Quite probably a dumb question

18cc

By the way it's certainly not a dumb question and some people go even further and open a different current account for various things EG Utilities spending money holiday money etc I believe it is called piggy banking if you Google it you will come across it I am sure

OceanSound

You could use any of the app based fintec accounts like CHIP, PLUM, CLEO, OVal Money to do what you are after. But would need to keep an eye on when the money leaves your current account, arrives in the CHIP savings account (for example). It's done via direct debit so can take couple of days at least. If you set it up so a fixed amount is taken each week (e.g. 100 pounds) from your current account, then at the end of the month, you can transfer the accumulated rental amount (e.g. 4x 100 = 400 pounds) back (to your current account from the CHIP account).

Take note though, none of these app based fintec accounts are FSCS guaranteed Yet.

Tobybass

Well it seems I can't open a second current account with my current bank (Nationwide) because I'm on the Basic account (currently on a debt management plan and can't get a normal account) problem is you can only have ONE basic account open. Would I be able to open a second Basic account with say Barclay's or Co-op (heard good things) or will they also say because I have a basic account somewhere else I'm not eligible to open a second?

18cc

You can always try but I believe the rules for opening a basic bank account anywhere is that you don't have another current account

That said you can try one of the Challenger banks who may not be quite so picky for example starling or monzo

enthusiasticsaver

Savings accounts don't usually offer direct debits or standing orders. A second current account will do the job though and if you pick one which pays interest that would work ok. Most banks let you see all your accounts under online banking.

Jo130

I have a current account and a savings account with the same bank. I can transfer easily between the two, if you cant do a standing order from your savings to a payee try one from savings to your current and then current to payee on the same day so it goes in and out all in the same day... otherwise ooen a second current account and do the same between thise accoubts and keep your savings seperate

Armorica

It varies by bank - some will allow on a savings account, and some won't.