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I'd rather keep my money in one place - if you've got 3 accounts in separate banks that means 3 accounts to pay attention to to make sure nothing is going out that shouldn't and also multiplies the risk factor?

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So the risk of something happening is larger (but not quite 3x due to shared vulnerability and multiple event), however is risk of being locked and unable to function is significantly smaller as long as you can operate with the subset of accounts.

If you are in the position (like most) where all your account contents are guaranteed and the only thing you are hedging on is convenience vs risk of cashflow problems.

Yup. As long as youre under the limit underwritten by the government it's not a problem.

Unless that insurance policy pays off within hours of your money being gone, it absolutely is a problem.

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