There are several benefits to opening multiple bank accounts. By bank accounts I mean current accounts at high street banks and building societies. There are many such banks in the UK and it’s worth having one at each bank containing at least the minimum balance.
So what are the benefits?
The first is that when you need to open a savings account, ISA, or other type of savings or investment account you will find that the more favourable rates are only offered to existing customers with a current account at that particular bank. If you have such an account you can then open the more beneficial account straight away.
The second benefit is that on occasion banks offer their customers free money. For example when they de-mutualise or are bought by another company, existing customers are often offered money or some form of bonus for doing nothing more than being a customer. I have received both cash and shares in the past from this very scenario.
And the cost of opening so many accounts? Just your time.