Risky? - i have one bank account

[otispunkmeyer]

i have one account, well technically i have 2 accounts the 2nd just needs updating to a proper current/checking account becuase i took that account out when i was 15.

i have one student account with a bank and thats it. student loan goes in there, pay goes in there, DD's come from there, paypal comes from there. whenever i recieve money or spend money it comes/goes from there.

i dont intentionally save per se, i just keep hold of what ever i dont spend and it just kinda builds up gradually. obviously theres no interest applied to this account (well nothing worth mentioning)

in its favour it does make everything incredibly simple. i can look at my entire finances in one glance. i have one debit card, no credit card and that means im not putting all my expenses on varyng types of plastic.

can i set up like a second accout where i can syphon money into it for saving, but also have a 2nd debit card for that account so that i could spend the money if i need/want to?

 

[f4phantom2500]

http://www.emigrantdirect.com/

 

[AtlantaBob]

Yes, you can set up a second checking account like that. I'm not sure exactly how some of the online banks work, but here's how I have mine set up:

Regular checking - direct deposit, pay bills, etc.
Regular checking acct. #2 - where I put found money, transfer some cash from my monthly paycheck every month into that one, place to put money from side jobs.

From there, I can move money from checking account #2 into a online money market account -- about twice a month. In fact, I now have two money market accounts, one for an emergency fund, and the other as a holding place for cash to invest (yes, financial folks, I know all about drips and such)--this is just to store larger amounts of cash to buy a new mutual fund....

Probably more than you wanted to know, but the short version is:

I have two checking accounts.
Since I've had them, it's been easier to save.

 

[dug777]

I keep my savings in different hemispheres just to safeguard them :Q

Channel Islands bank account FTW

 

[markgm]

I only have additional accounts because I've never closed them. One was from where I grew up so I gave an atm card to my parents and another one was from where I got a car loan that I didn't bother to close yet because it's free.

 

[otispunkmeyer]

i use internet banking on this account as well, obviously i'd like to do the same with this new one if i set it up. still to decide if its worth setting one up with the same bank.

if i use a diferent bank, Loyds for instance, will they charge me for transfering money from my HSBC student account? if i get another HSBC account and set it up with online banking i should be able to set up a monthly automatic transfer right? so i can automagically syphon £300 a month off into the new account?

 

[dug777]

Originally posted by: otispunkmeyer
i use internet banking on this account as well, obviously i'd like to do the same with this new one if i set it up. still to decide if its worth setting one up with the same bank.

if i use a diferent bank, Loyds for instance, will they charge me for transfering money from my HSBC student account? if i get another HSBC account and set it up with online banking i should be able to set up a monthly automatic transfer right? so i can automagically syphon £300 a month off into the new account?

Don't you have a bank manager? They'll explain all this, for free, over the phone or in person, AND then you can go out and look at competing options

 

[MmmSkyscraper]

Originally posted by: otispunkmeyer
if i use a diferent bank, Loyds for instance, will they charge me for transfering money from my HSBC student account? if i get another HSBC account and set it up with online banking i should be able to set up a monthly automatic transfer right? so i can automagically syphon £300 a month off into the new account?

They won't charge you for moving money from one account to another. If they try, you laugh hysterically at them.

If you have online banking, you should be able to apply for another account online. If HSBC doesn't do that, go into your branch and tell them what you want, and don't let them sell you a load of sh1t you don't need. You can also open an account at one of the other 'big 4' banks. They'd probably want to know how much you were planning on depositing a month.

 

[otispunkmeyer]

Originally posted by: MmmSkyscraper

Originally posted by: otispunkmeyer
if i use a diferent bank, Loyds for instance, will they charge me for transfering money from my HSBC student account? if i get another HSBC account and set it up with online banking i should be able to set up a monthly automatic transfer right? so i can automagically syphon £300 a month off into the new account?

They won't charge you for moving money from one account to another. If they try, you laugh hysterically at them.

If you have online banking, you should be able to apply for another account online. If HSBC doesn't do that, go into your branch and tell them what you want, and don't let them sell you a load of sh1t you don't need. You can also open an account at one of the other 'big 4' banks. They'd probably want to know how much you were planning on depositing a month.

yeah HSBC, being "the worlds local bank" has shut my local branch lol

gotta venture into town which at the moment, i just dont have time to do.