Switching bank accounts

MrsWinters

I read on here, somewhere, that by changing your bank account and having your wages put into another, you can gain some control over how much goes out monthly through debts.
Has anyone done this and been successful with the companies once they started phoning for their money?

jessie4109

I have 2 accounts but have one I only use for household bills but not including my groceries. All companies I pay either be it electric, water or a debt payment all have a pre agreed set amount to be paid either each week or month. I make sure that all money is transferred when I get paid. I have direct debit for utilities (for the discount) and all my debt repayments are by standing order (so I have control over them). The only time I use my other account is for food shopping (use a meal planner and budget), fuel and any personal spend i may need such as for kids hair cuts etc.

datlex

I have two main accounts with Smile. 1 for wages and 1 for bills. So long as you make sure there is always sufficient in your bills account, the money left in the wages account is yours to spend. (You can include in the money to your bills account a savings element)

My bills account covers loan payments, mobile phone, all utilities, insurance payments, council tax, travel expenses, contact lenses, broadband and phone, and rent.

The bills account doesn't have to be how you pay bills. It is how you fund bills. e.g. I pay my rent, council tax and travel bills on a credit card. I then use my bills account to pay this so that it is always paid in full.

I also have a 3rd account with a different bank which I use for cheques (no Co-Op bank here) and also transfer the unspent balance each week from my wages account (if any).

This is the account I use to filter money into savings pots and pay for items I have saved up for either directly (e.g. Christmas Presents) or by transfer to my Barclaycard (e.g. things over £100).