Sorting student bills... !

cska

Hi there, I am a student who already has 3 bank accounts and am currently using them for different needs. Next year I will have to be responsible for sorting bills with my flatmates in our rented accommodation and was told the best way to do this is to set up another basic account from which they can transfer bills etc. to in order that we can pay bills from one account. My dilemma is that I don't really want to have to go through the checks etc. which take place to open another bank account. Is there a way of getting around this? Are there 'accounts' you can have which can store money and which people can pay into, but which you can make outgoing payments from without it having to be a conventional current account? Thanks for your help.

jyeom12

*The below is not financial advice*

So, essentially, if you want to collect money from your housemates, and pay bills, a current account of sorts probably is your best bet.

That being said, it doesn't need to be a conventional 'high street' bank, so to speak.

With developments in FinTech, lots of so-called "challenger banks" are popping up, and these offer current accounts which are easy to set up and can be administered easily via your mobile phone.

As a general rule, these just require you to pop in your details (some might require you to scan some ID), but there won't be any credit check as you're not looking to use the overdraft function.

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Hope it's okay to mention several of these so-called challenger banks (if not, if a mod could let me know, I'll remove everything below the line above).

In no particular order here are some examples:
- Starling
- Monzo
- Revolut

There are plenty of other options though, so have a look around and find one that suits you; I've found the above to be relatively fuss-free though.

Dobbibill

You can use the accounts listed in #2 or a standard current account.

If you were to open one with a bank you already have an account with the checks would be minimal and possibly opened online within minutes.
That said - what would you do if the other students didn't pay you the money for the bills? Taking on all of bills is a huge responsibility, have you thought about taking a bill each?

agrinnall

cska wrote: »

was told the best way to do this is to set up another basic account from which they can transfer bills etc. to in order that we can pay bills from one account.

You can't, in general, have more than one basic bank account or open one if you have any full current accounts, so I don't think this would be a viable solution for you anyway.

silvercar

Just google 'split bills', there are now many apps that will do this for you.

Back in the dark ages, each house mate would take charge of one bill and balance things out using a calculator!

agrinnall

Duplicate thread on the Bank Accounts board.


https://forums.moneysavingexpert.com/discussion/5886057/bills-account-dilemma

Cash-Cows

Good luck getting money out of your flat mates who will no doubt be skint when it's time to pay up or the "I'm never here when the heating is on, so I'm not paying ".

A friend of a friend has already fallen out with their flat mates and they haven't even moved in yet.

Get agreements in writing. So you can at least sue them if you end up with all the bills.