Current accounts that don't need minimum funding each month?

essexsi_2

Hi all,

I am looking to do a bit of 'piggy bank style' budgeting and it would be very handy if the accounts had the ability to pay bills by direct debit, standing order etc.

Does any one know of any current accounts that do not require funding each month with your salary?

Many thanks. Si

Baldur

essexsi wrote: »

Does any one know of any current accounts that do not require funding each month with your salary?

Lloyds TSB Classic, HSBC Current Account, Nationwide Flex Account and probably most other high street banks' "standard" current accounts.

essexsi_2

Thanks Baldur.

Sorry I didn't realise it was quite common! I thought most of them required you to pay in your salary.

Cheers Si

Baldur

essexsi wrote: »

Sorry I didn't realise it was quite common! I thought most of them required you to pay in your salary.

They'd all like you to pay your salary in, obviously, but there's no stipulation to that effect with most standard current accounts - hence the current trend for 'added value' accounts that are being pushed by the banks and which do have minimum funding requirements.

Kavanne

Baldur wrote: »

Lloyds TSB Classic, HSBC Current Account, Nationwide Flex Account and probably most other high street banks' "standard" current accounts.

natwest, halifax, rbs, abbey.... list is (almost) endless!

essexsi_2

Thanks for all your help!

Am I going in the right direction by using several of these as separate accounts for bills to help my budgeting. For example after my salary goes into my main current account I can then filter off into these for paying bills and whatever left is my own to spend.

Have I got the right idea?

Cheers Si

noh

essexsi wrote: »

Thanks for all your help!

Am I going in the right direction by using several of these as separate accounts for bills to help my budgeting. For example after my salary goes into my main current account I can then filter off into these for paying bills and whatever left is my own to spend.

Have I got the right idea?

Cheers Si

Personally I wouldn't do it that way at all as there is too much risk of money not being in the accounts to pay the bills because of transit delays from the main account.
If you need to seperate bill money and spending money I would suggest paying all bills from the account that receives your salary and moving your spending money to another account.
If you must seperate the bill money into seperate pots I would suggest a Halifax current account and up to 5 (the max allowed) web saver accounts. These can be managed online and DDs and SO paid out from the websavers with your salary going into the current account. Money can be instantly transferred between the accounts.

Nigel

essexsi_2

Thanks noh, good tip about Halifax.

I was thinking about that, as all my direct debits are already set up from my salaried current account.
You are right, it would make much more sense to move my spending money to another account. I guess as well, reading from another thread, in these times of ID fraud etc, it would be an advantage to have bills paid from a separate account to my everyday spending.

Thanks for everyones help and advice.

All the best Si