Which bank would be the best option, to open a "2nd current Account"?

Blue_Babe

I'd like to open a 2nd current account, to make my finances easier to organise. I'm seeing lots of incentives around at the moment, to "switch" accounts, but I don't want to close the current one I have, nor move my Direct Debits or income over at this time. I'm finding very little info on simply opening an account. Are there any incentives to just open an account, or who is offering the best interest rate? Thank you for reading, all suggestions will be considered.

WillPS

Starling and Monzo are very quick and simple applications if you use a smartphone and have a passport or driving license.

If you bank with Lloyds, Halifax or Bank of Scotland then opening an additional account with the same bank is very simple indeed.

If you want to get involved with switching bonuses but don't actually want to switch, set up a 'donor account' (see above) then use that to switch to another bank. Once you've received that bonus, you can then switch that account to get another switching bonus, etc. I've switched about two dozen times now but I've never once moved my actual day-to-day banking arrangements using the Current Account Switching Service, and I still have most of the accounts I started with 10-ish years ago.

TSB are the only bank I know of who will pay a small incentive just for opening an account, if you go via Quidco or Topcashback. Be sure to check you meet all the terms and be prepared for a wait.

penners324

Best option is the bank you Curr bNk with.

PRAISETHESUN

Easiest option is to just open a second account with whoever you currently bank with. Set it up with a few token DDs, etc and you can then use this as a dummy account for switching to take advantage of the incentives on offer.

The only offers I'm currently aware of that provide an incentive for just opening an account are the following:

1) £20 welcome offer from First Direct (https://www.firstdirect.com/banking/current-account/#accounts)
2) The TSB incentive offered via Quidco (https://www.quidco.com/tsb-spend-save-current-account/)

jimjames

penners324 said:

Best option is the bank you Curr bNk with.

To me that would be the worst option. It might be easiest but that doesn't mean it negates the problems with one account. The reason for a second account is to be unconnected to the first so in the event of IT issues or other problems you are not impacted.

I'd want to choose one that is a completely different platform and banking group so if one account is Lloyds for example I'd also avoid BoS and Halifax. 

WillPS

PRAISETHESUN said:

3) The TSB incentive offered via MSE (ends today, as discussed https://forums.moneysavingexpert.com/discussion/6391959/tsb-180-switch-offer/p1)

That's a switching incentive, surely?

PRAISETHESUN

WillPS said:

PRAISETHESUN said:

3) The TSB incentive offered via MSE (ends today, as discussed https://forums.moneysavingexpert.com/discussion/6391959/tsb-180-switch-offer/p1)

That's a switching incentive, surely?

Brain fart - yes, this is a switch offer! Scratch that

penners324

jimjames said:

penners324 said:

Best option is the bank you Curr bNk with.

To me that would be the worst option. It might be easiest but that doesn't mean it negates the problems with one account. The reason for a second account is to be unconnected to the first so in the event of IT issues or other problems you are not impacted.

I'd want to choose one that is a completely different platform and banking group so if one account is Lloyds for example I'd also avoid BoS and Halifax. 

The op is talking about getting switch incentives. So opening a 2nd account at your current bank for this reason IS the option 

eskbanker

penners324 said:

jimjames said:

penners324 said:

Best option is the bank you Curr bNk with.

To me that would be the worst option. It might be easiest but that doesn't mean it negates the problems with one account. The reason for a second account is to be unconnected to the first so in the event of IT issues or other problems you are not impacted.

I'd want to choose one that is a completely different platform and banking group so if one account is Lloyds for example I'd also avoid BoS and Halifax. 

The op is talking about getting switch incentives. So opening a 2nd account at your current bank for this reason IS the option 

OP is actually saying that they don't want to switch, and they're looking for an incentive simply to open an account instead.

To be fair, opening a second account and then switching that for an incentive would be an alternative approach, but it's not the one they had in mind....

pedlarwd

Option is go for customer service best reviews, check  genuine review sites to determine best bank.

Rob5342

I'd suggest Starling or Monzo. They let you split money into pots and you can have standing orders and direct debits come out of specific pots, that might help you manage your finances without needing to have two accounts. Another advtantage is that they don't have branches, so they are set up to be able to do everything quickly and easily from the app.

You could look at Chase too who give you 1% cashback.