Triple account setup?

j-mes_2

After reading this:
lifehacker.com/5702973/automate-your-finances-to-spend-less-time-managing-your-accounts

What I would like to do is have three accounts. The first two are standard but I'm not too sure about the third..

1: A standard current account with debit card etc
2: A savings account, standard interest style
3: An account for paying bills, no card but can do direct debits and standing orders.

What I what like to happen is this:

I get paid, as soon as I am paid I transfer all the money I need for bills into the bill account and whatever I am saving e.g. 5% into the savings account. This would mean that when I look at my balance I know exactly what I have to live on, without having to try to keep track of if the gas has come out yet or the electricity etc, as I find this difficult.

I would like all three accounts to be with the same bank so I can instantly transfer money between account etc, in case of increases in bills or having to cut into my savings for some reason.

Does anybody know if any banks offer this, or could I just get an extra account added? I don't want to have a bank card as I know i'll be charged for that and I don't need it.

Also, any thoughts on the idea in general?

CLAPTON

most banks offer current accounts with standing orders and DDs
most provide a debit card at no cost
most allow more than one a/c
most provide a saving account although often at low interest rates

what's wrong with your current bank.. who are you with?

j-mes_2

With HSBC, and i'm done with them.. They won't allow an arranged overdraft but charge way over the top if I go even a pound overdrawn.. I realise that's my fault but I believe other banks often allow a bit of leeway.

Thinking about going to first direct, their terms suit me better.. but I can't find any mention of having a second account.. If the debit card bit is free then I think having two current accounts and one savings account (can't imagine the interest will be worth anything much anyway) could work well..

Thanks for your response

zppp

j-mes wrote: »

With HSBC, and i'm done with them.. They won't allow an arranged overdraft but charge way over the top if I go even a pound overdrawn.. I realise that's my fault but I believe other banks often allow a bit of leeway.

Thinking about going to first direct, their terms suit me better.. but I can't find any mention of having a second account.. If the debit card bit is free then I think having two current accounts and one savings account (can't imagine the interest will be worth anything much anyway) could work well..

Thanks for your response

First Direct is a division of HSBC. First Direct are very strict on who they accept as customers, so if you have been overdrawn or go over regularly, this may not go in your favour.

CLAPTON

why won't HSBC allow you an OD?
remember that first direct is part of HSBC

j-mes_2

Ah.. I see, well I'll give it a shot anyway, thanks for the heads up though
It's only happened once or twice in a year and never more than around £20.. Just basically when I've miscalculated a bill or something..

j-mes_2

I've only lived in the UK for one year and that seems to be problematic although I never could get a definitive answer.
I've done credit checks on myself using Experian Credit Expert and it's all good, so not sure how it could be anything other than a lack of records. Have had regular salary paid into my account for one year now, it's been 6 months since I last looked into an overdraft with them, maybe I'd have more success at this point but I've never had anything but terrible customer service from them so am considering trying elsewhere anyway

gt94sss2

j-mes wrote: »

Does anybody know if any banks offer this, or could I just get an extra account added? I don't want to have a bank card as I know i'll be charged for that and I don't need it.

Also, any thoughts on the idea in general?

Any bank should let you have more than one current account with them. For your bills account, you might actually want a 'basic account' but its often easier just to have a 2nd current account and not use any supplied cards etc.

With HSBC, and i'm done with them.. They won't allow an arranged overdraft but charge way over the top if I go even a pound overdrawn.. I realise that's my fault but I believe other banks often allow a bit of leeway.

Thinking about going to first direct, their terms suit me better

As others have said, First Direct is part of HSBC and have quite strict criteria who they offer accounts too..

I would add that HSBC are generally considered to have one of the most generous policies re: overdrafts of the big high street banks.. along with some of the happiest customers.

They certainly don't charge you if you go £1 overdrawn (unlike many other banks) as they have a £10 buffer facility as part of their 'fair fees policy'

Finally, your short time in the UK may make opening accounts at other banks harder than it should be - HSBC take into account, 'account conduct' when making decisions more than most banks so you may just want to try for an overdraft with them (especially if its been more than 6 months since you last went overdrawn)

Regards
Sunil

tazdevil01985

I would try Lloyds they opened up a basic account without any issues and have been good when HSBC closed all my accounts

Mark_In_Hampshire

j-mes wrote: »

After reading this:
lifehacker.com/5702973/automate-your-finances-to-spend-less-time-managing-your-accounts

What I would like to do is have three accounts. The first two are standard but I'm not too sure about the third..

1: A standard current account with debit card etc
2: A savings account, standard interest style
3: An account for paying bills, no card but can do direct debits and standing orders.

What I what like to happen is this:

I get paid, as soon as I am paid I transfer all the money I need for bills into the bill account and whatever I am saving e.g. 5% into the savings account. This would mean that when I look at my balance I know exactly what I have to live on, without having to try to keep track of if the gas has come out yet or the electricity etc, as I find this difficult.

I would like all three accounts to be with the same bank so I can instantly transfer money between account etc, in case of increases in bills or having to cut into my savings for some reason.

Does anybody know if any banks offer this, or could I just get an extra account added? I don't want to have a bank card as I know i'll be charged for that and I don't need it.

Also, any thoughts on the idea in general?

The setup I have is not too dissimilar.

- I have a current account with Halifax;
- A savings account with Halifax - interest rates rubbish, just a place to store cash really, can transfer to/from it online;
- A prepaid debit card

I don't allow direct debits and won't deal with companies who insist on them. If it comes to it and I really want the service, I give out the number of the prepaid debit card.

I transfer (BACS, online) money onto the prepaid debit card for those bills (just two) on a just-in-time principle.

If the payee mucks it up, I pay nothing and no fees. The transaction just gets declined.

If I want to hive off a chunk of cash for a specific "thing" I put it into the savings account. (If I had serious cash I'd be looking for a much better return!)

dzug1

j-mes wrote: »

Ah.. I see, well I'll give it a shot anyway, thanks for the heads up though
It's only happened once or twice in a year and never more than around £20.. Just basically when I've miscalculated a bill or something..

Aren't you more likely to miscalculate - somewhere along the line - with three accounts rather than 1 ?