Opening second Select Account for monthly savings - seeking advice

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
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ArneLArneL Forumite
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edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Hi all

After putting it off for long enough, I have decided that it's time to come up with a savings plan of sorts and to put away a set amount with each payslip.

For reasons I won't go into now, I don't want to open up an ISA or similar 'no touch' account. Instead, I simply want to open up a second 'regular' bank account and arrange a standing order from my current account into this new account at each payday.

My current (and only) account is a NatWest Select Account with no arranged overdraft (despite being terrible at saving I have managed never to go into overdraft in my life). Is there anything I should be aware of when choosing my second account? Are there any good reasons to go to a different bank rather than simply opening up a second account with NetWest? Are there any banks that are currently paying incentives for new customers to join, and would these incentives apply even if I wouldn't be using this as my main account? Or does it actually not make a difference and all and I should just walk into any old bank branch and be done with it?

Any advice would be greatly appreciated. Thank you all!

Replies

  • YorkshireBoyYorkshireBoy Forumite
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    ArneL wrote: »
    Is there anything I should be aware of when choosing my second account?
    You should be aware of the interest it pays. Are you?
    Are there any good reasons to go to a different bank rather than simply opening up a second account with NetWest?
    The sheer number of system issues they've had over recent years would be enough of a reason for me. Perhaps you've only been with them for a short time?
    Are there any banks that are currently paying incentives for new customers to join
    Yes, but you only get them for switching, not simply opening (with, from memory, one possible exception, although I've not checked recently if it's still available).
    and would these incentives apply even if I wouldn't be using this as my main account?
    Yes, but your question is irrelevant seeing as you're not switching.
    Or does it actually not make a difference and all and I should just walk into any old bank branch and be done with it?
    £100+ would make a difference to me. So much so I'd find a way of getting another account to switch.
  • xylophonexylophone Forumite
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    So much so I'd find a way of getting another account to switch.

    Open another account with Natwest and switch that.
  • ArneLArneL Forumite
    21 Posts
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    You should be aware of the interest it pays. Are you?

    I have to admit that I am not. Banking has always been one of those annoyances in life for me and I never re-visited it after moving to the UK and joining NatWest because they were the only branch on my university campus. Maybe it's time I looked into this.
  • edited 31 May 2017 at 11:29PM
    ArneLArneL Forumite
    21 Posts
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    edited 31 May 2017 at 11:29PM
    xylophone wrote: »
    Open another account with Natwest and switch that.

    Do you mean open another account, switch my old one (which will have the active direct debits needed to qualify for the bonus) and keep the newly created NatWest account for my monthly savings?
  • xylophonexylophone Forumite
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    You need to read all of the link in post 3.

    If you want to switch your Natwest Bank account, you might want to consider TSB Classic Plus applying through the link.

    You might wish to consider opening a Nationwide Flexdirect account with associated Flexclusive monthly saver.......

    If you happen to know someone who banks with Nationwide then a switch to them might be worth considering.

    http://www.nationwide.co.uk/products/current-accounts/our-current-accounts/recommend-a-friend-tab

    There is no reason why you should not have accounts with several providers....
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