Budgeting accounts???

smidge_2

I have recently approached two banks (yes they are one of the big four) and enquired about a budgeting account they are all oblivious to this and i can't find one anywhere any advice as to where i can find one as a mortgage advisor told me about them ( i'd never heard of them before) and it sounds like a really good idea

Jo n Craig

AndyR_3

I have no idea what you mean - did your mortgage advisor explain how they work?

If you mean an account to budget for regular bills, then you can use a current account for this purpose.

Darryl

Do you mean something like a Basic Bank account - i.e. one with no overdraft facility and only a cash machine card?

Darryl.

Mark7799

When I worked in NatWest they offered a 'Budget Account' and I think most other banks did so as well. Basically, you would give estimates of your bills for the year, add up the total, put on a service charge and divide the whole lot by twelve. You would then make this monthly payment to a separate account and pay all the bills from that account. I know Nat West dropped them about eight years ago, not sure if any other banks still offer them.

However, there's no reason why you can't try a similar set up yourself by opening a separate current account with your main account provider and arranging a monthly transfer into it with a suitable overdraft limit.

HTH

homersimpson_3

i have read on the site ages ago accounts where you have little pots of money so
e.g. money for bills in one or more pots; another pot for emergencies, x mas, birthdays etc; another pot for everday spending (after gas electricity, tv, mortgage etc etc paid) and you can move money on line from one pot to another. can name these 'pots' whatever you like (e.g. mortgage, emergency fund; food fund etc). is that what you're looking for ?

monkeylugs

I have heard a lot of people mention the Nationwide. You can open a current account for internet banking and then open attached e-saver accounts (I think you can open up to ten).

I've got two current accounts, Alliance & Leicester and HSBC. I've managed to accrue six savings accounts between both accounts, which is enough for me. I've named them car fund, gifts funds, treats & nice things fund, emergency money, yearly bills and a 'business account' just somewhere for me to stick my mystery shopping income and avon money,

I know the account you are talking about but I can't remember the name of the bank who did it - secure trust? First trust? Something like that. They would charge you for it though! No need for anything like that nowadays with internet banking and telephone banking, you can be in control of your own money. (well I could if I had any)