Multiple current accounts

Textiles123

Hi.
I am currently with first direct and would like to keep their current account as my main account however I would also like to make some money through the switch service and cashback incentive.

Co-op are offering a minimum of £800 and 4 direct debits. So my thoughts are transfer £800 from first direct to co-op then leave enough money in there to pay my 4 direct debits and put the rest back into first direct? Would this work?

grumbler

Textiles123 wrote: »

Hi.
I am currently with first direct and would like to keep their current account as my main account however I would also like to make some money through the switch service and cashback incentive.

Does this mean that you have a 'not main' account that you can switch?

Co-op are offering a minimum of £800 and 4 direct debits. So my thoughts are transfer £800 from first direct to co-op then leave enough money in there to pay my 4 direct debits and put the rest back into first direct? Would this work?

Yes.

datlex

I would not call two accounts multiple accounts. I have 7. However transferring money back and forwards does satisfy the funding requirements. You don't have to transfer it all in one go. So you can transfer the amount to cover the direct debits and then each week £200 and put the rest into savings.

Personally I have £200 circulating around 4 of my accounts to satisfy their funding requirements. This £200 is not from my salary account. I separately then transfer the money required to pay the direct debits from those accounts from a bills holding account funded from my salary account.

yorkshireOAP

I would be interested in what you call a bills holding account datlex. In my younger day, Nat West used to have a 'budget account', where you paid in a monthly amount over 12 months and no matter how big any one payment was, the account had to balance after 12 months. Are you refering to something similar or just a normal current account? With the advent of Credit cards etc, these budget accounts fell out of favour and dropped off the scene.

datlex

yorkshireOAP wrote: »

I would be interested in what you call a bills holding account datlex. In my younger day, Nat West used to have a 'budget account', where you paid in a monthly amount over 12 months and no matter how big any one payment was, the account had to balance after 12 months. Are you refering to something similar or just a normal current account? With the advent of Credit cards etc, these budget accounts fell out of favour and dropped off the scene.

I get paid weekly so I have to allocate a certain amount to pay my month bills from this. I transfer this into an account (currently a high interest current account) from which I then in turn transfer to each account that needs to pay out a direct debit. I call this my bills holding account.