Multiple Current Accounts - Why?

stehouk

JustAnotherSaver wrote: »

One could argue that it's you who needs protecting ... from yourself.


And there's always two sides to a coin. For example ... self appointed forum police on one side and self appointed forum bullies on the other.



:cool:


Over to you for the final words on the matter (unless of course you're true to your word and you're not going to get in to playing the system, in which case this will be the final word). Personally i think you're someone of their word so we wont hear from you on this matter again

:j:rotfl::j:rotfl::j:rotfl: how many people's ignore list's are you on ?

Ashen

stehouk wrote: »

Whilst I'm not going to get into playing the system .....so you have been reading the threads,

So, you questioned the OP for being registered 4 years ago, asserting that means they should have read threads during those 4 years.

You then saw the words "playing the system" as evidence that you were right, rather oblivious to the fact that the words "playing the system" were in the *very first reply* to the OP in this thread. Great detective work there - perhaps stick to the emoticons.

Bravepants

Eco_Miser wrote: »

I would have thought that a savings account would be better for that purpose (unless the current account pays better interest).

Indeed it would, but can standing orders be set up from a savings account? I would want to set up automatic payment each month so I can forget about the lump sum in there.

blue.peter

Bravepants wrote: »

Indeed it would, but can standing orders be set up from a savings account? I would want to set up automatic payment each month so I can forget about the lump sum in there.

I think - but am not certain - that some NatWest savings accounts allow this. I know that when I had one a few years ago, I was able to make payments directly out of it to, for example, my credit cards. It might be worth asking them. (Mind you, I haven't looked at their interest rates lately. It might not be worth the effort for this reason.)


How about a compromise? There are, as I'm sure you're aware, some current accounts that pay interest. (The first that comes to my mind is the Santander 1-2-3, but the monthly fee takes the shine off that one.)

colsten

Eco_Miser wrote:

I would have thought that a savings account would be better for that purpose (unless the current account pays better interest).

A savings account would also pay interest on a much higher sum than a current account. Though we don't know how large or small the sum involved is, so a current account may suffice, especially if SOs are needed.

blue.peter wrote: »

I think - but am not certain - that some NatWest savings accounts allow this. I know that when I had one a few years ago, I was able to make payments directly out of it to, for example, my credit cards. It might be worth asking them. (Mind you, I haven't looked at their interest rates lately. It might not be worth the effort for this reason.)

I don't know much about Natwest savings accounts, mainly because they generally have terrible interest rates. Increasingly, though, savings accounts will only allow you to withdraw money to a (one) nominated account, and most only support immediate payments. One or two allow you to set a (one) future date for withdrawals, so you could manually and painstakingly set up several withdrawals with different dates. I know of one savings account which currently does support SOs, but it now pays a paltry 1%, and it is questionable whether they'll continue the SOs. A Santander 1-2-3, Club Lloyds, BoS Vantage or even a Nationwide FlexDirect would be a better bet. Mind you, they all have limits on the amounts they pay interest on.

blue.peter wrote: »

There are, as I'm sure you're aware, some current accounts that pay interest. (The first that comes to my mind is the Santander 1-2-3, but the monthly fee takes the shine off that one.)

Bravepants was considering to use a FlexDirect, which would only pay 1% interest, and only on up to £2,500. Santander 1-2-3 would pay more, on up to £20,000, even after the monthly fee. Also, the monthly fee could potentially be neutralised through DD cashbacks. Both accounts have variable interest rates - i.e. they might drop them at short notice. Mind you, that would also apply to savings accounts that allow instant/regular withdrawals.

stehouk

stehouk wrote: »

You have been a forum member for 4 years and you asking this question, do you not read any of the threads ?

I didn't mean to cause offence by this post, i just thought it odd that a forum member of 4 years standing wouldn't know the basic's of multiple current accounts and why people have them, i admit that it may seem abrupt, apologies for that.:D

Bravepants

colsten wrote: »

Bravepants was considering to use a FlexDirect, which would only pay 1% interest, and only on up to £2,500. Santander 1-2-3 would pay more, on up to £20,000, even after the monthly fee. Also, the monthly fee could potentially be neutralised through DD cashbacks. Both accounts have variable interest rates - i.e. they might drop them at short notice. Mind you, that would also apply to savings accounts that allow instant/regular withdrawals.

I used to have a Santander 123 Lite until last month, having downgraded from a full 123. I have since closed it! I don't want to have DDs coming out of the account, I just want an account operating quietly and hidden in the background of my life that can provide income smoothing without having to think about it too much. For the paltry interest rates we are currently enduring I'm not too fussed over a couple of £10s a year difference it would make whether the account is interest bearing or not.

Katiehound

Bravepants wrote: »

Indeed it would, but can standing orders be set up from a savings account? I would want to set up automatic payment each month so I can forget about the lump sum in there.

Tesco savings account lets you put in details of transfers for - I think- up to one year ahead- by which time you have probably closed the account to get the most up-to-date interest once the 'bonus' year has ended.
It's not automatic as you have to enter the details but is it a handy feature

eastantrim4

I have 3 accounts which should give me a fair bit of protection. My main account where salaries are lodged and bills paid is the Halifax and I also have an account with the Ulster Bank as a back up. Also dipping my toes into the world of digital banking and using Monzo for my spending money.

blue.peter

Just in case anyone cares about the end result of my deliberations...

I applied online for a Nationwide FlexDirect account yesterday. Unfortunately, there was some sort of a glitch in the process. It said that my application had been approved... and then the browser window closed unexpectedly.

After an online chat with Nationwide, I ended up going in to the local branch this morning. The lady I saw there was very pleasant and helpful. However, there was no getting around the fact that I had to go right through the application process again with her. This meant a second hard credit check, but she assured me (without prompting) that she'd arrange for the record of the first one to be removed, although this'll take several weeks.

Apparently, I'm not the first person to experience that problem with Nationwide's online applications. I was assured that it wasn't my fault.

As a bonus, she offered me a credit card. Apparently, their system automatically pre-approved me for this while it went through its process for a current account. I don't actually need a new Visa card, but this one will have a slightly higher credit limit and allow me to dump the MBNA one that I already have. That's a small bonus, because I dislike the MBNA online banking system (badge-engineered Lloyds, of course).