Extra Bank Accounts for Budgetting

rayday2

I see quite a few people talk about different bank accounts they have for bills, living on etc, we sort of have one spare account for car tax and repairs. What accounts have you set up and did you set them up before you were credit "unworthy" or does anyone know of accounts I could set up now with a terrible credit history, no CCJ's but defaults.

Thanks

Also sorry just an after thought how do you organise your accounts what do you have them all for.

Thanks again

Sweet_Pea_2

Hi,
OH and I have 2 joint accounts. One is the main account and all our "incomings" go into this account. We have two standing orders that go out monthly - one to the other joint current account and one to our online savings account. The second current account is just for direct debits, they are all in one place and its easy to check whats what. The money that is left in our main current account is used for food, petrol and travel costs, and day to day living expenses.
The online savings account is used for - monthly savings for car tax and insurance (paid yearly) car servicing, savings to change the car, holiday savings, christmas savings, "home" savings - (ie currently saving to redecorate and refurnish our bedroom) and also have an online savings account that is just for "long term" savings.
In microsoft money I have the online savings broken down so I can see what the running totals are for car savings etc at a glance.
We have always basically managed our money this way - (or should I say I have managed it this way - OH leaves it all to me and I just give him pocket money which he seems happy enough with - or put it this way - he has never complained!) The system has "evolved" over time though. When we first got married I had a big accounts ledger and did it all manually, its much easier now we are computerized! I think I should have been an accountant as I enjoy managing our money, and Im so much better at it since I found this site.

Mozette

With my Building Society you can set up any number of online accounts, they're not current accounts, but I've got one for bills, where I transfer a set amount each month to cover my main bills, then when I get a bill I can transfer the money to my current account & send a cheque. I also have a SAVINGS account, which is, at the moment, strangly untroubled by any activity... but one day......!

anniebooklover

Like SweetPea, I have my main account into which my salaries, child benefit, etc, is paid. I then have a second account into which I pay enough money each month to cover all of that months direct debits. I also have a savings account for mot, birthday presents, christmas, rainy day money, etc.

I think there are "basic" bank accounts available for those who have had problems in the past or previously homeless people who now have a home, etc. I'm not sure if the Co-operative Bank is one of them. Could be worth checking out.

hth

wherediditallgo

Rayday, you can set up a Cashminder account with the Co-op. It's recommended for bankrupts, so basically anyone can get one except those with reports of fraud concerns on their credit file. It takes a few weeks to set up, but once it's done you get a Visa Electron card which can be used for online shopping, in supermarkets, at Link machines, at post offices etc. You don't get a cheque book or overdraft facility, but other than that it's pretty much the same as any other bank account, as you can set up direct debits for bill payments on it, & it also has telephone banking.

sammy115

rayday2 wrote: »

I see quite a few people talk about different bank accounts they have for bills, living on etc, we sort of have one spare account for car tax and repairs. What accounts have you set up and did you set them up before you were credit "unworthy" or does anyone know of accounts I could set up now with a terrible credit history, no CCJ's but defaults.

Thanks

Also sorry just an after thought how do you organise your accounts what do you have them all for.

Thanks again

I just opened one with the alliance and leicester. I have defaults and I got a visa debit card. Open through Quidco and get £50 too.

rayday2

Thanks everyone for your help it means a lot couldnt comment yesterday I was strapped up by casulty! So big thanks and will actively look into those!