The Student Room Group

Anyone a online banking expert?

Hi,

So I'm gonna be living out soon. Moving out for the first time bar Uni.

I want to ask if there is a feature for online banking where I can 'section off' money.

So say I earn £2000 a month. When that money comes in, I have budgeted that I should be saving say £700 every month. I want to be able to split my online banking into sections where I can transfer money easily between. This way I can easily see that my £700 will never be touched unless I authorize it.

Thanks

Scroll to see replies

yeah set up a savings account with a standing order.
Reply 2
Most banking apps will let you see all of your accounts form that bank within the App. Setup a savings account and transfer between the two.
Reply 3
Original post by barneystin
yeah set up a savings account with a standing order.


Do I get another card if I open another account?

I mean I thought of that too, but that just seems so much hassle having another account. I just wanted a simple feature that could just split my money virtually. But I guess there's no such feature. Would be really useful though, if you could split it into bills, food, entertainment, savings etc.

Thanks anyways
Original post by 2710
Do I get another card if I open another account?

I mean I thought of that too, but that just seems so much hassle having another account. I just wanted a simple feature that could just split my money virtually. But I guess there's no such feature. Would be really useful though, if you could split it into bills, food, entertainment, savings etc.

Thanks anyways


I don't know of any that do that.

If you wanted to do this, I guess you could open up excel and create a simple spreadsheet with the different columns (bills, food, entertainment etc) then when you get paid, split your income evenly between each column, then when you make a payment enter it as a minus in whichever column it relates to. Then total the column to see how much you have in each. Then just update it each time you spend or receive money. The total of the column totals should equal your bank balance.

Otherwise I would just recommend opening another account (TSB are doing a 5% interest one- took me about 10 mins to set up online, then about a week to get internet banking as I forgot my memorable data!!). Then just pay into that and don't remember the pin so you can't use the card.
Reply 5
Original post by 2710
Hi,

So I'm gonna be living out soon. Moving out for the first time bar Uni.

I want to ask if there is a feature for online banking where I can 'section off' money.

So say I earn £2000 a month. When that money comes in, I have budgeted that I should be saving say £700 every month. I want to be able to split my online banking into sections where I can transfer money easily between. This way I can easily see that my £700 will never be touched unless I authorize it.

Thanks

I am with nationwide and I have a current account and and e-savings account of which i dont have a card for and i can only access on line. So when i get paid every month i just put my savings into that side of my account.

-So I say it depends on whom you bank with.

Another idea is to get a pre-paid master card and just link a monthly standing order to it the cut the card up and bin it. That way u have no access to the money unless you call for a replacement card. Just the sort code and card details safe!
Reply 6
You would be best to just open another account. You can set up a standing order to move the money as soon as you get paid. I have one account for bills, and my money gets transferred as soon as I get it. It is a bit of a hassle to set up, but once it's done you never have to think about it again.
Reply 7
Hmm thanks. I might try the excel spreadsheet idea.

Also I might set up another account. I cannot have 2 current accounts can I? The problem is just that with a savings account I have restriction on withdrawals am I right?

Can I have 2 current accounts and a savings account with the same bank? I tried look on barclays website but couldnt find it

Posted from TSR Mobile
Reply 8
Original post by 2710
Hmm thanks. I might try the excel spreadsheet idea.

Also I might set up another account. I cannot have 2 current accounts can I? The problem is just that with a savings account I have restriction on withdrawals am I right?

Can I have 2 current accounts and a savings account with the same bank? I tried look on barclays website but couldnt find it

Posted from TSR Mobile


There's no law saying you can't have two current accounts, but some banks might not like it. And some savings accounts have restrictions on withdrawals, but not all do.
Original post by 2710
Hmm thanks. I might try the excel spreadsheet idea.

Also I might set up another account. I cannot have 2 current accounts can I? The problem is just that with a savings account I have restriction on withdrawals am I right?

Can I have 2 current accounts and a savings account with the same bank? I tried look on barclays website but couldnt find it

Posted from TSR Mobile


You can have as many current accounts as you want provided you meet their T&Cs. Lots now specify a certain amount a month paid in and a certain number of direct debits
Original post by 2710
Hmm thanks. I might try the excel spreadsheet idea.

Also I might set up another account. I cannot have 2 current accounts can I? The problem is just that with a savings account I have restriction on withdrawals am I right?

