A bank account with two "pots"

robbie_dee

I have direct debits that run between 28th of the month and 10th of the next, plus one or two on the 20th. I am with the A & L

What I could do with is another account without an overdraft but with a debit card that I can transfer money to and use as my spending account, as most of my problem with budgeting is separating my bill and spending money - any ideas as to a bank where you can have two accounts? I dont really want two banks, and would like the "transfer" to be instant rather than most of a week!

Regards to you all:beer:

topher_2

I used to do this with HSBC and as far as I'm aware you can do the same with Smile. I imagine most banks will do this if you have a good enough credit rating with them.

Rafter

Robbie,

A lot of people would like such an account - problem is the banks would make less money from overdraft interest and charges as a result so they have little incentive to provide one.

I've heard of accounts with savings pots and linked savings accounts but nothing like what you are looking for.

I'm not sure whether A&L would allow you to open one of their basic cash accounts and move your direct debits to there - that way your main current account would be your spending money and you can simply transfer your money for your direct debits across after you are paid each month.

My only other suggestion is you wait 5 months until 'faster payments' is introduced then open yourself a second bank account somewhere else. You won't lose interest on the transfers then.

R.

mummytofour

I have 2 step-up natwest accounts.

ezman

I have exactly what you're describing with Abbey - the only problem is - they are now the most inept bank in the world. I have what was called an Instant Plus account linked with my current account - i can see both on ebanking and transfer money immediately between accounts - but this arrangement was made with Abbey when they used to be able to do things like send you out a new bank card when you asked for one.
Interested in the answer to this as well as need to move to another bank before the give me a stroke :mad:

PBA

Any bank would be happy to do this - bank advisors are targeted for bank accounts so they'd be more than happy to sell another one to you! I've got a feeling I remember from another thread that internal transfers from one A&L account to another aren't instant, so you might need another bank.

wannabe_a_mum

We went to NATWEST to discuss doing this when I had drafted up an incoings and outgoings spreadsheet.......only to have to sit through a 45 minute "selling session" where they tried to sell us everything from life insurance to a pension!

To this day we still haven't managed to set what we wanted up....but get literally handfuls of calls a week from various different areas of NATWEST looking to sell pensions, insurance etc etc!!!!

robbie_dee

wannabe_a_mum wrote: »

We went to NATWEST to discuss doing this when I had drafted up an incoings and outgoings spreadsheet.......only to have to sit through a 45 minute "selling session" where they tried to sell us everything from life insurance to a pension!

To this day we still haven't managed to set what we wanted up....but get literally handfuls of calls a week from various different areas of NATWEST looking to sell pensions, insurance etc etc!!!!

I left the Nat West because they wanted me to step up and pay more per month, whilst I had difficulties in the 90's I used to do as they asked, I felt I had more chance in keeping in favour with them. But the "benefits" did not benefit me. Even the special offers revolved mainly around London companies (i.e restaraunts etc) so whoever negotiated the deals might have been rather blinkered.

Thanks for all the replies, i will post my findings after visiting A&L in person.

And check out some of the other suggestions too

Templeton_Peck

I'm looking for something along these lines too for my nephew. He's an alcoholic and I've lost count of payment arrangement plans I make with companies like BT passing on the debts to debt collection agencies. He uses up his benefits as soon as they come in and then there is nothing left for the direct debits. I tried those pre-pay cards for Gas and Electricty but he ends up in the cold and dark.

Basically what I need is a system whereby only the monthly direct debits can draw against his overdraft (set at £100) so he can't draw cash against it or use his card in a shop to buy booze. The overdraft would cover the bulk of his monthly direct debits and as soon as his benefits are paid in the bank would use that to pay off the overdraft. It seems like a simple and intuitive service for a bank to offer but anyone would think I was asking for the impossible!

rangers_2

I moved to Think Banking, who work out how much your direct debits are for the month and weekly or monthly take the money from your account and put it into a bills account for the direct debits. You also get a Maestro card with it and if there is not enough money to pay the direct debits you do not get charged. The only down side is they charge you £12.50 per month or £17.50 if you have a joint account and both of you have cards but personally i think it is worth it. So if you have £1000 of direct debits per month and say you got paid £500 per week they would take £250 from your wages every week and put into a separate account for the DD's

Templeton_Peck

That sounds absolutely perfect! How come I was never told about this account when I discussed the issue with financial advisers??? Thanks a lot, rangers, that is a huge help and will hopefully allow me to get his finances under control. The added benefit of this is that it will automatically reduce his alcohol intake too...