Second bank account for PayPal

root

I want to setup a PayPal account so that I can start selling efficiently on Ebay and to do this you need to link it to a bank account.

I'd rather not link my main (and only) account where my wages are paid for security, so I was thinking to set up a second basic account just to use for linking to PayPal and most likely all my online purchases eventually. I have thought about opening a second account anyway for a while, just to avoid putting all my eggs in one basket (online security, banks messing up and so on.)

I don't need an overdraft and i'd rather not have an account that charges any monthly fees. To date i've not owned a credit card so don't need one of these either.

Has anyone else done this and what's the best approach for me? I've read online that an account just as a buffer like this without a monthly guaranteed deposit can be a pain to get/justify.

I'm not stupid but i'm just completely green with this kind of stuff.

I would appreciate any advice.

Thanks in advance.

dr_adidas01

My paypal account is attached to its own separate bank account which is a Santander everyday account, which requires no monthly paying in limit.

You could open a TSB classic account that requires no monthly paying in limit, also the TSB enhance account requires no monthly paying in limit as does the Barclays ordinary bank account.

Natwest and the RBS Select account don't require a monthly paying in limit either.

However if your using eBay to run a business to sell things then you may have to open a business bank account, as they don't like you using personal accounts as business accounts.

root

dr_adidas01 wrote: »

My paypal account is attached to its own separate bank account which is a Santander everyday account, which requires no monthly paying in limit.

You could open a TSB classic account that requires no monthly paying in limit, also the TSB enhance account requires no monthly paying in limit as does the Barclays ordinary bank account.

Natwest and the RBS Select account don't require a monthly paying in limit either.

However if your using eBay to run a business to sell things then you may have to open a business bank account, as they don't like you using personal accounts as business accounts.

Thanks very much for the advice. It's not for a business, just having a clearout and got loads of things to sell and I need to be able to accept PayPal to appeal to the most buyers.

Archi_Bald

If your credit files don't show any defaults and are otherwise clean as well, you are unlikely to have any problems with an application for a second current account.

Don't try it at HSBC though because they seem to have got possessive and only give current accounts to people who switch.

root

Archi_Bald wrote: »

If your credit files don't show any defaults and are otherwise clean as well, you are unlikely to have any problems with an application for a second current account.

Don't try it at HSBC though because they seem to have got possessive and only give current accounts to people who switch.

Thanks. No defaults, no debt at all actually. I guess my next job is to see who offers the most for new signups!

Cheers

grumbler

For "selling efficiently" you will possibly need a business account as banks don't like when personal accounts are used for anything looking like business.

And if you are selling mainly, not buying, I don't see any danger with 'linking' Paypal to a current account. There is no need in a DD or a card added to you Paypal account.

root

grumbler wrote: »

For "selling efficiently" you will possibly need a business account as banks don't like when personal accounts are used for anything looking like business.

I've got a stack of clothes to sell and some electrical bits. And i'll be looking to buy more things on Ebay (no PayPal the the moment limits your options a bit)

I'm sure there are other Ebayers selling more than that with their current accounts?

Archi_Bald

root wrote: »

Thanks. No defaults, no debt at all actually. I guess my next job is to see who offers the most for new signups!

If you want to be paid for new signups you must use the new banks switcher service which will close your old old account. If you don't use the switcher service, they won't pay.

root

Archi_Bald wrote: »

If you want to be paid for new signups you must use the new banks switcher service which will close your old old account. If you don't use the switcher service, they won't pay.

Ah right OK thanks, no big deal!

Thanks everyone, i think i've got enough info now :beer: