Recommend Me A Second Account Please.

Rich_T_2

Hi Guys,


At the moment I have only a HSBC current account which I pay my wage into (im self employed), the account always has around £3000> in it.

I want to open a second account where I can pay money into it and then transfer money I need (to live, buying stuff etc.) into my current account.

Is this a common setup a lot of people do? How long would the money take to transfer if I do it online?

Would appriciate any help on this matter and all suggestions will be looked at

Thanks

KTF

If its another HSBC account then the transfers between the two should be instant. Any other account will take 3 days+ to transfer the money over.

Not quite sure why you need the second account? Cant you pay bills, etc out of your main one?

Rich_T_2

KTF wrote: »

If its another HSBC account then the transfers between the two should be instant. Any other account will take 3 days+ to transfer the money over.

Not quite sure why you need the second account? Cant you pay bills, etc out of your main one?

Thanks for reply KTF.

The main reason I want a second account is to keep better track of my money. That way I can sort 'business from pleasure', as at the minute its a bit hard to keep track of everything (as I am self employed too). Also, If the account were to ever 'go down' or anything, I have nothing else to fall back on.

Regarding the time taken to transfer from 1 account to the other (if different), I was unaware it would take so long, are you sure it would be instant with HSBC?

If so, perhaps the best route would be to open another HSBC account? Can you have 2 current accounts with the same bank?

Again, any replys appriciated

Thanks

KTF

When I have transferred money between the same bank - current to current or savings to current for example - it has always been instant as its an internal process. Going from one bank to another is external so takes longer.

You can have many accounts with the same bank (or indeed with different ones). If you speak to your bank they will probably open one there and then as you are already an existing customer.

Btw, if you are not planning to pay bills out of the second account you might want to consider an instant access savings account as they pay higher interest than most current accounts.

[Deleted User]

I have your proposed setup and use nationwide as my second account and it works really well especially with the 4.25% credit interest on the 1st 3k provided you credit 1k or more each month and an esavings rate of 5.55%.

Above posters are correct that transfers within banks are likely to be instant although suspect first direct would be instant too (part of hsbc) and they get better reviews than hsbc.

Jarlawuk

Halifax - High Interest current account pays 6.17% interest and currently offers £100 again for new customers. On your HSBC account you only get 0.10% interest on credit balances in your current account, so don't keep such a high balance in there if possible.

Rich_T_2

Thanks, again, for recommendations guys.

Due to the time frame of loading money from bank to bank, I think it will be best to stick with my main bank and open an additional one with them (HSBC). Although I am likely to forfit the higher intrest of other banks, I will still beable to have the ability to keep better track of my money (which was the main reason of opening another account).

I have been looking at the 'Instant Access Savings' account with HSBC, does it seem like a good choice? There is also the 'flexible' saver? Would I be able to get instant access/transfers with those accounts.

Do they seem like a good option?

Thanks again,

Lazy_Runner

If this is your 'living' account, wouldn't you want standing orders / direct debits going from there? If so, wouldn't a current account be more suitable?

I have two accounts current accounts and two savings accounts with my bank. One current and savings for my personal stuff and the remaining current and savings accounts for my income from my tenant. This keeps things nicely compartmentalised however I can transfer money instantly between any two accounts as required.

Rich_T_2

Lazy_Runner wrote: »

If this is your 'living' account, wouldn't you want standing orders / direct debits going from there? If so, wouldn't a current account be more suitable?

I have two accounts current accounts and two savings accounts with my bank. One current and savings for my personal stuff and the remaining current and savings accounts for my income from my tenant. This keeps things nicely compartmentalised however I can transfer money instantly between any two accounts as required.

Hi,

Well the account im using now has direct debits/standing orders attched to it so I think it would be best to keep it like that. I want the second account the one in which I pay my wage, I can then transfer money to my 'living account' when needed.

Setting up another current account would be fine as Im not worried about intrest etc. I never realised you could have 2 current accounts though, how easy is it to set-up?

Thanks

Lazy_Runner

Easy for me to set up additional accounts and I imagine it would be the same for other banks. I told my bank I wanted a bill paying account to keep things separate.

They were even quite cool about the many savings accounts I opened. Again saving money before a bill is paid.

However I am with First Direct and I realise that not everyone on this forum is as keen on them as I am.