Which current account?

D00DY_T00Dy

Hi all,
New the forum so go easy on me

I'm 19 and starting to build my credit score and want to start saving. I'm not terrible with money but I rarely have any spare for the end of the month.
Now im thinking of getting 3 separate accounts.
I currently just switched to Halifax for the £125 incentive; I've just opened a TSB account for the 5% interest and need advice on what account to get.
The Halifax account is for bills; mobile, car insurance, Internet etc although does anyone know of a better account for direct debits?
The tsb account will be for saving since I get 5% when I transfer my wage into the account to meet the minimum amount each month.
And I want another current account for the bit I have left so I can see clearly how much I have each month after Ive saved. So this will be for spending I want an account that has rewards for contactless pay etc

Appreciate the help and any other tips to make my money go further since im an apprentice.

I'm thinking of getting a credit building credit card and paying it off in full each month of course. My score on clearscore is 340/700(on par with my area and just below the national average) and rising so is there any need?

Thanks again

lufc7

You might benefit from a natwest reward account for DD. But as your only 19 you may not have many that qualify for the cashbook. But do double check. The TSB account you have pays on contactless payments for the 1st £100. There are some other accounts like nationwide that can provide another 5% account albeit for 12 mths. Hope this helps

D00DY_T00Dy

Thanks for the reply,
Yeah the natwest reward account wouldn't really help with me since I only have one or two qualifying DDs and I have seen that so I may keep some extra money in for contactless payments. I try to use it where ever possible but there's next to no contactless payments around my area.

I would prefer a separate account for my spending to keep track and so I don't dip into any savings I make

I also saw that but you have to pay in £1000 a month. So it'd mean transfering it in twice a month to meet it. Hence why I chose the tsb account

D00DY_T00Dy

Also since I'm an apprentice and am technically a student is there any way to take advantage of this for any student accounts offering good deals?
Thanks

Dan83

Maybe, open a first direct flex account, also 5% interest, transfare you wages in to that and use the TSB account for the contactless cash back?

colsten

Dan83 wrote: »

Maybe, open a first direct flex account, also 5% interest, transfare you wages in to that

You have just invented a totally new account.

bigadaj

Dan83 wrote: »

Maybe, open a first direct flex account, also 5% interest, transfare you wages in to that and use the TSB account for the contactless cash back?

Portmanteau banking?

Dan83

Sorry I meant nation wide, not first direct.

colsten

OK, as there is no bank called 'nation wide', what you probably meant is the Nationwide FlexDirect account, which is the one that pays 5% for the first 12 months. Their FlexAccount is a different account, paying no interest at all.

D00DY_T00Dy

Thanks for all the replies. I've heard of the Nationwide account but i think i'm going to use my TSB account since it's easier to meet the minimum amount transferred into the account monthly for me, i'd have to transfer my wage twice to meet nationwide's amount for the same amount of interest gained.

My plan is to transfer my wage that goes into the Halifax account (£500/£750 for the £5 reward) to the TSB bank(£500/£500 so then i'll get 5% interest) then hoping to pay the amount for all my bills BACK into the Halifax account to make it upto £750 deposited and get the £5 reward, would this work?

Then i'll set aside money to save in the TSB account and the rest into a debit card to clearly see how much i have to spend. All i need really is a bank with a decent android app since i manage my money alot on my phone.

cosmicrichie

I think the TSB account is a good starting point, with its 5% current account, 5% linked savings account and cashback on contactless payments.

Just a point to make - once you have enough in savings you can just use that to transfer between accounts to meet the minimums, it doesn't matter about your level of income.