New House Account - Monthly Deposit & Handling Bills

Wolfsbane2k

Hi,

I'm trying to sort out my cash and want to set up a joint bank account specificially to manage my bills & ensure i'm tracking them properly...

At the moment both my girlfriend and I "save" £160 each a month in my account, but it's getting "lost" in the noise of the rest of transactions. As i'd need to set up direct debits etc, i'm assuming a "simple" bank account will be the best bet, even though it's more of a savings account as i try and pay my bills in advance other than council tax.

I'd like to keep it as one account, rather than 2 - a savings and current account, purely because i'm disorganised and would forget to sweep the money between accounts each month!

Any recommendations where I should open such an account?

Thanks in advance.

Fire_Fox

We have a current account with Alliance and Leicester that we use for bills - we both pay in a fixed amount whenever it needs funding (usually £250 each as this means we hit the monthly target, see below). The Premier Direct pays 6% interest for one year, but others have managed to have this extended - be warned that there is a linked savings account that is absolutely rubbish.

We use it for all joint payments including food. The account does need to be funded with £500 a month, but I just shove money in and out again if I don't think we will meet the target that month. Not sure if A&L are paying the £100 for switching your DDs at present, I got that plus £50 for opening the account via a cashback site.

See here for the best accounts:
http://www.moneysavingexpert.com/banking/#BankAccounts

cifpower

Carefully think about opening up a joint account as you will be financially linked on your credit files from that moment on.

td_007

You could open an A&L Premier Direct as suggested above which pays 6% on balances upto £2500 and also open and link to the Online saver Issue 5 which pays 3.15% (ignore the Plussaver it is useless). That way any remainder you have till £2500 will continue to earn higher interest and as when you remember sweep any amount greater tha £2500 into the savings a/c to take advantage of what presently is the market leading savings rate.

Alternatively, you could consider the Halifax reward a/c where £5 per month is assured if you pay in £1000 monthly.

You will have to calculate if the potential interest you will get from the A&L a/c will be better or worse than £60 from Halifax Reward over the year. For eg if you leave an average of £1250 for a year in A&L you will get £60 (net @20%) interest. So if you know that you will be able to maintain a higher balance then it would be better to go with A&L.

Wolfsbane2k

td_007 wrote: »

You could open an A&L Premier Direct as suggested above which pays 6% on balances upto £2500 and also open and link to the Online saver Issue 5 which pays 3.15% (ignore the Plussaver it is useless). That way any remainder you have till £2500 will continue to earn higher interest and as when you remember sweep any amount greater tha £2500 into the savings a/c to take advantage of what presently is the market leading savings rate.

Thanks for this information - it's exactly the type of thing i'm looking for. As this is intended purely for house bills ( not mortgage etc which is only in my name and therefore comes out of my account), the halifax offer isn't one i really want to further complicate issues with!

Off to find out about the A&L apply button!

td_007

Wolfsbane2k wrote: »

Off to find out about the A&L apply button!

Stop ! Hopefully you will go via a cashback site (Quidco gives £50, Tocashback - £55)