What do I need??

wantahouse

are there any savings accounts that allow transfers to someone else's bank account?? I wanted a separate account that I could put money into, then each month transfer the required amount out off to someone else's account. Is there a savings account I can do this with at all??
Hope this makes sense

xylophone

Why not open a high interest current account and benefit frominterest on money in this account while it is there?

You will then be able to make Faster Payments to other people's accounts.

wantahouse

Thank you - Can I hold more than one current account?? Would it affect my credit score?? (I'm hoping to get a mortgage next year)

mt99

What sort of sums are we taking about and what do you mean by 'savings account' - I assume you use this term because you want some interest on the deposit. If my guess is right then you could open a current account rather than a 'savings account' and you can make payments from it to anyone you like.


Nationwide pay 5% first year up to 2.5k and 1% thereafter, TSB pay 5% on the first 2k, Lloyds pay 4% on the first 5k and Santander 1.5% on the first 20k. Each required an amount paid in each month and direct debits set up (TSB don't require DD). You can of course pay the amount in and straight back out again - most people set up standing orders to do this.

mt99

Most people here have numerous current accounts...!

colsten

Tesco current account pays 3% up to £3,000 and is very easy to manage as there are no pre-reqs for earning interest. You are allowed two of these.

A current account application will make very little difference to your credit worthiness. Make sure you don't apply for any overdraft.

wantahouse

It's not going to be a lot of money - basically I need an account that I can put £405 per month into to pay my sons childcare fees - so I need to be able to send a standing order each month for the same amount £405 - then be able to send the months charges from that account - it will be different each month so I will need to be able to go in and change it. I'm not bothered about interest charges or anything just not sure about the best way to go about it.

wantahouse

I tried a Google search to seem if I could find anything but all the accounts I've come across you can't set up a payment out of to someone else's account - I understand that most people are trying to make money etc so my question might be a little odd ����

King_Of_Fools

I am sure there are savings accounts that will do what you want but they tend to be less flexible and not offer the fastest payments.

As others have said, you would be better off opening another current account which will give you all the flexibility you need and these days possibly earn you more interest than a saving account.

mt99

A Tesco current account sounds ideal. Or if you like TSB then a TSB current account, but to get interest you need to pay in £500 a month with TSB - Tesco have no such requirements. You can apply online for a Tesco one.

xylophone

Why not open a TSB plus account and pay in anything up to £2000 as an initial deposit.

Go paperless and credit the account with £500 a month.

You can the make payments to your childminder's account by Faster Payment or you can set up a regular standing order, whichever suits you better.

You don't need to "go in" anywhere except into your account on your computer.