How many direct debits?

Anthorn

eskbanker wrote: »

Never mind playing any games, by having all your eggs in one basket you run the risk of not being able to access any of your funds in the event of technical problems with your one bank, or if they decided to block your access for any reason. So, I'd humbly suggest getting another current account opened pronto with another banking group....

I don't see why that has to be accomplished with an extra current account: A backup could equally be held in a savings account. For example my rainy day fund is held in a Coventry Building Society instant access savings account and I didn't get a credit search on my credit history when I got the savings account.

Shakin_Steve

Anthorn wrote: »

I don't see why that has to be accomplished with an extra current account: A backup could equally be held in a savings account. For example my rainy day fund is held in a Coventry Building Society instant access savings account and I didn't get a credit search on my credit history when I got the savings account.

I agree, any kind of account where you can access your dosh would suffice. Having said that, I do feel a bit less of a Neanderthal now that I've opened a tesco bank account, and it was so easy. Didn't want to switch and didn't require an overdraft so quite straightforward really.

YorkshireBoy

Anthorn wrote: »

I don't see why that has to be accomplished with an extra current account: A backup could equally be held in a savings account. For example my rainy day fund is held in a Coventry Building Society instant access savings account and I didn't get a credit search on my credit history when I got the savings account.

The Coventry say this about withdrawals...

Withdrawals can be made by transfer only

...and also...

Request a transfer to another Coventry account or to your nominated bank account, online or by phone

So how are you going to get at your rainy day fund since your only current account must be your "nominated bank account"...and that's the one that's having problems?

Shakin_Steve

He could nominate my bank account and I'd pass it on...honest :beer:

YorkshireBoy

Shakin_Steve wrote: »

He could nominate my bank account and I'd pass it on...honest :beer:

With a lot of these "nominated accounts" (although I haven't checked the Coventry T&Cs), they have to be verified by sending a cheque from said "nominated account" for the opening deposit. I presume you're OK with that...honestly? It will, of course, involve changing your name and address.

Shakin_Steve

'Twas worth a try

Anthorn

YorkshireBoy wrote: »

The Coventry say this about withdrawals......and also...So how are you going to get at your rainy day fund since your only current account must be your "nominated bank account"...and that's the one that's having problems?

Not true: With the Money Manager savings account for example, withdrawals can be with the Cash (ATM) Card. Depending on the account withdrawals can be done at a branch. Lastly the nominated account in most cases doesn't have to be external, it can be another Coventry Building Society account.

But taking your standpoint to its logical conclusion, account at Bank A goes down so we back it up with an account at Bank B; then in case Bank A and B goes down we have an account at Bank C; then Bank D, E, F, etc., etc. Pretty soon we'll be a complete MSEer with 26 current accounts ROFL.

Shakin_Steve

TheShape wrote: »

If you're going to 'play the game', Tesco is a good place to start. No minimum pay in and no DDs needed. It's my second most used account after my main Nationwide account. I use it to park money after payday before sending off to regular savers and to top up my Nationwide account account as bills came out.

Got my paperwork from Tesco bank today complete with T&C's. When I applied for it, I did it for the convenience of having a second account, that's all. I didn't realise it pays 3% on balances up to £3000. Doh!
So thanks again, Shape. :beer:

YorkshireBoy

Anthorn wrote: »

Not true: With the Money Manager savings account for example, withdrawals can be with the Cash (ATM) Card.

Thanks for that. I concede I hadn't looked in depth at it for two reasons:


1. The 0.1% interest rate payable (£1,000 emergency fund makes £1 a year!), and
2. It appears to be a kind of pseudo current account, akin to the YBS Cash Transactor, not a savings account as such.

Anthorn

YorkshireBoy wrote: »

Thanks for that. I concede I hadn't looked in depth at it for two reasons:


1. The 0.1% interest rate payable (£1,000 emergency fund makes £1 a year!), and
2. It appears to be a kind of pseudo current account, akin to the YBS Cash Transactor, not a savings account as such.

1. Well, you do get SOs and DDs and no credit search.
2. Exactly so. Cash Transactor was withdrawn by YBS. It remains to be seen how long Money Manager account remains available. Not really needed in these days of Basic Bank Accounts for everyone.