Fees and multiple accounts?

moneyc

Hello,

I currently bank with FD, and also have a joint account with my partner with FD, who also uses FD as a main account. We both pay 1000 a month at least into our main accounts (as it’s the accounts our wages go into) and so are exempt from the £10 charge, and because of this the joint account is exempt from the charge too. We pay about 600 each/month into the joint account .

I have just today made a Monzo account, and think I would like it better as I am really into the online banking side, so I want to change it so this is my main account for spending (mainly personal shopping, online shopping and petrol) but still pay into the joint account for all household things (and maybe keep the first direct account for big things? I’m not quite sure yet).

Am I better just getting rid of my main first direct account, and if so will doing this mean that we will have to pay the £10 fee on the joint account? If I kept the main account with less than 1000 in it, but had over 1000 in the joint, would that exempt me from the fees on the main account? Very open to suggestions, I just want a good way to keep track of my money and I think monzo is the way for me to do that, but I’m a bit tied into FD right now due to this joint account!

At this point, I’m considering keeping my wage going into FD and just putting spending money into the monzo account and using that as a ‘spending card’ which may be the most straight forward option?

Can anyone help?

(PS, I’m more than happy with first directs services and the joint account is more than fair for purpose, I just like the features of monzo a bit better for my main account)

jonnygee2

At this point, I’m considering keeping my wage going into FD and just putting spending money into the monzo account and using that as a ‘spending card’ which may be the most straight forward option?

This could work as a short term solution until you get used to the account and are sure it's for you. Monzo's budgeting will work best if you have your bills etc coming straight out of it, though.

How does your partner feel about Monzo? Monzo also do joint accounts, and many of their current accounts best features, like shared tabs and bill splitting, work very well for shared finances in a couple. So longer term that might be an option.

mrmajika

FD ways to avoid the fee are:

paying at least £1,000 into the account every month
or maintaining an average monthly balance of £1,000
or also having a mortgage, credit card, Personal Loan, savings (except Regular Saver), First Directory or Home insurance with us.


One simple solution is to open one of their savings accounts and stick a pound or two into it, thus avoiding the fee.

grumiofoundation

Why do you want to keep the first direct current account? We have this but only as a way of accessing the 5% regular saver (we have done as mentioned above and have savings account with £1).

If you and your partner want a joint account why not switch to TSB (3% on up to 1500) or Nationwide (5% on up to 2500 for the first year) and get some interest?