more than one savings account

[jean88]

Have any of you have more than one saving accounts? Would you sometimes move your savings to a better account with good rates and access? Would it be a problem to do this regularly?

[Sammy Snake]

I have quite a few savings accounts with various financial instituions.  Granted, most of them have no money in - that's becasue I move my dosh to accounts that offer better interest and can't be bothered to close the old accounts. 

It's no bother whatsoever, just open a new savings account with whoever is offering the best interest rate at the time and then transfer the funds from your old account via internet or telephone banking - simple! 

[jean88]

Thanks Sammy Snake. Via telephone banking and internet? I havent got telephone banking or internet set up with my accounts but is there a limit of how much u can tranfer? Maybe I can do it in bits. Do they charge a fee for transfer?

 I wouldnt go cashing a large amount of cash, maybe a cheque to myself so I can pay it in.

[stevie21]

If you go to your branch with ID to close your account, they'll probably give you a cheque.
They should also be able to do a transfer (free of charge) if you already have the new account opened.

To keep things simple, I'd probably just get the cheque and hand it to the 2nd bank as the opening balance rather than bother about transfers and fees.