Best account for shared rent and bills? Santander 123? Nationwide FlexDirect?

mr_fishbulb

Hi all,

I'm in a shared flat and I'm going to be collecting rent and sorting out the bills. I need to open an account separate from my current account to do this.

I've already got 3 x Halifax Reward accounts so I can't use that.

I was thinking either a Santander 123 account because of the cashback on household bills. Or a Nationwide FlexDirect because it's 5% interest, and it's not Santander.

Any tips? Cheers

AndyPK

Santander earns good interest above 3k which I doubt you will have in there. Although that only needs £500 a month through it.

mr_fishbulb

Cheers. I was actually thinking of putting in a 3K buffer anyway, so it might tip it in Santander's favour.

innovate

You can use the 123 calculator to figure out whether it beats the 5% FD - - http://santander123.co.uk/

anoncol

Will the other tenants have access to this account or the cashback from the bills you'll be paying from it?

mr_fishbulb

anoncol wrote: »

Will the other tenants have access to this account or the cashback from the bills you'll be paying from it?

Nope, but we get household cleaning products with whatever is left over, so I was looking to boost that.