Quite probably a dumb question

Tobybass

So, here's the thing, I'm Self employed and paid weekly, after a few rough months I'm trying to get a lid on my finances and I've been wondering, is it possible to set up a standing order or direct debit from a savings account? You see I think to manage my money better I would be better off putting a quarter of my rent away each week into my saving account and have the rent go out from that account, so i know the rent is always safe and will always go out on time, do savings accounts allow for this? Or are there alternatives such as having 2 current accounts? With the same bank? Any advice/help/thoughts would be very appreciated

Oakdene

Yes you can, I have a monthly transfer set up to go to my savings on a certain day each month.

elsien

You can transfer inti a savings account, but I'm not sure they offer direct debits. You can have two current accounts with the same bank, but you might want to look at a second one elsewhere if the amounts going back and fit would qualify you for one of the interest paying accounts.

Tobybass

This might seem like a pendantic/pithy/very stupid question but if I open a second current account with the same bank will it require to seperate online accounts or will I be able to see both account's from my banking app? Just trying to make life as easy as possible you see

Mnd

You will see all your accounts together

Oakdene

I have 3 accounts with Natwest, 2 current & 1 savings, all of which I can see on my app. I have a standing order set up for the 27th of each month to move a certain amount from 1 of the current accounts to my savings.

mgdavid

Oakdene wrote: »

I have 3 accounts with Natwest, 2 current & 1 savings, all of which I can see on my app. I have a standing order set up for the 27th of each month to move a certain amount from 1 of the current accounts to my savings.

that's the 2nd time you've said 'to' - but the OP asked
'is it possible to set up a standing order or direct debit from a savings account?'

knightfox

I think my yorkshire savings accounts can do this

kidmugsy

knightfox wrote: »

I think my yorkshire savings accounts can do this

yorkshire BS or yorkshire bank?

Oakdene

mgdavid wrote: »

that's the 2nd time you've said 'to' - but the OP asked
'is it possible to set up a standing order or direct debit from a savings account?'

:rotfl::rotfl:Sorry :rotfl::rotfl:

18cc

You can't set up standing orders or direct debits from savings accounts however there is nothing stopping you as people have said above opening a second current account and setting up your standing order from there to pay your rent etc

you could either open a second account with your existing bank which would give you a certain simplicity in that you would see them both listed on your app or if you wanted to sort of put a wall between the two and ring fence the money then open the account with a second bank you could try for example the app only banks starling or monzo