Extra bank account

knmoloney

This is probably a silly question but a few of us are moving into a flat together and to make the bills easier I thought I'd open a second bank account that we can all pay into each month and set up the direct debits from here. Is this possible? Can you have 2 bank accounts?

Gromitt

2? How about 20?

However, I'd consider the administration of what you are going to create. Are you going to manage this account, and ensure that everyone pays in there share? What if someone says they can't pay this week and then a DD bounces and causes charges? What happens if you go on holiday and there's a problem with the account? etc..

Neil_Jones

In theory you can have as many as you like.

Some banks may limit the number of current accounts in a particular offering (for example Santander will only allow you to have two of their 123 current accounts).

Wywth

Gromitt wrote: »

...
However, I'd consider the administration of what you are going to create. Are you going to manage this account, and ensure that everyone pays in there share? What if someone says they can't pay this week and then a DD bounces and causes charges? What happens if you go on holiday and there's a problem with the account? etc..

Extra additional bank accout or not, how would your propose the OP handles these potential issues encountered by any house share?

plunt

i would strongly recommend not opening a join account with them as this could impact your credit rating (will make you financially linked with them)

If you do open one in your account then just get them to set up standing orders, and to secure future payments potentially get them to write a few non-dated cheques (just as security)

Wheres_My_Cashback

knmoloney wrote: »

This is probably a silly question but a few of us are moving into a flat together and to make the bills easier I thought I'd open a second bank account that we can all pay into each month and set up the direct debits from here. Is this possible? Can you have 2 bank accounts?

You can literally have as many accounts as you like, providing the banks are willing. I currently have 22, solely for making money.

Would this be a joint account in all names or a sole account in just one name ? If joint, you'd have to be stark raving mad because if any of you run into problems with this account/any other financial product/credit you're rating will be tarnished for 6 years.

knmoloney

I'd be doing it in my name. The 2 people I'm moving in with is my partner and a friend of ours who we actually work with too. We'd said we'd all set up a direct debit to pay into the account each month so there'd be more than enough to cover the bills. I've been looking on the main site about best bank accounts but confusing myself a bit! Would I need a certain type of bank account?
Thanks for all the help though, this is really helping!

Gromitt

I think you mean standing orders, not direct debits, as the later only applies to companies and some savings accounts, plus the SO's are controlled by the sender, whilst DDs are controlled by the recipient, and I don't think your friends will want you having access to their bank accounts!

For bill payments, Santander seems OK at the moment, but there are benefits like interest and cash back, you would have to divide up these benefits between the 3 of you as it would be unfair to keep it to yourself.

knmoloney

Yes, I meant SO sorry. God no, of course I wouldn't take it for myself! I'd never keep it from them!