Several current accounts?

tenham

Hi, I am trying to set up several accounts to try to budget (separate accounts for cars, shopping, fuel, xmas and holidays). We would like it so that our wages are paid into our joint account and then I can allocate money each month to each separate account. This is purely for budgeting our money and not for savings/ investments as we already have isa/ savings accounts. We are currently with nationwide and happy with them as our mortgage, joint account are with them. My question is that if we apply for 4 extra joint accounts would this have a negative impact our credit scores?? We are hoping to move home soon and have to increase our mortgage. I really want to sort these finances now (been meaning to sort it for ages!) hope someone can help explain.
Thanks in advance x

xylophone

There is no reason why you shouldn't have several joint current accounts.

You might as well choose those that pay some interest?

Consumerist

Generally speaking, applying for a current account will leave a footprint on your credit file. An alternative approach would be to set up several savings accounts, which do not. The drawback, compared with current accounts, is that you will need to transfer regularly into a current account to pay DDs and/or SOs when due for payment.

Archi_Bald

Consumerist wrote: »

The drawback, compared with current accounts, is that you will need to transfer regularly into a current account to pay DDs and/or SOs when due for payment.

The Tesco savings accounts allow DDs and SOs and Faster Payments, just like current accounts. In common with all savings accounts, the interest rates aren't very good though.

Consumerist

Archi_Bald wrote: »

The Tesco savings accounts allow DDs and SOs and Faster Payments, just like current accounts. In common with all savings accounts, the interest rates aren't very good though.

Sounds like that's the solution the OP is looking for. Nice one.