Quite probably a dumb question

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Tobybass
Tobybass Posts: 3 Newbie
in Budgeting & bank accounts
So, here's the thing, I'm Self employed and paid weekly, after a few rough months I'm trying to get a lid on my finances and I've been wondering, is it possible to set up a standing order or direct debit from a savings account? You see I think to manage my money better I would be better off putting a quarter of my rent away each week into my saving account and have the rent go out from that account, so i know the rent is always safe and will always go out on time, do savings accounts allow for this? Or are there alternatives such as having 2 current accounts? With the same bank? Any advice/help/thoughts would be very appreciated
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  • Oakdene
    Oakdene Posts: 2,560 Forumite
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    Yes you can, I have a monthly transfer set up to go to my savings on a certain day each month.
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • elsien
    elsien Posts: 32,759 Forumite
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    You can transfer inti a savings account, but I'm not sure they offer direct debits. You can have two current accounts with the same bank, but you might want to look at a second one elsewhere if the amounts going back and fit would qualify you for one of the interest paying accounts.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Tobybass
    Tobybass Posts: 3 Newbie
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    This might seem like a pendantic/pithy/very stupid question but if I open a second current account with the same bank will it require to seperate online accounts or will I be able to see both account's from my banking app? Just trying to make life as easy as possible you see
  • Mnd
    Mnd Posts: 1,699 Forumite
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    You will see all your accounts together
    No.79 save £12k in 2020. Total end May £11610
    Annual target £24000
  • Oakdene
    Oakdene Posts: 2,560 Forumite
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    I have 3 accounts with Natwest, 2 current & 1 savings, all of which I can see on my app. I have a standing order set up for the 27th of each month to move a certain amount from 1 of the current accounts to my savings.
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • mgdavid
    mgdavid Posts: 6,705 Forumite
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    Oakdene wrote: »
    I have 3 accounts with Natwest, 2 current & 1 savings, all of which I can see on my app. I have a standing order set up for the 27th of each month to move a certain amount from 1 of the current accounts to my savings.


    that's the 2nd time you've said 'to' - but the OP asked
    'is it possible to set up a standing order or direct debit from a savings account?'
    The questions that get the best answers are the questions that give most detail....
  • knightfox
    knightfox Posts: 355 Forumite
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    I think my yorkshire savings accounts can do this
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    knightfox wrote: »
    I think my yorkshire savings accounts can do this

    yorkshire BS or yorkshire bank?
    Free the dunston one next time too.
  • Oakdene
    Oakdene Posts: 2,560 Forumite
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    mgdavid wrote: »
    that's the 2nd time you've said 'to' - but the OP asked
    'is it possible to set up a standing order or direct debit from a savings account?'


    :rotfl::rotfl:Sorry :rotfl::rotfl:
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • 18cc
    18cc Posts: 2,120 Forumite
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    You can't set up standing orders or direct debits from savings accounts however there is nothing stopping you as people have said above opening a second current account and setting up your standing order from there to pay your rent etc

    you could either open a second account with your existing bank which would give you a certain simplicity in that you would see them both listed on your app or if you wanted to sort of put a wall between the two and ring fence the money then open the account with a second bank you could try for example the app only banks starling or monzo
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