What's the best bank account to get in my situation?

muchacho

I currently have an account with Abbey, but everything is going in/out of that single account. I'd rather have that ONLY for income/expenses with my work.

What I'd like is perhaps at least 2 more accounts where one can be used for personal expenses such as drinks, clothes etc. In other words, a bank where each month I put X amount in and thats what I have to spend on what I want. Which bank do you feel would be a good one here?

As I'm self employed and do self assessment, I would like a bank which I can put say 25% in each month which at the end of the year will pay for most/all of my tax that I owe, so another bank or ISA?

I'd like another bank where things such as car insurance, mobile phone bills and other things can go out of each month, I just need to make sure from the start of each month there is enough to cover that months direct debits - which bank do you feel would be best for this?

Please note: I can't go with Natwest as I currently have an IVA with them, paying x amount off each month. Also, where possible, a basic account would be better - cheque books aren't really necessary as I already have one with Abbey.

Thanks in advance. If you need any more info let me know.

skyrider007

HSBC, LTSB, Halifax, Nationwide, First Direct, Cahoot?

muchacho

skyrider007 wrote: »

HSBC, LTSB, Halifax, Nationwide, First Direct, Cahoot?

I forgot to mention that I now have a Halifax online account, yet I'm sure they said I'd have a cash/debit card with that, which I haven't received - Nationwide I have twice now asked them to send me a form to fill in to open an account, and on both occasions, nothing was received.

I'll look into HSBC.

Rafter

muchado,

Your main problem is going to be all those transfers lost in the banking system for 4 days and making sure you have the funds in the right place at the right time.

The new 'faster payments' system coming online in a few weeks may help you - although not all banks will be offering it from day 1.

Basic bank accounts may be your only option if you have an IVA outstanding.

I'd recommend the co-op one which has a good website and good reputation.

An ISA makes more sense for your tax savings, so you aren't sitting on cash earning no interest or savings on which you are being taxed.

Good luck

R.

muchacho

Rafter wrote: »

muchado,

Your main problem is going to be all those transfers lost in the banking system for 4 days and making sure you have the funds in the right place at the right time.

The new 'faster payments' system coming online in a few weeks may help you - although not all banks will be offering it from day 1.

Basic bank accounts may be your only option if you have an IVA outstanding.

I'd recommend the co-op one which has a good website and good reputation.

An ISA makes more sense for your tax savings, so you aren't sitting on cash earning no interest or savings on which you are being taxed.

Good luck

R.

My income and business expense will remain where it is for now - in Abbey. Do you think it could be an idea asking Abbey to open a 2nd, separate account for me, and using this for my personal expenses / or using it for my direct debits such as insurance, bills etc, as I'm already one of their customers or is this not possible?