Is it possible to have more than one current account?

i%26#039;m going to get a small loan simply to improve my credit rating,

i just want the cash to put into a bank account and let it pay itself off then add to it at the end of the loan to cover the interest

i want to put the loan in a bank account that isnt my current account that i use for direct debits so i wont get tempted to spend the cash

any advice would be apreciated.

thanks in advance

Is it possible to have more than one current account?inflation rate

I have 2 current accounts with Natwest.

1 is a joint account with my wife and the other is a personal account on which I do not have a overdraft facility [because I didn%26#039;t want one]

What you must realise is that even though you will be paying back the loan from funds gained through the loan you will be paying back interest on the loan so you will be paying more.

If you go ahead with this be careful that the bank you get the loan from does not also sell you payment protection and life insurance with the loan.

Is it possible to have more than one current account?

loan

Not sure you%26#039;re going about it the right way, but you can have as many current accounts as you want.|||I don%26#039;t think there is any law saying you can%26#039;t have more than one bank account|||You can have as many accounts as you want. Some current accounts need a minimum monthly contribution though. Even better, why not open a savings account? You don%26#039;t need to pay tax on an Isa and some savings account have limited access - very useful to prevent you spending what you%26#039;ve saved!|||yes it is possible to have more than one current account.

your question is a little puzzling. it seems a little bizarre to improve your credit rating by taking out a loan you do not need and thereby incurring interest charges every month.

my only suggestion if you wish to improve your credit rating, if you don`t have one at the moment, is that you take out a credit card and use it only for your essential purchases such as grocery shopping, petrol, utility bills etc and then pay off the credit card in full at the end of the month.|||I have 3 current accounts. One main one is where my pensions get paid into, and from which direct debits for utilities etc, are paid. A second account is where interest from investments and share dividends go. A couple of annual direct debits also are on this account..A third current account with no cheque book, just a card, is with a different bank. This account has the remnants of an ex savings account and is just a stand by.. Very rarely used. The second account mentioned above is where I pay major outgoings like new domestic equipment or larger car repair bills, or house maintenance bills,,,Overall seems to work ok.. The second a/c also has a guaranteed overdraft of 锟?000 if I need it, but so far have not had to use it at all. Perhaps one day I will consolidate them all|||There is no law in the UK about how many current accounts you can have at any one time. On a couple of occasions I have had two for years. That said I am not sure that it is a particularly good idea in the circumstances you find yourself in. I am not certain that you will necessarily improve your credit rating.|||Be careful. A personal loan will carry a higher interest rate than what you%26#039;re getting on the market (outside risky investments). You will end up losing money.

If you have a job, then technically you shouldn%26#039;t have a problem getting a credit card. If you do not have a job (or aren%26#039;t a college student), then chances are that you won%26#039;t be approved for a personal loan either.

I think this is a bad idea that will only cost you money in the end, unless you invest your money where you earn more than you%26#039;re paying out in interest.|||That%26#039;s a very expensive way to go about it and not guaranteed to work. After all even with a 锟?00 loan you will end up paying back 锟?00 more. It shouldn%26#039;t even be necessary. If you have had a bank account for a few years and you keep it in good order (ie in the black) then your bank may consider a credit card. You need to be working though... Make sure you are listed on the electoral register - that counts toward your score. Having a mobile phone on contract counts toward your score - as long as you pay it off every month without debt - at least your money is giving you something positive to use.

To answer your question directly - you can have as many accounts as you want.

Please read the link below to %26quot;gen up%26quot; on credit scoring and hopefully you can find a solution a little better than the one you are considering.

PS - three credit card refusals will not look good on your credit score and this could cause you bother just now (like getting a loan) - best leave it for now....|||I have two current accounts . As long as your not money laundering you%26#039;ll be fine.