Santander, Barclays, NatWest, Nationwide customers urged to open 'second bank account'

Current account holders have been urged to consider opening a SECOND bank account by personal finance experts. Santander, Barclays, Lloyds, NatWest and Nationwide remain five of the biggest lenders and current account banks in the country.

Matt Sanders, Go.Compare's money spokesperson, said in an alert to customers: "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."

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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."

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, said: "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."