'One' Type Current Account(s)?

BrettHargreaves

Does any body know of a bank that provides account services that work like some of the mortgage one accounts you can get but for linking your current and savings accounts?

What I mean by this is an account that lets you have multiple accounts (savings, current, joint etc) but treats them all as one account as regards interest etc?

I'm not sure if that's very clear - so here's an example.

I need 3 normal current accounts (personal, expenses, joint) each with an 'overdraft'.

I will also have at least one savings account. This account will ALWAYS be in credit (by at least £2k). So when I got OD on either of my current accounts rather than pay interest I want a bank that will simply take into account that I am still in credit overall across all my accounts and thus simply reduce the interest I pay on the savings - almost like instead of going OD it will automatically transfer money from my savings.

Anyone know if something like this exists?

thenudeone

Closest I can think of is The One Account http://www.mortgages-rates.co.uk/ but that's clearly a mortgage product.

"sweeping accounts" are quite common in business banking; I think most banks would offer one but possibly not to a personal customer.

rhealy2002

Another bank that does this is IF.com apart of Lloyds Banking, but I don't think they accept new accounts now

Cmdr_Bond

Both The One Account and Intelligent Finance offset against a mortgage.

It is a product I would like to see where say your Credit Card or Overdraft (provided they are all with the same bank) are offset against your savings. However I don't think it is a financially viable product for the banks to offer as they would make less money (and they are not charities).

JuicyJesus

Cmdr_Bond wrote: »

Both The One Account and Intelligent Finance offset against a mortgage.

It is a product I would like to see where say your Credit Card or Overdraft (provided they are all with the same bank) are offset against your savings. However I don't think it is a financially viable product for the banks to offer as they would make less money (and they are not charities).

IF used to offer an offset credit card but discontinued it because it cost too much.

There's no money in lending people money effectively for free.