Current account with three savings accounts

Uncle_Bob_Kelso

Bit of an odd I must admit. I currently bank with Smile who have become progressively worse over the last three years in terms of rates and things like that the only thing that they have for them is custromer service which ultimately they ve let me down with today.
I m looking into moving as the only thing they ve been good for is now gone.
What I have with them however is a current account and three savings accounts I use as pots that help me manage my money. One covers my cashback credit card, so when i spend on that I transfer the money over into pot 1 so when the bill comes it s covered. The other deals with my expenses from work so if i get paid mileage the money can sit in pot 2 for the up keep of my car.
The other is a standard, all pay rubbiush intest but it is nt so much of an issue.
I ve just spoken to Santander and explained what I d want to do and they ve told me i could only opewn one typoe of each of their savings accounts and therefore could nt do this. Is this the norm? Surely if i can do this woith Smile I can do it elsewhere?

noh

Yes you could do this with a Nationwide Flex Account and use 3 e-savings accounts.
Or with Halifax Reward Account and open 3 web savers.

With both the above you can name the accounts as you wish ie credit card, expenses and misc.

The interest rates are low on these saving accounts though much the same as smile.

You can probably do the same with other banks but I have no direct experience.

Uncle_Bob_Kelso

Thank you, the interest is nt vastly important it s more about seperating money on the short term to cover bills and things.
I ll try Nationwide!

GSXRCarlos

Not sure to be honest, i'm with Nat west and have an E-ISA, E-Savings, older savings account and 2 current accounts and a graduate account

I do similar with pots of money, so i assume santander can do the same, they may just not be able to offer you good savings rates.

Try online banking and set up a couple of savings accounts with a couple of lenders, especially now the transfer times are due to reduce between different companies

rb10

Halifax is good, as you'll get £5 per month on the current account (assuming you pay £1k per month in). The online banking is also really simple to use, so it's easy to see which account is which, and transfer money instantly between the accounts.

Whilst Nationwide is reasonable, they no longer pay any interest on their current account, which isn't so great.

noh

The other advantage with Halifax over Nationwide is that they have implemented faster payments up to £1000 per outgoing payment.

Nationwide haven't implemented FP on most accounts yet. On those they have the limit is £10 I believe.

apt

Not sure that Halifax would fit the bill as well now that you cannot open several Reward accounts. The Halifax savings accounts that allow unlimited instant access are rubbish as are those offered by the Nationwide. First Direct has similar weaknesses, but does give you £100 for switching and a 1% bonus on the still paltry savings accounts. If you can build up substantial balances Lloyds offers better interest rates.

rb10

apt wrote: »

Not sure that Halifax would fit the bill as well now that you cannot open several Reward accounts.

No, it would be one Reward current account for salary/spending etc, and three variable rate websavers. These can each be given an individual name, so that the OP can see what they are for, and can do instant transfers into/out of the Reward account.

Although the interest rate is miserable, this isn't too much of an issue, as the OP only wants to use the accounts as a short term home to store small amounts of money, not for long term savings.

Uncle_Bob_Kelso

Thank you all so much for your thoughts this is really useful.
Smile have been a pain recently, but I need to know I m in control of all of finances and this is the way i do it I was concerned I d have to stay with them to carry on dealing with my little quirks!

thatsean

Hi, I'm with Natwest and have a current account, and five First reserve savigs to do the same, you can opt to have a Visa Debit on the savings accounts too.