Bank Account for rent paying

Starbrite

I'm about to embark upon my 2nd year at University and last year as soon as my loan/grant hit my bank account I transferred over the rent money for next few months straight over to my landlord. This year I do not want to do that, Ideally like to have a separate bank account transfer the chunk of rent money there, then have a weekly direct debit into my landlords account.

What account will give me maximum interest and allow myself to set up a direct debt?

Many thanks
(I am a mature student if that makes and difference)

Lokolo

You won't be setting up a direct debit, you'd be setting up a standing order.

However, its not likely to be successful. I can't think of any current accounts which pay interest and don't require 2 DDs in the account/cash going into the account each month. Santander, TSB, Lloyds and Nationwide all require monthly income into the account (£500-£1500 depending on the bank).

Your best bet is to get a savings account, put a reminder to take money out every month to transfer it to your LL.

Starbrite

Why is nothing ever simple? I'd just rather in be in my account earning interest rather than paying my rent 3/4 months in advance and it been in their account earning interest...

Obviously a separate account so I do not dip into it...

agrinnall

Starbrite wrote: »

Why is nothing ever simple? I'd just rather in be in my account earning interest rather than paying my rent 3/4 months in advance and it been in their account earning interest...

Obviously a separate account so I do not dip into it...

So what's complicated about Lokolo's solution? You're studying for a degree, surely remembering to transfer money once a month isn't that hard in comparison? Many of us do much more than this to make the best use of our money, and I expect some of the people who manage it perfectly well are much less qualified than you.

Starbrite

Was hoping to have a solution were I can pop it into an account and forget about it so to speak.

Dobbibill

Have you looked at a Santander123 Student Account?

http://www.santander.co.uk/uk/current-accounts/student-graduate-current-accounts/123-student-current-account

It pays 3% on balances between £300-£2000 as long as £500 goes into your account each academic term, and you register for Online Banking.