Can I have 2 current accounts and a savings account with the same bank? I tried look on barclays website but couldnt find it

Posted from TSR Mobile


I wouldn't bother with a saving account, I'd go for the TSB 5% interest account (http://www.tsb.co.uk/current_accounts.asp?WT.ac=HP_NAV_PCA).

All you need to do is set up a standing order to move £500 from your current account into the TSB account each month. Depending on your finances you can then move this back to your current account as and when you need it. It's 5% interest and all you have to do is pay in £500 a month.
Original post by 2710
Hi,

So I'm gonna be living out soon. Moving out for the first time bar Uni.

I want to ask if there is a feature for online banking where I can 'section off' money.

So say I earn £2000 a month. When that money comes in, I have budgeted that I should be saving say £700 every month. I want to be able to split my online banking into sections where I can transfer money easily between. This way I can easily see that my £700 will never be touched unless I authorize it.

Thanks


As before, standing orders, but imo, the ONLY savings accoint you should put your money in to (instead of a current account) is probably any of these:

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#bb

Because the other savings accounts are pitiful. You're best off moving them in to current accounts OR put them in Zopa and loan your money out

Original post by Reue
Most banking apps will let you see all of your accounts form that bank within the App. Setup a savings account and transfer between the two.


I would advise against MOST savings accounts. I'd transfer that money in to another bank account, because most savings rates are pitiful

Original post by Runninground
I wouldn't bother with a saving account, I'd go for the TSB 5% interest account (
http://www.tsb.co.uk/current_accounts.asp?WT.ac=HP_NAV_PCA).

All you need to do is set up a standing order to move £500 from your current account into the TSB account each month. Depending on your finances you can then move this back to your current account as and when you need it. It's 5% interest and all you have to do is pay in £500 a month.

THIS. Most definitely, THIS!

Not only that, but say you've got £2000 at TSB, and you meet the requirements, you get £100/year (PRovided you fill in an R85 form)
Which is: £8.33/month

If you then place the £8.33/month as a standing order back to another "good" bank account ie: Club Lloyds or Santander 123, then you get 3 or 4% more on that as well, which is not bad!

OR throw it in an ISA, provided it's one that is "unlimited withdrawals" or pop it in Zopa at around 5% or First Direct at 6%
(edited 9 years ago)
Original post by 2710
Hmm thanks. I might try the excel spreadsheet idea.

Also I might set up another account. I cannot have 2 current accounts can I? The problem is just that with a savings account I have restriction on withdrawals am I right?

Can I have 2 current accounts and a savings account with the same bank? I tried look on barclays website but couldnt find it

Posted from TSR Mobile


Yes this is possible, though it's a "kind of"

ie: At TSB, you're allowed two "Classic plus" account

At Lloyds, you're allowed say one "Classic account" and one "Club Lloyds" account - you cant have more than one of the same account type at Lloyds

So it is a "kind of"
Original post by de_monies


THIS. Most definitely, THIS!

Not only that, but say you've got £2000 at TSB, and you meet the requirements, you get £100/year (PRovided you fill in an R85 form)
Which is: £8.33/month

If you then place the £8.33/month as a standing order back to another "good" bank account ie: Club Lloyds or Santander 123, then you get 3 or 4% more on that as well, which is not bad!

OR throw it in an ISA, provided it's one that is "unlimited withdrawals" or pop it in Zopa at around 5% or First Direct at 6%


All of my current accounts are now earning 5% interest haha. Apart from my regular savings account which actually earns something like 2% ...

Another one to look at is the Nationwide one. If you're employed then you can get your salary paid into it (you need to pay in £1k a month). If you don't earn £1k a month then you can set up two TSB accounts and transfer £500 from each one into the nationwide one, then £500 back out to each TSB one.

2 x TSB accounts (5% on £2,000) = £160 after tax
1 x Nationwide (5% on £2,500) = £100 after tax

That's the easiest £260 you'll ever make...
Original post by Runninground
All of my current accounts are now earning 5% interest haha. Apart from my regular savings account which actually earns something like 2% ...

Another one to look at is the Nationwide one. If you're employed then you can get your salary paid into it (you need to pay in £1k a month). If you don't earn £1k a month then you can set up two TSB accounts and transfer £500 from each one into the nationwide one, then £500 back out to each TSB one.

2 x TSB accounts (5% on £2,000) = £160 after tax
1 x Nationwide (5% on £2,500) = £100 after tax

That's the easiest £260 you'll ever make...


