Separate 'pocket money' account

Bored

Hi, I have my current account with Natwest set up with money in, direct debits out, etc, but I'm now looking for a separate account that I could transfer some of the money from my current account each month to help me budget a bit better. This account would basically just be used to put say £x amount per week for me to live on, and then I could stop spending on my current account. I've been looking at the Natwest First Reserve savings account, which seems to be just a basic account with a cash card, do you think this would suffice or do you know a better way I can do this? Please feel free to tell me if you have a better system that I could copy

Thanks in advance

jen245

First Reserve is a savings account, but it comes with a visa debit card, so provided you don't require any dd's or anything to come out of it (as its not allowed) then it would be fine as a spending account. I have one alongside my Natwest current account, and find it very handy for everyday savings (holidays, birthdays etc)

madmish00

Sounds like a good idea...just make sure you choose an account that doesn't allow you to take unauthorised overdrafts

I used to do something similar when I was a student but I used cash and just took £50 a week out of the machine and left my card at home.

Northern_Girlie

I've got 2 accounts with natwest (they show on the same page on my online banking) - my normal current account and my 'savings' one. My bills and DDs come out of the current account and I transfer spending money into the savings one then only use the 'savings' bank card. Easy peasy

scott_lithgows

Transfer £? into a Yorkshire BS cash transactor account by standing order on the 1st every month.? being how much spending cash you need to live on per month.The cash transactor account is basic with no debit card facilities.

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madmish00 wrote: »

Sounds like a good idea...just make sure you choose an account that doesn't allow you to take unauthorised overdrafts

I used to do something similar when I was a student but I used cash and just took £50 a week out of the machine and left my card at home.

I tried the 'withdrawing money at the start of the week' method, but most things I tend to buy online so I would spend my weekly allowance of cash plus extra stuff from the internet . Hopefully this way, I know that whether I spend online or in cash, once the weekly budget is gone, there's no money left to spend!