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  • FIRST POST
    • dillinger88
    • By dillinger88 13th Jul 17, 1:03 PM
    • 2Posts
    • 0Thanks
    dillinger88
    Best current account, savings account and credit card for my situation.
    • #1
    • 13th Jul 17, 1:03 PM
    Best current account, savings account and credit card for my situation. 13th Jul 17 at 1:03 PM
    Hi all,

    Having just bought and moved into my first house, I want to rejig all of my accounts to get the best out of my income and savings.

    My current account situation is as follows situation is this:

    Current account:
    - Salary is paid into this account.
    - About half is immediately transferred into a joint current account and joint savings account with my wife.
    - Some used to be transferred into H2B ISA before we bought the house (now it just stays in my a current account).
    - Used to pay off all of my credit card bill for the month.

    Joint Current account:
    - This is a rewards account as all of our bills/mortgage etc come out of here.

    Joint Savings account:
    - long term savings account for emergencies and saving for home improvements.

    Credit card:
    - I do all of my spending on this card and make sure it is paid off immediately to avoid any charges.

    H2B ISA (now closed)
    - My personal savings but has been emptied to pay for the deposit on our house and a small amount left over has been transferred into the joint account.

    =========

    I don't really want to touch the joint accounts etc as those are doing OK, I just want to sort out my personal accounts and credit cards to get the most out of them. But there are so many different types of account, I find it hard to choose. Please could you advise on the types (or actual) accounts that would be suitable given the following.

    - Minimal/No direct debits as these are sorted through the joint account. (Seems cash back current accounts aren't great for me).
    - Never in my overdraft.
    - Credit card is used for protection and paid off in full every month to avoid charges (thinking maybe going for a cash back card?).
    - Prefer to keep savings in a separate account so its more obvious what my savings are at a glance and I am less likely to eat into my savings 'accidentally'. (High-interest current accounts may not be suitable).

    Any help would be greatly appreciated.
    Last edited by dillinger88; 13-07-2017 at 1:04 PM. Reason: typos
Page 1
    • Don80
    • By Don80 14th Jul 17, 11:11 AM
    • 196 Posts
    • 77 Thanks
    Don80
    • #2
    • 14th Jul 17, 11:11 AM
    • #2
    • 14th Jul 17, 11:11 AM
    Hi

    It helps to know which banks your accounts are with at the moment, otherwise people have nothing to compare for you!

    It sounds like you are not using your current account for anything other than one direct debit? If so, you're unlikely to meet the conditions for any "better" account, or switching incentives. Maybe something like TSB or Bank of Scotland so you get interest on your money plus the everyday/cashback offers, while it's in the account (though with Bank of Scotland you'd need more than one direct debit, could you pay another from your account?)

    You SHOULD look at the joint accounts, make sure you are getting the best deal you can. TSB, Halifax, RBS/Natwest, Santander all have accounts where you could be making money just by paying in enough and paying direct debits.

    With Bank of Scotland, Halifax and TSB you would be able to access the monthly savers accounts if you have a current account. Check the interest rates to see if you would be better off drip feeding one of those rather than leaving a surplus in the joint account.

    Credit card, depends on the cashback, it's a good idea but make sure that the cashback offers are something you would actually use. It's not worthwhile if you only get cashback on things you would not actually use.
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