The Nationwide one is £2500 actually I think and you have to "pay in" £1000/month along with two direct debits. It's also an account that only lasts one year.

Personally I have

Two accounts at 5% (Both filled to 2K each)
One account at 4% (Need to throw in 5K)
One account at 3%
A FIrst Direct account, which I need to set up a savings account for
Halifax which gives £6.25/month
A 2.5% easy access ISA, which is pointless because I filled in an R85 form, meaning I get the whole 3% at Santander, and not 2.4%

(All of which will have a standing order mandated in to the Santander account and then x amount of money going out as a standing order to First Direct)

I have more accounts, but for pure interest, those are the ones to get (I've missed out the Nationwide account)
Original post by de_monies
The Nationwide one is £2500 actually I think and you have to "pay in" £1000/month along with two direct debits. It's also an account that only lasts one year.

Personally I have

Two accounts at 5% (Both filled to 2K each)
One account at 4% (Need to throw in 5K)
One account at 3%
A FIrst Direct account, which I need to set up a savings account for
Halifax which gives £6.25/month
A 2.5% easy access ISA, which is pointless because I filled in an R85 form, meaning I get the whole 3% at Santander, and not 2.4%

(All of which will have a standing order mandated in to the Santander account and then x amount of money going out as a standing order to First Direct)

I have more accounts, but for pure interest, those are the ones to get (I've missed out the Nationwide account)


I don't think you need two direct debits, it doesn't say anything about it. It does say 'excluding internal transfers' for the paying in £1k bit. I think that just means you can't trf £1k from your nationwide savings account to your nationwide current account. I'm with Nationwide anyway so I thought I may as well try it.

Did you set up your second TSB account online?
Original post by Runninground
I don't think you need two direct debits, it doesn't say anything about it. It does say 'excluding internal transfers' for the paying in £1k bit. I think that just means you can't trf £1k from your nationwide savings account to your nationwide current account. I'm with Nationwide anyway so I thought I may as well try it.

Did you set up your second TSB account online?


Ah fair enough. I just thought you needed a further two direct debits (You need two direct debits for Lloyds and Halifax)

And yes that's exactly what it means. It means you can throw in £1000 from another bank and throw the £1000 straight back out

I set both my TSB accounts online

I set up my Club Lloyds online as well, but then I had to set it up again in the bank for some reason.. SLIGHTLY OT, but the banks are really, really scared of consumers atm
Original post by de_monies
Ah fair enough. I just thought you needed a further two direct debits (You need two direct debits for Lloyds and Halifax)

And yes that's exactly what it means. It means you can throw in £1000 from another bank and throw the £1000 straight back out

I set both my TSB accounts online

I set up my Club Lloyds online as well, but then I had to set it up again in the bank for some reason.. SLIGHTLY OT, but the banks are really, really scared of consumers atm


Did you set up the second TSB ac by logging into internet banking then doing it that way? When I try that it says they cannot offer me a second current account...?
Original post by Runninground
Did you set up the second TSB ac by logging into internet banking then doing it that way? When I try that it says they cannot offer me a second current account...?


I simply applied for another account. Nothing much more to it than that

Not via internet banking. Just via the normal "apply" page. Apply for a normal classic account and upgrade?

I did that with Halifax. I was offended by Halifax, because they're sisters with Lloyds and form the Lloyds banking group. Lloyds know me as a customer. Always try to offer me new products tho... and Halifax gave me a freaking easycash account. I upgraded this recently

In hindsight, I would have simply applied for a "reward" account and switched my easycash account to it, netting me £100 :biggrin:

I've done that with my old Lloyds account and my new fancy First Direct account (Which I shouldnt even have... )
Original post by de_monies
I simply applied for another account. Nothing much more to it than that

Not via internet banking. Just via the normal "apply" page. Apply for a normal classic account and upgrade?

I did that with Halifax. I was offended by Halifax, because they're sisters with Lloyds and form the Lloyds banking group. Lloyds know me as a customer. Always try to offer me new products tho... and Halifax gave me a freaking easycash account. I upgraded this recently

In hindsight, I would have simply applied for a "reward" account and switched my easycash account to it, netting me £100 :biggrin:

I've done that with my old Lloyds account and my new fancy First Direct account (Which I shouldnt even have... )


Oh ok thanks. I was trying to do it via internet banking so maybe that's why it didn't work.

And an easycash account? Hahaha sounds like something you'd have when you're about 13.

Quick Reply