Second current account

Raffers · 16 March 2019 at 12:34PM

All my life, I've only ever had 1 current account at any time. However, I'm looking into the idea of having a second c/a for just domestic purposes (groceries, cinema, high-street shopping on a whim etc...). Is there anything I should do/know about/consider? Is it best to use the bank I already have my main c/a with? That type of thing.

I have both a solid credit history and a good income. The only reasoning behind this is to have a separation of spending and to allow my wife to use the card sometimes whilst I'm not around - that type of thing. Is she even allowed to use my card if not in her name?

eskbanker · 16 March 2019 at 1:24PM

It's a good idea to have a second current account but it's worth using a different banking group altogether, which will give more protection and resilience in case of technical issues with bank systems, or falling out with the bank for whatever reason, etc.

If it's a sole account then strictly your wife isn't allowed to use your card, although that's difficult to police and enforce, but if you want an account that you both have access to then open a joint one.

Raffers · 16 March 2019 at 1:27PM

Thanks. Trying to avoid the joint a/c situation due to her credit history being much worse than mine.

etienneg · 16 March 2019 at 1:40PM

eskbanker wrote: »

If it's a sole account then strictly your wife isn't allowed to use your card, although that's difficult to police and enforce, but if you want an account that you both have access to then open a joint one.

It may be possible to 'get away' with your wife using your card for quite a while. Maybe lots of people do this sort of thing? However, it's when something goes wrong that you may well end up either having to come clean to the bank about this or trying to lie your way out of it. It's so easy to think that what you are doing is 'OK really' and then get quickly sucked into what is actually fraud.

It's just not worth the risk. Sort out a proper method that works for you - joint account, separate small account for your wife or whatever.

surreysaver · 16 March 2019 at 1:56PM

I used to work in a retail environment. I spotted a customer's name on the credit card she was using didn't match her gender. I called the police. Even though she had been given permission to use the card, how was I to know she was telling the truth? If you want her to use the account, get a joint one. Or a pre-paid card like Monzo or something or you're worried about her not being able to control her spending.

deadendwaterfall · 16 March 2019 at 3:02PM

Do what I did, open a Nationwide account as a second account, then you can make extra money from switching referrals. (Upto £500 per tax year).

xylophone · 16 March 2019 at 3:03PM

Your wife has her own bank account?

Can she get a TSB Classic Plus current account?

You /she could transfer at least £500 a month into the account and earn a little interest on your spending money.

You might also open one for yourself?

Don't forget to go paperless.

If you have never had a Nationwide Flexdirect current account, it could be worth considering at least for the year of the 5% interest rate.

System · 20 March 2019 at 4:45PM

We have three accounts. One for me, one for my husband and a joint account which we both pay into each month which is the shopping and bills account.

Second current account

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