Brits 'seek out multiple bank accounts'

Around a tenth of 18 to 24-year-olds have more than one current account in order to access multiple overdrafts.

A significant number of Britons are in possession of multiple bank accounts.

Research commissioned by the Callcredit Information Group shows seven per cent of people have three or more current accounts featuring an overdraft facility.

However, such popularity of UK accounts rises to nine per cent among 18 to 24-year-olds.

Two per cent of consumers in this age demographic, meanwhile, have accounts with more than five providers.

But the research reveals by targeting multiple banks for access to more than one account, people may be overstretching their finances. Six per cent of those questioned claim they have applied for credit even though they know they may be unable to keep up with repayments.

"While the end of the recession may be in sight, it seems that many consumers continue to struggle in managing their finances," Graham Lund, managing director of the Callcredit Information Group, says.

Meanwhile, a recent Santander study claimed that as the majority of Britons have failed to switch accounts in the past ten years many people may not be making the most of their money.

By Ashley King