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Trying to save but accused of being a terrorist /fraudster :-(
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GEEZ! 18 accounts?!
2 x current
2 x cash
1 x ISA
1 savings
1) current account as a back up / holding / buffer account
2) current account for day to day
3) cash account for car expenses
4) cash account for leisure
5) ISA for long term saving goals
6) fixed term for holiday
And people say I have too many!"Always fulfil your needs, only fulfil your wants when your needs are no longer a concern" - citricsquid0 -
There are some bank accounts available in USA and Australia where you have just one account and within that account you can create as many virtual envelopes as you want and only spend from particular 'envelopes'. There is no similar product in the UK as far as I am aware.
But how much do those accounts cost the consumer? I doubt the public here are ready to pay banks for nannying them.0 -
But how much do those accounts cost the consumer? I doubt the public here are ready to pay banks for nannying them.
The accounts the OP refers to aren't costing the consumer as much as someone who has say six different accounts with different banks.
It is ONE normal current account with a debit card - when the online facility is used it also gives the opportunity to set up mini-accounts (but online only) branching off from it.
It is not hard to check the individual balances as when you log into online banking all the separate account balances are shown on the login page so you don't have to log into each one to check each balance.
Therefore one bank, one debit card, on statement sent (of the current account itself) - statements of the mini accounts can only be viewed online and paper versions not sent so not wasting paper.
If you have say six accounts with different banks then that is costing the consumer as there will probably be a card for each of those/statements being mailed etc etc. Remember we are talking about just one account here.0 -
The accounts the OP refers to aren't costing the consumer as much as someone who has say six different accounts with different banks.
It is ONE normal current account with a debit card - when the online facility is used it also gives the opportunity to set up mini-accounts (but online only) branching off from it.
It is not hard to check the individual balances as when you log into online banking all the separate account balances are shown on the login page so you don't have to log into each one to check each balance.
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Sounds like nothing a simple spreadsheet cannot do. It just doesn't offer the flexibility of a spreadsheet. Though a consumer will only see this if they want to see it.0 -
Archi_Bald wrote: »Sounds like nothing a simple spreadsheet cannot do. It just doesn't offer the flexibility of a spreadsheet. Though a consumer will only see this if they want to see it.
I use spreadsheets too - and they are great to record the specific purchases when I am doing my household budget. The beauty of the linked accounts is they are there right in front of you when you login as part of your online current account - no need to manually enter figures as one would with a spreadsheet etc - that would take ages when all you have to do online is make a transfer from one to the other.
Spreadsheets don't pay interests - up until recently the online branched off accounts did. That's with the Flexaccount by Nationwide but I know they have recently stopped paying interest on that account as they are trying to get people to go onto Flexdirect but that is purely an online only account.
It also works out cheaper as mentioned earlier than having numerous separate accounts in different places.
I very rarely make the transfers from the account as I use it for ad hoc or annual purchases. The transfers to the linked accounts are set up to automatically transfer from the main account each month.
Still the consumer will only see that if he wants to see it
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I honestly am out of this thread now. Half of what you are saying, sitesafe, makes no sense at all / is factually wrong (e.g. Nationwide having recently stopped paying interest on the Flexaccount) but I am really totally bored with this subject now.0
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I use spreadsheets too - and they are great to record the specific purchases when I am doing my household budget. The beauty of the linked accounts is they are there right in front of you when you login as part of your online current account - no need to manually enter figures as one would with a spreadsheet etc - that would take ages when all you have to do online is make a transfer from one to the other.
If you are too idle to manually enter transactions then you could try an app that automatically downloads transactions.
That doesn't even make sense. Spreadsheets don't hold the physical cash either, the bank does and its the bank that pays the interest.Spreadsheets don't pay interests
Define 'recently'.- up until recently the online branched off accounts did.0 -
Oh dear....you are sensitive aren't you?If you are too idle to manually enter transactions then you could try an app that automatically downloads transactions.
That doesn't even make sense. Spreadsheets don't hold the physical cash either, the bank does and its the bank that pays the interest.
Define 'recently'.
Ok Flexaccount (which is the account I talk about) is no longer paying interest
http://www.nationwide.co.uk/~/media/nationwide.co.uk/legacy/pdf/btp/P7430_RatesAndCharges.pdf
I'm not really interested if you think I am idle - that's irrelevant to the posting.
I know spreadsheets don't hold cash (d'oh!) I was responding to another poster's opinion that the system I use is not much different to a spreadsheet - I believe it is different and had the benefit of also paying interest whereby a spreadsheet doesn't.
It seems some people don't bother to read things thoroughly before jumping the gun and making assumptions - whatever makes you happy
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