banking options - 1 bills, 1 spending

debrag

So I plan to have one account to pay the bills with and 1 account as my spending account.

I have just opened up Nationwide & Metro basic accounts. Metro does not allow DD or SO from their basic account.

Option 1:

Pay wage into NW and set up a S/O for a certain amount into Metro leaving enough to pay bills in NW, bare in mind my wage changes each month (could base on min wage).

Option 2:

Pay wage into NW and wait till payday then transfer via online bank what isn't needed for bills into Metro

Option 3:

Pay wage into Metro and take out in cash on payday enough to pay bills with and put in NW account.

jalexa

debrag wrote: »

Metro does not allow DD or SO from their basic account.

Is that not grounds not to bother with a Metro basic account when the established banks Basic accounts do allow DD & SO?

debrag

Well I want to leave Natwest completely but may use it for now as my bills account. Barclays turned me down as well as HSBC and Co-op.

pmduk

With their limited branch network and (from you post) limited account services, I'd be reluctant to rely on Metro as my main account for spending. Unless you live within the M25, I wouldn't go near them.

jalexa

debrag wrote: »

Well I want to leave Natwest completely but may use it for now as my bills account. Barclays turned me down as well as HSBC and Co-op.

Normally there is a "presumption of acceptance" for Basic bank accounts. If you are being declined there must be a specific reason, perhaps one of the reasons given in the table.

http://www.moneyadviceservice.org.uk/_assets/downloads/pdfs/your_money/bank_accounts_table.pdf

In that case think twice before closing any existing accounts. The Natwest Basic account is a perfectly good bills account with excellent online banking.

If you have turned against Natwest rejoice that you have a "loss-making" account with them.

debrag

Think it's my address that stopped me getting a co-op account. Current address @ 1 yr, previous address 1 @ 9 months, previous address 2 @ 8 months etc etc Plus defaults.

natwest were a prefectly good bank untill they restricted ATM use to virtually nothing.

debrag

pmduk wrote: »

With their limited branch network and (from you post) limited account services, I'd be reluctant to rely on Metro as my main account for spending. Unless you live within the M25, I wouldn't go near them.

You get a Mastercard and can use it in mastercard/link ATMs

Umm_jannah

Open the first reserve account and each month transfer your spending money into that account n use it as your spend account. It comes with a debit card and no atm restriction.

debrag

They must restrict this account in someway surely, as it sounds just like a current account but is actually a savings account. I don't suppose DD etc can be set up with it though.

Can you use this card in shops or just ATMs?

Tranfering out my bills money would be so much easier than working out my spend money to transfer.

jen245

It's a proper visa debit card that comes with First Reserve account. You can't have any dd's or so's on the account, and you can't have a salary paid in, but it makes a good spending account, and the card can be used in any atm, aswell as for shopping.

coolesticeking

debrag wrote: »

They must restrict this account in someway surely, as it sounds just like a current account but is actually a savings account. I don't suppose DD etc can be set up with it though.

Can you use this card in shops or just ATMs?

Tranfering out my bills money would be so much easier than working out my spend money to transfer.

They don't allow Direct Debits on a First Reserve account, one main restriction with the First Reserve account is you can't have your sallary paid into this for example, as it's against the T&C's.

If all you need to do is transfer money in from your current account, and use the Visa Debit Card for Purchases or to withdraw cash from an ATM you will be fine.