and set up Direct Debits and standing orders¹. A second account lets one of those functions sit apart from the rest.

There are also reasons that are not about budgeting. Someone who cannot access their existing account, whose account was closed, or who needs their own account after a relationship breakdown or domestic abuse may need to apply for a new one¹⁴. People with leave to remain or a valid visa can usually open a bank account¹⁵.

Limits individual banks set on their own accounts

Banks set their own ceilings, and they are not consistent. The table below shows what named providers state about their own accounts.

The pattern is that current accounts are usually more permissive than savings accounts. Yorkshire Building Society notes that there may be a limit to how many regular savings accounts you can have with the same provider⁸, and the Nottingham Building Society says you can have multiple regular savings accounts but some of its accounts are limited to one per customer²¹.

Where a bank does allow several accounts, it may still cap what you can do with them. Nationwide states there are limits on how much cash you can pay into its joint current accounts each year²². Nationwide also states that you can only switch into a Nationwide joint current account with the same person you already hold a joint account with²³.

Joint accounts and accounts for couples

A joint account is owned by two people, and you can either change an existing account into a joint account or open a new one²⁴. It normally allows two or more people to receive payments, pay by debit card, transfer money and manage the account, depending on the bank²⁵. Both holders can manage the account and withdraw cash²⁶.

The number of holders is not always limited to two. Ulster Bank's private banking terms state that up to six people may hold a joint account together²⁷. Bank of Ireland UK allows a joint current account with another person, such as a family member or a friend, provided all holders are eligible for that account²⁸.

Some providers allow a couple to hold more than one account between them. Nationwide, Santander and TSB are among the providers that will allow people to open two accounts, provided one is a joint account²⁹.

The thing to weigh is the financial link. Opening a joint account adds a financial link to the other person, so companies look at both credit histories, and a poor history might lower the chances of acceptance²⁵. MoneyHelper warns to consider opening a joint account only with someone you trust, as it could damage your credit score if they have poor credit, and you could be responsible if they run up debt³⁰. A joint account can create a financial link with a partner which affects your own score³¹. A past joint account can also affect your credit file and make it harder to open a bank account and borrow money later¹⁴.

Does having more than one current account affect my credit score?

Holding several accounts is not itself a problem. What appears on your credit report is the accounts you hold with an overdraft, and successive applications in a short space of time could negatively affect your score⁷. Applying to lots of lenders leaves a trail on your credit reference file, and lenders may think you already have a lot of borrowing or have been refused by other creditors⁷.

A new bank may run a credit score check when you open a new account, which could affect your credit rating²¹. The same principle applies across products: applying for too many credit cards, or regularly switching cards, can affect your credit rating³².

Chase states that having more than one account with it will not impact your credit score⁶. That is a statement about its own accounts, not a general rule, and other providers may assess an application differently.

The practical reading is that the number of accounts matters less than the number of applications made close together, and that an overdraft is what puts an account on your credit report in the first place.

Switch offers and holding more than one account

Switching is free and straightforward. The Current Account Switch Service is a free service that can automatically switch your current account to another bank or building society¹³. You can choose and agree your switch date with the new bank³³. You can switch using the service even if you are overdrawn³⁴.

The catch is that most offers are designed for people who do not already bank with the provider. Nationwide's £200 switching bonus was not available if you were simply switching from one Nationwide current account to another, and did not apply to those who had switched into a Nationwide account since 18 August 2021 and already benefited from a previous switching offer³⁵. Santander's Edge offer was available to both new and existing customers who did not currently hold a current account with the bank, and excluded customers who already held a Santander current account on 8 September 2024 or who had previously received an incentive to open a Santander Edge account³⁶.

Switching incentives themselves vary. Independent Age notes that many banks offer a one-off cash payment if you switch to them, ranging from £50 to £200³⁷. HSBC lists one-off cash bonuses, hotel discounts, gift vouchers and travel cards among the things banks offer²¹.

For joint accounts, the service works provided you are switching to another joint account and all account holders agree²⁵. It is not possible to use the service to switch a joint account to a sole account³⁸. Where there are two or more holders, authorisation must be obtained from each of them³⁷.

Where FSCS protection stops

The Financial Services Compensation Scheme covers deposits, current accounts and savings accounts³⁹. The limit is £120,000 per eligible person per firm⁴. Joint accounts are eligible for protection up to the same limit of £120,000 per eligible person, so a joint account with two holders is protected up to £240,000⁴⁰.

The limit is not per account. Protection is across all accounts held within the bank or banking group, not per account⁴¹. If you have money in multiple accounts with multiple banks that are part of the same banking group and share a banking licence, they are treated as one bank, and the £120,000 limit applies across all of them³. If a current account and a savings account share one authorisation number, they are classed as a single firm and the limit is shared across both⁴². The same applies where you hold an individual account and a joint account within the same banking group: the limit applies across all of them, not to each separately³⁹.

You can protect more than £120,000 as long as it is spread among deposit takers with different firm reference numbers, and each holds no more than £120,000⁴.

Not every account that looks like a current account is covered. A virtual current account is not covered by the FSCS; it is covered by e-money rules, with money kept safe at a different bank, and you would need to make a claim to the administrator if your provider failed¹¹.

In Scotland, the rules on money being taken from an account differ. If you have several accounts with the same bank or building society, the protected minimum balance of £1,000 applies to all the accounts together; if the accounts are with different banks or building societies, it applies to each account separately⁴³. Separate accounts in the same banking group might be treated as being with the same bank, so the protected amount is applied only once⁴³. Where you have more than one account with the same bank, an arrestment affects all of them, but the protected minimum balance of £1,000 applies to only one⁴⁴.

Getting help

MoneyHelper provides free, impartial guidance on choosing a bank account and on opening, switching or closing one¹¹. Citizens Advice can help if you are having trouble opening an account or if a bank has used money in a new account to pay off an old debt¹³. If you are struggling with an overdraft, StepChange and other debt advice charities offer free help.