Go.Compare expert issues payment warning for anyone with a bank account

Savers who rely on having a back-up bank account in case their primary card fails might be in for a shock, according to experts at Go.Compare. The consumer group has highlighted the advantages of multiple bank accounts but also issued a cautionary note about potential issues with accessing your funds.

Matt Sanders, Go.Compare's money spokesperson, advised: "While it isn't essential, having two current accounts can provide you with a backup option should you have problems accessing one of the accounts. It is rare, but bank apps have been known to have technical issues, leaving customers without access to account information or the ability to make online payments. So opening another current account with a second provider could save you a headache."

Mr Sanders also set out the benefits of having more than one account, as different banks offer various features such as cashback and travel insurance, along with cash incentives for those switching over to them. However, he warned that having multiple accounts doesn't guarantee you will avoid payment issues.

He explained: "An important thing to note however, is that when the payment element of your banking goes down, it’s often due to a third party such as the carrier or payment processor which many banks have in common. This means that if it is down for one bank it is likely down for many."

Given the potential risk, the expert advised it's a good practice to always have some cash on hand in case there are issues with card payments. He said: "In this situation, having a second card might not help you but keeping a small amount of cash with you could.

"While it isn’t a good idea to carry a large amount of cash on you, keeping a small amount could help in an emergency." It's been noted that there is a growing trend of people holding more than one current account, with nearly 10 percent of customers now having three or more.

John Dentry, product owner of the Current Account Switch Service at Pay. UK, stated: "We always encourage people to review their bank account and see if there might be an option out there that better suits your needs, and if you find one, then it’s worth making the switch.

"If you want to keep things streamlined you can switch via our free and easy Current Account Switch Service. However should people wish to pursue the multi-bank option, we would advise keeping an eye on the number of accounts, so it doesn’t get too complicated."