A bank account with two "pots"

HeadInSand_2

I am with Barclays - I have 3 accounts within my online banking - although 1 is a savings account with no cards - however, I have 2 'proper' accounts - both with Barclays Visa Connect Debit cards and both with £100 guarantee cards with chequebooks and their own PINs, I use them exactly as you describe, I have both sets of my wages paid in to the main account (my monthly salary from main job and my weekly pay from a restaurant I work in part time) I have set up a weekly standing order that pays me a weekly 'wage' that I am allowed to spend - my main account has a £600 O/D for emergency (not used for a year since my LBM!) - my spending has to come from card#2, if I haven't got the money for something I have to wait for the standing order to pay me. My main account is dedicated to bill paying (and paying my weekly wage!), I have everything on standing order (along with DDs for credit card min payment, the standing orders overpay them as a snowball setup)
Works extremely well and I can login and shift funds about willy nilly. Definitely a good system of doing things. At worst case I still have access to my main account with the Debit card in my wallet, but to this day I've not needed to use it. Knowing I've only got X amount to last me each week, I find myself trying to save up my spending money in the #2 account which makes me even more frugal I find.

robbie_dee

PBA wrote: »

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.

Well I discussed this with the A+L and now have two current accounts, so can transfer money to a cash account once a month and use this. No charges, and I get to access both accounts and both savings accounts online, it is perfect.

Thanks for all the replies!

robbie_dee

Rafter wrote: »

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.

I now have two accounts with the A+L and the transfer is instantaneous, the extra account is really useful.

Cheers

Mollymop5

I have 2 accounts with the co-op and transfer back and forward between them with no problems