Is there such thing as a spending account?

Westy170

I am looking to open a bank account to help me manage my spending. I'm looking for an account that I transfer money to each month to help me budget. My main account has so many DDs etc.. that it's hard to see where I am at any given stage in the month... this way I know what I have to spend and can't spend more... Any ideas of good accounts for this?

xylophone

Tesco current account?

pappa_golf

a simple Lloyds/coop basic bank account , transfer monies in at beginning of mth , no overdraft etc

Pincher

Traditionally, you have a current account, and you got no interest, so money goes in and out freely. These days, you want to work every penny hard, so you get a 5% current account, which you want to keep filled to the 5% threshold, which is not what you want.

If you really want to keep an eye on your money, an online account with an app on a phone?

I suspect what you really want is something that gives you a small free overdraft, for the end of the month blues.

agrinnall

How are you intending to access the spending money, just ATM withdrawals to give you cash, paying by debit card, use for online payments? Different accounts may fit the bill depending on what you want to do.

Bloomberg

Westy170 wrote: »

I am looking to open a bank account to help me manage my spending. I'm looking for an account that I transfer money to each month to help me budget. My main account has so many DDs etc.. that it's hard to see where I am at any given stage in the month... this way I know what I have to spend and can't spend more... Any ideas of good accounts for this?

Is there such thing as a spending account?


Yes, the best one is a credit card. It's an excellent spending diary, offers protection when making major purchases such as a holiday or a new kitchen. Cashback credit cards also reward you as you spend. If your card gets cloned then let it be your credit card, less hassle.



When used and not abused a credit card is an invaluable tool.

Astraeus

Halifax Reward current account's PC online banking facility has a feature which tells you how much money you have left until payday by deducting from your current balance all of your standing orders and direct debits.

Westy170

Thanks for your reply. I had thought about this but credit cards don't give a 'live' balance and we are looking for something that allows us to see current spending. Thank you!

DCFC79

Use pen and paper or use a spreadsheet at end of each day to write down what you have spent.

agrinnall

Westy170 wrote: »

Thanks for your reply. I had thought about this but credit cards don't give a 'live' balance and we are looking for something that allows us to see current spending. Thank you!

Very little gives a completely reliable live balance I'm afraid. Cash under the mattress perhaps...

anotheruser

See if you can change your direct debits to the 1st of the month.
We do and it makes it much easier to see what comes in and out every month.