New joint account after switching current account advice?

CriticalSock

Hi,

I have just switched current accounts (using this site to get £150) to First Direct. This account has my salary and all our DD's.


I now need to set up a second, joint, account which I will transfer £750 a month for spending money, but which bank account should I go for? Reading through the article on this site, the accounts benefits are all dependent on either paying in more than £750 or having DD's.


This account will be at zero at the end of each month, on the remote chance of there being anything left over, this will be moved into the savings account. it doesn't need to have an overdraft facility.


I could, in theory, set up another First Direct account, transfer £1,000 to it each month and then transfer £250 back to the bills account with a standing order. That would work wouldn't it? But I wouldn't get any switching bonus for the second account and it feels messy.


Ideally what I would like is an account that you pay £750 into a month and get some benefit or perks from. Does such a beastie exist?


Cheers,
Matt

grumbler

CriticalSock wrote: »

I now need to set up a second, joint, account which I will transfer £750 a month for spending money, but which bank account should I go for?

Pretty much any. In fact it's best to use some cashback credit card for purchases.

Reading through the article on this site, the accounts benefits are all dependent on either paying in more than £750 or having DD's.

Well, 'paying in' doesn't have to be a salary. And if you search the board you'll find that creating DDs isn't a problem.

I could, in theory, set up another First Direct account, transfer £1,000 to it each month and then transfer £250 back to the bills account with a standing order.

With FD there is a simpler way to avoid the monthly fee than paying £1000 into it each month. Not to mention that an internal transfer from another FD account doesn't qualify

Ideally what I would like is an account that you pay £750 into a month and get some benefit or perks from. Does such a beastie exist?

Yes.
MSE article:

• Bank Accounts

Even without DDs, with Nationwide you can get a 'benefit' of a free EU travel insurance; with TSB you can get 5% cashback on contactless purchases during the first year - to name a few.

NectarCollector

CriticalSock wrote: »

Hi,

Ideally what I would like is an account that you pay £750 into a month and get some benefit or perks from. Does such a beastie exist?

Remember that the pay in amount does not have to be in 1 lump sum, you can do it in several payments throughout the month

Tesco offer 3% interest on balances up to £3k. No Direct Debits or minimum pay in required

splatt30

I'd go for Halifax.
You get paid £5 for every month you pay in £750, no interest as such, but it would fit your requirements.
You do need 2 direct debits, but you could easily move 2 you already have, or search the forum for ideas for this (£1 a month to charity etc)

CriticalSock

Thanks for the advice everyone, I like the idea of a bank paying me £5 a month rather than my old account which I paid £10 a month for the privilege.