Looking for help with a basic bank account for money management

ledge97

I'm looking for some advice on money management and want to open a basic account for personal spending. The idea is that I want to manage the money I've budgeted for personal spending. At the moment I bank with lyods and have 2 current accounts, club lyods for business and personal bills, and the shared account for house bills. I also have several easy savers which I use as my piggy banks for saving i.e Emergency fund. The problem is I spend using my personal account and often overspend without realising. So what I wanted to know was wether I could have another current account/basic account and wether or not having multiple accounts will have a negative impact on my credit ?b

colsten

ledge97 said:

..... club lyods for business and personal bills

You should not use a personal current account for business purposes as it is against the T&Cs. If you want a free Business Account, have a look at the Starling Sole Trader account

ledge97 said:

 So what I wanted to know was wether I could have another current account/basic account and wether or not having multiple accounts will have a negative impact on my credit ?b

You can apply for as many current accounts as you like. In fact, it's is a good idea to have at least two current accounts. at different financial institutions, in case there is an issue with one of them.

There is no impact on your credit worthiness if you keep the accounts in good order. There will, however, be a hard search every time you apply for a current account. Such searches drop off after 12 months, and I personally don't worry about them at all.

Don't expect that multiple current accounts will be a magic answer to managing your money though. You should be looking at using a personal finance manager for budgeting and tracking your spend. I use AceMoney, others use MS Money, and YNAB is also popular.