Second Bank Account?

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  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    orwen wrote: »
    Hi,

    If I need a second bank account with a debit card and no charges - very basic, no frills - is a TSB Classic Account the way to go please? I know they've just cut interest rates.

    http://www.tsb.co.uk/current-accounts/classic-account/

    Thanks.

    Whichever bank account you choose you have the disadvantage of having to keep an eye on it if you deposit funds into it, use a debit card and have some form of automatic payment out.

    The only accounts which in theory you won't have to keep an eye on is those accounts which guarantee no fees and no charges. Off the top of my head, Virgin Money Essential Current Account and it pays interest but not a lot. In practise though you'll still have to keep an eye it if only to check for fraudulent transactions.
  • EarthBoy
    EarthBoy Posts: 3,040 Forumite
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    orwen wrote: »
    Hi,

    If I need a second bank account with a debit card and no charges - very basic, no frills - is a TSB Classic Account the way to go please? I know they've just cut interest rates.

    http://www.tsb.co.uk/current-accounts/classic-account/

    Thanks.

    You're confusing the Classic account with the Classic Plus account, but they are two different things. The Classic account does not pay any interest at all, it never has done. The Classic Plus account is the one which pays interest:

    http://www.tsb.co.uk/current-accounts/classic-plus-account/
  • orwen
    orwen Posts: 219 Forumite
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    takman wrote: »
    I noticed on your other thread you tried to get a credit card with your exisiting bank but were turned down.
    This doesn't mean that everyone will turn you down. Try looking at the credit card guide and using the eligibility tool to find a credit card that you can get.


    If you have no interest in earning a good rate on your savings then a credit card is probably the best way to go for your requirements

    They gave me a credit card in the end.
  • orwen
    orwen Posts: 219 Forumite
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    Anthorn wrote: »
    Whichever bank account you choose you have the disadvantage of having to keep an eye on it if you deposit funds into it, use a debit card and have some form of automatic payment out.

    The only accounts which in theory you won't have to keep an eye on is those accounts which guarantee no fees and no charges. Off the top of my head, Virgin Money Essential Current Account and it pays interest but not a lot. In practise though you'll still have to keep an eye it if only to check for fraudulent transactions.

    So you don't recommend a TSB Classic account then?
  • orwen
    orwen Posts: 219 Forumite
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    EarthBoy wrote: »
    You're confusing the Classic account with the Classic Plus account, but they are two different things. The Classic account does not pay any interest at all, it never has done. The Classic Plus account is the one which pays interest:

    http://www.tsb.co.uk/current-accounts/classic-plus-account/

    I already have a high interest account, thanks.
  • xylophone
    xylophone Posts: 44,413 Forumite
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    I already have a high interest account, thanks.

    Having one does not preclude having others but on the assumption that this is not what you want, a TSB Classic ( no bells and whistles standard current account) would suit as well as any other?
  • buglawton
    buglawton Posts: 9,235 Forumite
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    I am in the market for the same thing. Want a 2nd account to keep a certain part of family business separate from the main salary/home budget account.

    - Ideally, manageable through post office branches as well as online & app
    - Not looking for any interest
    - Just a debit card for internet transactions and an account number for transfers
    - No standing orders/DDs or regular payments in

    Every account type I research make the big assumption you're going to switch your main acct to them - not interested. It looks like they will become sticky once they realise you just want a cheap ad hoc 2nd account and plan to keep your existing one. Watching this thread for ideas...
  • eskbanker
    eskbanker Posts: 31,047 Forumite
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    edited 24 March 2017 at 2:18PM
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    buglawton wrote: »
    Every account type I research make the big assumption you're going to switch your main acct to them - not interested. It looks like they will become sticky once they realise you just want a cheap ad hoc 2nd account and plan to keep your existing one.
    Doesn't seem like it's the banks making the assumptions here!

    Of course banks are keen to attract more business but many people on here (including yours truly) have opened many current accounts without switching anything to them, never mind 'main' accounts.
    buglawton wrote: »
    Want a 2nd account to keep a certain part of family business separate from the main salary/home budget account.
    If you're looking for an account specifically for business-related purposes then you'd be best to open a business account anyway, rather than (mis)using a personal one in contravention of their Ts & Cs (usually). Try http://www.moneysavingexpert.com/banking/small-business#acc

    Edit: my turn to make assumptions here - I was taking your reference to 'business' at face value but on re-reading you may have meant it in a less literal sense, so feel free to ignore this second point if so!
  • buglawton
    buglawton Posts: 9,235 Forumite
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    We had a business acct before, a right complicated faff! This time it's for a much more ad-hoc usage so looking for a simple acct.
  • eskbanker
    eskbanker Posts: 31,047 Forumite
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    buglawton wrote: »
    We had a business acct before, a right complicated faff! This time it's for a much more ad-hoc usage so looking for a simple acct.
    Which accounts have you considered so far from your research and what do their Ts & Cs say about business use?

    Some of my personal accounts are with Santander and I opened a new business account with them a few weeks ago - it was available for use in my online banking the same day as I applied, a completely painless and faff-free experience!

    You may find that a business account with your current bank is similarly straightforward, but I wouldn't recommend opening a second personal account with the same bank in case they took exception to misuse and jeopardised access to all of your money - avoiding 'all eggs in one basket' is another reason why many on here have multiple accounts....
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