Advice on managing 2 current accounts

debbsi

Hi
Just wondering if anyone can offer their advice on the most efficient way to manage 2 current accounts? Sorry if its a bit complicated,bear with me. We used to have 1 current account in the Halifax along with a savings account. We have recently opened a new current account with the Nationwide as it meant we got a better mortgage deal, so now all our direct debits come out of the Nationwide and my husbands weekly wage is paid in there, we have kept the Halifax ultimate reward account open for the perks that come with it, and my monthly wage and family allowance is paid in there.

The confusion arises where as DH's wage is weekly, there is sometimes not enough in and I have to transfer in from the halifax, or in order to save money I transfer left over money back to the halifax and put it in the savings account. I have been using the halifax account to pay for shopping etc.

I did have a 'system' going before we did this, and used a spreadsheet to manage our money and forecast future savings/shortfalls etc. Now I'm completley confused and know there must be a common sense way of managing it out there, and wondered how other people manage their accounts especially when they have monthly and weekly wages going in.

Thanks for reading and I look forward to getting some advice xx

Gromitt

Why not have both your salary paid into the Halifax and then transfer from that to your Nationwide account as and when necessary? I'd also move your direct debits to Halifax, as this would then be your 'main' account.

You'd keep your Nationwide account for your mortgage deal, and if you just transfer in at least £750/month, you'll still get all the perks of the Nationwide account. I don't know how much your mortgage is, but assuming its £500, you would just transfer in £750, and then transfer out £250 (on the same day is fine).

debbsi

thanks Grommit, thats a great idea, think I will do something similar but Ive just had all my direct debits moved to Nationwide, so I dont really want to move them back. It gets confusing mainly due to DH being paid weekly and direct debits going out monthly, my monthly wage would cover a months dd's so we end up moving money in and out, its a right pain :mad:

xx

Hooloovoo

debbsi wrote: »

The confusion arises where as DH's wage is weekly, there is sometimes not enough in

I don't see why this should be a problem.

Just keep a float in the Nationwide account to buffer the weekly cashflow. Transfer some money in from your savings account, and leave it there. I know it's annoying since it is money that could be earning interest, but it wont mean that much of a loss and it would make your life so much simpler.

I'm not sure I understand why getting paid weekly should cause a problem. Most people work a whole month and then get paid at the end. Getting paid weekly means he is getting his money earlier rather than having to wait a whole month for it.

jonesMUFCforever

If you have had the mortgage funds just go back to using the Halifax account as before.
If your mortgage terms meant you have had to open a Nationwide account you have fulfilled your part in opening one. Anything forcing you to use it instead of you having a choice would be a restraint and an unfair contract IMO.

eschaton

I have 8 current accounts but all bills / income go in and out of only one account. I don't see the point in having more than one in actual use for daily finances.

SuperHan

Change your monthly wage to the Nationwide to cover DDs and move your OH's weekly wage to the Halifax and use that for shopping etc. If you start to fall short in the Halifax, move across from NW.

debbsi

Thanks for taking the time to reply, think most were missing my point/question, sorry that may be my fault for not wording it very well.

I actually want to have 2 current accounts with 2 different banks and am quite happy with the ones I have and have no intention of changing them.

I have had a play around with my spreadsheet and come up with a system thanks to your suggestions, I think it would def make more sense to have the monthly wage go in the dd account - maybe I will sort that out.

Thanks again

Deb

eschaton

debbsi wrote: »

Thanks for taking the time to reply, think most were missing my point/question, sorry that may be my fault for not wording it very well.

I actually want to have 2 current accounts with 2 different banks and am quite happy with the ones I have and have no intention of changing them.

I have had a play around with my spreadsheet and come up with a system thanks to your suggestions, I think it would def make more sense to have the monthly wage go in the dd account - maybe I will sort that out.

Thanks again

Deb

I don't see the point in confusing things and your OP suggests that you are confused.

Everything in and out of one account and it cannot get any simpler.

Keep excess cash in a savings account and move into the current account as and when required.

It doesn't mean you need to get rid of the Halifax account. If you want £5 reward, deposit £1,000 in it a month from your other account and take it back out 10 seconds later.

I have 8 current accounts but only one is used for bills/income.

missile

I would suggest a SO from your halifax account to make up the shortfall in the Nationwide account.