can you have two current accounts?

Leanne12031990

Evening all,

I'm quite new to the forum world but I'm really struggling to get my head around current accounts and could really do with some advice.....

I currently have a 123 Santander current account but I'm struggling to keep track of my savings in there and not go over my monthly spend so would like to open another bank account where I can transfer a small amount of money into each month to use for daily spend (I would like to keep my 123 account open so I can still benefit from the rates they offer on my savings).

Ive done some research but most bank accounts are requiring me to completely transfer my current account over or demand a minimum pay in every month.

Are there any accounts that would accommodate me putting around £400 a month in to spend over every month?

Hope this makes

RichyRich

Most current accounts don't need a min pay in. Most current accounts used for savings do. It sounds like you want a current account to use as a current account. Nearly any old account with a high street bank will do that, and won't require a minimum pay in.

Let's say it does.

For the sake of illustration, let's imagine a minimum pay in of £750. You only want to pay in £200 for your daily spend. Just an example.

Transfer £750 over from your Santander. Transfer £550 back.

Hey presto. You've met the minimum payment, and have your £200 spending money.

This would actually be quite an efficient way of getting a free fiver every month from Halifax, assuming you had 2 DDs you could pay from the account.

masonic

Few (if any) accounts require you to transfer. You might get certain perks if you do transfer, but everyone has to start somewhere, so opening a new account without switching is absolutely normal.

Minimum pay ins are easily overcome by simply transferring money in and back out of the account. If you are planning to transfer about £400, then if you make that £500 (and transfer the excess back to Santander), you could open a TSB Plus account that will pay you 5% interest on up to £2000, with 5% cashback on any contactless spending up to £100 per month.

jimjames

RichyRich wrote: »

Most current accounts don't need a min pay in. Most current accounts used for savings do. It sounds like you want a current account to use as a current account. Nearly any old account with a high street bank will do that, and won't require a minimum pay in.

I can't understand why you'd run an account, any account, with a positive balance and not get interest. It might not be masses but at 5% you'd still get something every month.

Depending how much the OP has in their 123 account it may even be better to use another account completely so they get the best rates available.

RichyRich

It probably would be in a combination of TSB, Lloyds, Tesco, et al. I was answering the question of how money could be siphoned off for spending. And I did suggest Halifax, which gives a free fiver.

Personally my (in-credit) current account is with FD. No interest but very happy with the service. Personally I don't want to give that up for the sake of a couple of quid interest. I can completely understand why others will have a different opinion. For me the interest foregone is a fee for the better service.

SG27

I just have a basic santander account for my bills to come out of. I just leave enough in there to cover the bills. Everything else goes out to fill one of my 8 or so other current account!

planteria

yes, you can certainly have two, or more.. i currently have 14. there are people here who have 30+
you can do what you want to do.. but fwiw i wouldn't necessarily try to avoid accounts which require minimum funding each month. just move some money from Santander>NewAccount>Santander each month.
perhaps TSB or Nationwide, where you could earn 5% on the funds in the account, prior to spending it?
you don't need to close your Santander account.

Niv

planteria wrote: »

yes, you can certainly have two, or more.. i currently have 14. there are people here who have 30+
you can do what you want to do.. but fwiw i wouldn't necessarily try to avoid accounts which require minimum funding each month. just move some money from Santander>NewAccount>Santander each month.
perhaps TSB or Nationwide, where you could earn 5% on the funds in the account, prior to spending it?
you don't need to close your Santander account.

14! madness

Mimi_Arc_en_ciel

I've got 4 and thought that was "a lot" haha


I don't think my excel sheet could handle 14! but good for you!:)

LXdaddy

Niv wrote: »

14! madness

Not really.

The silly thing is that we have mainstream banks and building societies offering CURRENT accounts paying more than SAVINGS accounts. Each of these current account pays interest which is better than you can get in any of the more traditional savings places including ISAs and fixed term accounts. So if you want reasonable interest on a few thousands of "savings" you need to spread it around the current accounts.

My OH and I each have 5 current accounts in our own names and we have 4 in our joint names (coincidentally 14 ) additionally we have 7 regular saver accounts between us.

We earn between 3% and 6% in these.

I will be moving more from the 3% accounts into 5 or 6% when I hit some more of the banks offering better rates.