Best use of accounts

Ronnierhino7

Hi I got 3 basic accounts with natwest, nationwide and Halifax before I just used one bank for everything like wages, benefits, direct debits etc.

is it best now to use my bank accounts wisely like one for direct debits, one for wages and benefits and the other for spending like when I use my card etc

HappyMJ

Best use of a basic account is as a donor account for a switching bonus.

I would deposit salary, wages, benefits all into one account. I would set all the direct debits up on this account and create standing orders sending all of the remainder of your income to other accounts on a weekly basis. I would never use the debit card from this account.

The account that you've sent money to I would use the debit card to buy things with and withdraw cash on a weekly basis such as groceries and general spending money. If it runs out of cash then do not whatever you do go to the main account...you will have to wait for up to a week for it to be replenished.

If you've got spare money each week in the spends account then sweep it to another account for saving.

If you use credit cards to buy stuff you have to be a bit more creative with your accounting.

Ronnierhino7

Good idea something to think about cheers