Should you open a second bank account in case of a cyber attack? Half of adults only have one

Almost half of adults have just one bank account, data has revealed, despite being urged to have a backup in case of emergencies. Among adults aged 25 to 64, some 47 per cent have only one current account according to research by Kroo Bank. General advice is to hold at least two, as this means you can still access your money if your bank's app or other systems fail.Nikhil Rathi, chief executive of City regulator the Financial Conduct Authority, last month urged Britons to hold a second bank account so it's more likely they can access money in the event of a cyber attack or power outage.One of the more high-profile cyber attacks recently was on the cryptocurrency exchange Binance, with hackers pulling off a $6.3billion heist of cryptoassets last month. However, experts warned this wasn't exclusive to crypto or trading accounts and could happen to a high street bank, too. Kroo Bank said that younger adults were more likely to have multiple current accounts, with 58 per cent of those aged 25-34 holding two or more.This compares with just 37 per cent of Britons aged 55-64. Cyber attack: Cryptocurrency exchange Binance was hacked in OctoberWhy should you have two bank accounts?As well as having a back-up for emergencies, people use multiple current accounts to organise their cash into different pots or to separate expenses. The most common reason for holding multiple accounts is to make it easier to organise money, according to Kroo, with 39 per cent citing this as the top motive. 'Nearly half of people now hold more than one current account, and many are doing it with a clear purpose, to stay organised, to share bills and to get more from their money,' said Veronika Lovett, chief executive at Kroo Bank.Its survey said that 49 per cent of people hold two or more accounts, with the remaining 4 per cent having none or being unaware of how many they have.Other popular motivations for having multiple bank accounts were to manage shared household costs - for example by having a shared current account with a partner (22 per cent), to get cashback or other incentives (21 per cent).A fifth (20 per cent) said they had a second account in order to spread money across banks for security.> Read more: Revolut launches its first personal loan - here's how it compares A second account can make your money work harderThe rise of digital challenger banks like Monzo and Starling has led to innovation in the features available in mobile banking apps.Kroo Bank's research reveals that 22 per cent of 25-34s who had than one account did so to take advantage of a better app or budgeting tools.Meanwhile, 22 per cent said they have another account to earn interest on their balance, and 18 per cent said they have one to spend or send money abroad without being charged high fees.Many challenger banks offer fee-free spending abroad, and some offer fee-free cash withdrawals to a certain limit. If you're not happy with the features offered by your bank, it's worth comparing other accounts to see whether they could help you better manage your money.Could you get cash for switching account? It's also been a very strong year for switching incentives, with high-street banks offering attractive switch bribes of up to £300 to encourage people to shift their current account.However, getting the cash often requires you to switch direct debits to the new account, or to make a certain number of transactions - so you may need to use it as more than an occasional back-up. FROM WHICH BANKS CAN YOU BAG A SWITCH DEAL? Bank Switch incentive Requirements Barclays £300 Switch at least three active direct debits; pay in at least £2,000 within 30 days of opening; use your debit card at least 10 times a month for five months. Santander £240Switch at least two active direct debits; pay in £1,500 to your account within 60 days of the switch; save at least £200 into a Santander Regular Saver. HSBC £220 Within 60 days complete a full switch including at least two direct debits; pay in £2,000; spend £500 on your debit card.First Direct £210 (until 2 December; £175 normally)Within 45 days pay in £1,000, switch at least two direct debits and use debit card five times. You must log on to digital banking. Lloyds Bank £200 Offer ends 9 December. Must switch at least three existing direct debits for the £200. £5 monthly fee unless you deposit £2,000 a month into the account. NatWest £200 Within 60 days of switching, pay in £1,250 and log in to mobile app. Nationwide £175 Switch at least two direct debits; complete switch within 28 days; pay in £1,000 and make at least one debit card payment within 31 days. Source: This is Money based on published information from banks and building societies. To get these deals you need to complete a full switch using the Current Account Switch Service.> Read more: Should you join the surge in people switching bank account?You can currently bag £300 from Barclays. The bank pays £150 on the initial switch and then £30 for five months, provided you use your debit card at least ten times in each of those months.Santander is offering the next highest amount at £240, which requires you to save at least £200 in its regular saver account.Keep in mind that these deals are usually only for new customers, and you often can't have received a switch deal from the relevant bank before.If you're going to use one of these as your main bank, it's important to look at all the features to make sure it's right for you.Some newer banks offer cashback. Chase is one of the most popular options for this, with 2 per cent cashback on everyday spending, capped at £20 a month.You can read more about our favourite picks in our guide to the best current accounts.SAVE MONEY, MAKE MONEYUp to £300 cashbackUp to £300 cashback£25-£300 cashback on at least £3005.02% cash Isa5.02% cash IsaTrading 212: 1.17% fixed 12-month bonus£2,500 cashback£2,500 cashback£250-£2,500 cashback when opening SippUp to £150 cashbackUp to £150 cashbackOpen a savings account with at least £5,000Welcome bonusWelcome bonusGet up to £200 when you invest £100Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Terms and conditions apply on all offers.