Is there a simple way to set up a "bills" account

Archer0710

Apologies in advance I'm a bit thick sometimes and just can't figure is out.....I am wanting to set up a separate bills account to fund from mine and DH's main joint account but only want to move the DD's not close the existing account.

So will I Have to move each DD manually (my Mum thinks Lloyds did it for her but left her other account open) or is there a way of switching DD's but not closing our Nationwide account.

I have a selection of other accounts with First direct etc but was hoping to keep it in house with Nationwide for the ease of transfer.

TIA

colsten

Some banks offer a partial switching service, others only a full switch.

It's easy enough to move a DD yourself - all you have to do is to give your new sort code and account number to the payee, and make sure you have enough money in the new account to pay the DDs. Many companies allow you to update your DD details online, and the best time to change them is immediately after a payment has been made as it will take at least 3 working days for a DD to be changed.

You can check online that the DD is set up against the new account, and that it has disappeared from your old account.

rsdiscos

Hi!

We have the same set up - a spending account and a bills account. We set up the bills account in branch and they moved the DD's for us there and then. That was a few years ago so they may not be able to do it now.

It really helped us with budgeting. We also have 4 instant access savings accounts which we use to hold money for food, petrol etc and then transfer back in to the spending account.

Archer0710

Thank you

So I guess the best option is to pop into Nationwide and see if they offer a partial switching service?

I have accounts for Christmas, let expenses etc and we use our c/card day to day and clear it each month but with bills etc all sitting in the same account I find it quite messy so would like all DD's from a separate account if I can......it just seems to make sense.

colsten

AFAIK, Nationwide do not offer a partial switch service. In any case, you will not get any guarantee if using a partial switch service, and quite frankly, it will be a lot faster & reliable if you move the relevant DDs yourself.

LXdaddy

My guess is that if you want the "bills" account with the same bank as your "normal" account they MIGHT change the DDs over for you. But like colsten, I think it would be quicker and more reliable to do it yourself.

PeacefulWaters

Open a new account.

Get your salary paid into it.

Make the original account your bills account. The DDs are already in place.

Set up a standing order from your new salary account to your bills account.

Make sure dates etc align.

gunsandbanjos

PeacefulWaters wrote: »

Open a new account.

Get your salary paid into it.

Make the original account your bills account. The DDs are already in place.

Set up a standing order from your new salary account to your bills account.

Make sure dates etc align.

This is exactly what I did, makes budgeting much easier.

takman

I would do as PeacefulWaters has said, there is no point in moving all the direct debits just make a new account and use the old one for your bills.

Archer0710

Thanks that's what I'll do when the bank isn't jam packed and spilling out into the street as it was earlier. I want to downgrade the existing current account to a standard one too so thought it was easier to do that in branch.

I was hoping it might make budgeting easier. I tried the YNAB concept and having it all in one account just earmarked and it's fair to say that won't work for me.

solentsusie

Archer0710 wrote: »

Thanks that's what I'll do when the bank isn't jam packed and spilling out into the street as it was earlier. I want to downgrade the existing current account to a standard one too so thought it was easier to do that in branch.

I was hoping it might make budgeting easier. I tried the YNAB concept and having it all in one account just earmarked and it's fair to say that won't work for me.

I did that too with Nationwide. Opening another account online is really quick and very simple. Why not do that?