First Ever Post - Which Bank Account Do I Need??

tinkerbell20_2

I have recently got a mortgage with my sister and we want to open a bank account jointly that we can pay a direct debit into each month to cover all bills - our 2 lodgers will also be doing the same.

My sister and I both have our current accounts with the Halifax and we don't know if we are best to stick with them or is there a better deal?

Thanks in advance for any help anyone can give me. x

grumbler

Welocome to MSE!

tinkerbell20 wrote:

..we want to open a bank account jointly that we can pay a direct debit into each month

Do you mean Staning Order (into) or Direct Debit (out from)?

My sister and I both have our current accounts with the Halifax and we don't know if we are best to stick with them or is there a better deal?

It is not clear what exactly you want. For small balance interest rate is almost irrelevant and it is more convenient to have separate account with the same bank (Halifax). If you are not happy with Halifax it is worth being more specific...

mike_paterson

You probably will have to set up a standing order to pay money in, rather than a direct debit. Set up a joint account that requires both signatures (just in case something goes wrong and you fall out). I'd probably go for an internet account that pays high interest, but as the money is just going to be in there temporarily it will not be that critical. - ICICI bank and ING Direct work well for me as High interest savings accounts.

It might therefore just be easier to open an additional account with the Halifax.

Another option would be to create a joint current account with Smile (www.smile.co.uk). If you create the account by December 10th and pay in £1500 you get a case of 12 bottles of wine. (you can then take the money out) You could then have a house-warming with free wine !:beer:

Rafter

if.com are part of halifax too and might pay you better rates when your account is in credit. You need to check whether transfers from the halifax are instant though as the delays in the banking system will otherwise wipe out any benefit of the higher interest rate and risk that the money is not transferred in time.

Be very careful to check that the standing order payments go through in time too. Some banks have odd systems that move payments when the day falls on weekends and the last thing you want is to get a mortgage payment refused due to insufficient funds.

Good luck.

R.

ioscorpio

If you want a refer a friend for A&L send me a PM with your email address

Good luck in your decision

Robert_Sterling_3

I would open the joint account with the Halifax.
You can keep an eye on things on line.
You could also have a Halifax Websaver ... Pays 4.65% interest I think.

tinkerbell20_2

Thanks for all the help - sorry I meant to say I would set up a standing order/direct debit from my own personal current account into the Joint account.

Could someone clarify if it is in fact a Standing Order or Direct Debit just before I go and organise it all?

Think I will stay with the Halifax that way I can keep my eye on everything carefully.

Thanks for all your help!

grumbler

tinkerbell20 wrote:

Could someone clarify if it is in fact a Standing Order or Direct Debit just before I go and organise it all?

Standing Order. You cannot set up DD. You can only allow some other company to collect money from you accont by DD.

banking - standing orders and direct debits
Standing Orders and Direct Debit