Multiple current accounts - tips?

Hi all,

Just switching from full-time work to full time student. I have had my final salary and am waiting for the first of my quarterly stipend payments. I have switched to a Santander postgrad account with a handy free overdraft - this has all my bills set up. I want to totally separate my bills, my day-to-day spending, and my quarterly payment. I also want everything set up to happen automatically - I don't want to have to remember to do it.

Here's what I fancy:

1. An account to have my money paid into quarterly. I have opened a Halifax basic current for this.

2. An account from which to pay all my bills - this is currently my Santander postgrad and I will set up a monthly standing order from Halifax to cover this.

3. An account to live from. I will pay myself a monthly 'salary' from the Halifax.

For the number 3. account, I fancy a First Direct or a Halifax Rewards. I have probably blown my chance of using a Rewards by opening the basic. Also, these need two direct debits setting up, and I do not want these in my day-today account.

So maybe I should properly switch all my bills to a First Direct, collect the £100, and use this as a bills account and my Santander to live from? Will Santander keep the account open if I do the switch, I wonder - otherwise that idea is no good.

I will ask Halifax if it is too late to open a Rewards.

Any other suggestions or tips on this?




  • itsanne
    itsanne Forumite Posts: 4,986
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    How about a student account?
    . . .I did not speak out

    Then they came for me
    And there was no one left
    To speak out for me..

    Martin Niemoller
  • wavy_davy
    wavy_davy Forumite Posts: 14 Forumite
    Thanks Itsanne, my Santander is a student account ('postgraduate' as in postgrad study). Very handy free overdraft.
  • wavy_davy
    wavy_davy Forumite Posts: 14 Forumite
    Just so you know, I will receive my quarterly payment into a Nationwide Flex. From here, Flex will dole out a lump each month into a Halifax Reward, (so I get the £5 per month) and all my bills and direct debits are here. From the Reward account, a bit will be paid into my Santander Postgrad (free overdraft!) for beer money. Halifax have been superb, Santander cocked my whole switch up at first but came good eventually, and Nationwide are bombarding me with numbers to 'memorize and destroy': I think we may have pi to 1 million figures.
  • 7_week_wonder
    7_week_wonder Forumite Posts: 820 Forumite
    Quick question/suggestion about the Flex account. You've said you're going to get your studentship paid quarterly into that account, but under the Ts & Cs you need to pay in £1k per month to qualify for any interest: hopefully you've taken that into account?
  • wavy_davy
    wavy_davy Forumite Posts: 14 Forumite
    7WW, I think you're thinking of Flex Direct; Flex is the more basic. I would love to benefit from more interest/cashback etc. from the premium accounts, but it's actually quite difficult to run more than one account with benefits (because you need to pay in money, and/or shift direct debits there). So the Halifax is my premium account and has all the direct debits and a monthly amount going in, the Flex is a 'holding account, and the Santander Postgrad is my daily use account with a handy free overdraft. It might be possible to run several premiums, but I can't be doing with shifting money about all the time. Thanks for the advice though, more helpful than other recent comments by (sadly now removed: I was just starting to enjoy the argument!). I won't name names, I don't want to upset Archi Bald again.
  • 7_week_wonder
    7_week_wonder Forumite Posts: 820 Forumite
    wavy_davy wrote: »
    7WW, I think you're thinking of Flex Direct; Flex is the more basic.
    Correct - school boy error, read the question 7WW!
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