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Is it illegal to have two bank account with different banks in UK?

I have a natwest account, recently, I opened a HSBC bank account, the HSBC staff tell me that they need me close natwest bank account as soon as possible, I do confused what if I don’t cancel my natwest bank account? Is it illegal or something? have two bank account do easier for my life, because I usually transfer money internationally. Many thanks for your hlep.

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8 Responses to “Is it illegal to have two bank account with different banks in UK?”

  1. Donna N said :

    as far as i know you can have as many bank account s as you wont to

  2. ArtGuy said :


  3. Cheerful Chap ! said :

    No it is NOT illegal in the UK ! You can have Bank Accounts etc. with ONE or more Financial Institutions e.g. NatWest & HSBC ! HSBC want ALL of your MONEY (£s) because it means BUSINESS to them EXCLUSIVELY !

  4. James Atkins of Scotland said :


    they cant demand you do so; they would be acting illegally if they did

  5. Buffy said :

    Nope it’s perfectly ok to have more that one account in different banks/building societies. In fact financial advisers recommend it if you are lucky enough to have a fair wad in the current crisis as you only receive around £50000 of protection if your bank folds.

  6. Eddy T said :

    You can open accounts with as many different banks. But you must conform to the bank’s rules and regulations.

  7. tringyokel said :

    It is certainly not illegal.

    But it is possible that it could breach the internal rules of some accounts. For example, most student accounts offer freebies and a certain amount of interest-free credit. The bank, of course, is not doing this out of the goodness of its heart. It wants to get the more lucrative business when studies are finished and make sure that no other bank gets a chance to do this.

    Read the terms and conditions carefully. I know that is boring but remember this is a legal contract and both parties are bound by it.

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