Can I have two basic bank accounts?

Chrisblue1962

Hi, I'm a DFW (Debt free wannabe) on a DMP (debt management plan) with CCCS...apologies about all the acronyms!:rotfl:

I have a basic Cashminder bank account with Co-op, which I'm very happy with but in order to be stricter with myself and ensure I keep within my monthly budget, I have had the idea of setting up a second basic bank account into which I can transfer my own personal funds (which aadmittedly is not very much at the moment ) and spend without impacting on my "Bills" account. My credit rating is basically shot to bits due previous credit misdemeanours now having DMP with CCCS.

So, can I have a second basic bank account?

If so, has anyone any suggestions with whom to set one up? - Would prefer Visa debit card by the way...


Thanks for reading :wave:

jen245

Can you not open a second Cashminder account with Co-Op? Or alternatively, The Barclays basic account is meant to be a good one, and has a Visa Debit card

dzug1

There's no law that says you can't have as many basic bank accounts as you want.

Sorry can't recommend a particular one.

Tupperware_Queen

I have 2 co-op cashminder accounts, one i use for online spending only, so I can protect myself from fraudulent transactions.

They did it without question, over the phone

izools

+1, I had two Co-Op Cashminders throughout bankruptcy, and two Barclays Cash Card accounts straight after. Simples

pmduk

It's actually a good idea to have more than one account. If you have one with co-op I'd look at either Natwest/RBS or Barclays for a second. Obviously you need to avoid any banking groups to whom you owe money

dannymccann

Yea, shouldnt be a problem, not sure what you mean by basic but I have a current account with HSBC (held for about 13 years now), Barclays (couldnt open an ISA with them without a current account apparently), Santander (just signed up last week for the £125 cashback) and our joint account is with Halifax (reward account £5/m cashback and the mortgage and now the ISA this year is with them), so I do have reasons for having so many, I'm not just being greedy! :rotfl:

pmduk

Dannymccann, Basic bank accounts are a specific type of current account, usually for those with limited credit history and/or credit problems. They are not usually credit scored to a particularly high standard if at all. They don't include any form of credit ie, no overdraft

chuckley

i have co op for main income & general spending, rbs for self employment and nationwide for bill/debt payments.

i learnt i cant manage with 1 account, i have to separate it all, helps me stay in full control.

Chrisblue1962

Thanks to everyone who's posted, lots of useful and helpful info provided.

Will have a good think but likely to open another Cashminder a/c as funds transfers will be instantaneous between the Co-op accounts.