Didn't see the point in having loads of bank accounts.

Anthorn

innovate wrote: »

If each of 20 accounts offer value to you, have 20. If you only get value from 1, have 1.

Oh I only have two bank accounts so do I have to get another 18?

But good advice: No point in having any bank account or card if there's no benefit other than to sit in the corner cackling as they are counted and gloated over. (Full credit to Charles Dickens).

chris1

guesswho2000 wrote: »

Yes:
Salary goes into Halifax Reward, FPS money to Nationwide Flexaccount then Natwest Current Plus, send £1000 to another Halifax Reward then back to NatWest (can't be an internal transfer) then send £500 to Santander 123, leave enough in there to cover the forthcoming DDs and use the 123 debit card to pay the surplus off a credit card.

What benefits do you get with NatWest Current Plus if you fund it?

thenudeone

Just a word of warning - a council tax DD will usually not be fully sufficient for the Halifax - at least for 2 months, because most councils take the DD in 10 instalments with no payment in Feb or March.

guesswho2000

chris1 wrote: »

What benefits do you get with NatWest Current Plus if you fund it?

None whatsoever, other than it shows you use it so they don't take the overdraft away I suppose.

The only reason I fund it is because my mortgage is paid from my NatWest account and I can't be bothered to change it.

212

I got all the stuff through, I took "2 different direct debits" to be 2 direct debit instructions, regardless of destination? So if I open 2 Tesco Savings accounts and set up 1 £1 DD to each that should count? They'd each have a different ID/ref etc. Will open a non-tesco thing just incase though..

My Tesco savings application has been referred! Tesco Bank hate me for some reason, never get anything there! Hopefully it goes through!

Then I'd only need to open 1 account somewhere else and fund it by DD (none of my other direct debits on my genuine 'main account' are monthly, so can't even use one of those).

I know Paypal do direct debits. Would a monthly upload to paypal count? That would have to be a manual add funds though (or using d/d as a payment method for 1 transaction a month).

Vortigern

thenudeone wrote: »

Just a word of warning - a council tax DD will usually not be fully sufficient for the Halifax - at least for 2 months, because most councils take the DD in 10 instalments with no payment in Feb or March.

Many councils allow 12 monthly payments by DD.
Google - YourTown council tax direct debit 12 months

jennifernil

I read somewhere that they all now have to allow 12 monthly payments.

I looked at ours, currently we pay 10 payments on the 28th of the month. If I request 12 payments, I have to pay on the 1st of the month.

I don't like stuff that comes out on the 1st, too close to when our pension is paid (also the 1st), so I think I will stick with 10 payments.

iAMaLONDONER

innovate wrote: »

I have never seen anyone here recommend that the more accounts you have, the better.

There are many people, incl myself, who have a lot of accounts. But we do not have them because of the number of accounts. We have them because they offered / are offering / may be offering value to us.

Value (to yourself) comes in many guises - interest rates, online access, Branch access, mortgage access, linked accounts access, cashback, insurance offers etc etc - - only you can decide what is value to you.

If each of 20 accounts offer value to you, have 20. If you only get value from 1, have 1.

Wonder how long it takes until someone now says they were told you should either have 1 account or 20.

Exactly- I have 3 so far

System

Unfortunately, not in Scotland - it's still optional.

jennifernil wrote: »

I read somewhere that they all now have to allow 12 monthly payments.

marlewuk

i got a few accounts with different banks. was gonna close some but with these computer systems glitches happening more frequently, i like having them as backup. eg if rbs group systems are down ive still got an lbg account to use which will have some funds in and vice versa