Personal bank accounts that offset each other, NOT mortgage linked.

[Scrag Meister]

Does anyone know of a bank who can provide a current account/set of accounts, that offset each other.

Basically I run my personal account on a down and then up basis, i.e go overdrawn and then pay it all off on a regular basis.

The thing that is naffing me off is although I have £10k or more over a couple of accounts, my o/draft fees are a pain, even though my net balance across all the accounts is £8k+ ish.

I like to hold things like personal tax and other allocated moneys seperately to my main current account.

Main thing is trying to avoid the fees, due to the way I lke to keep my money.

No bright ideas like keep it all in one account please.

[xoggoth]

I used to get miffed that Natwest charged me overdraft fees when I had money in another account and complained. They stopped doing it and starting transferring money in from the other account as required. Talk to your bank and see if they are wiling to make a similar arrangement. Some do it as a matter of course, think RBS used to make an advertised feature of it once.

[Scrag Meister]

I used to get miffed that Natwest charged me overdraft fees when I had money in another account and complained. They stopped doing it and starting transferring money in from the other account as required. Talk to your bank and see if they are wiling to make a similar arrangement. Some do it as a matter of course, think RBS used to make an advertised feature of it once.

Thanks for that, but am looking for the ability to have a number of accounts some with -ve balances and others with +ve balances, but the sum total is the balance they use when looking at overdrafts etc..

I obviously don't want my personal tax money being taken to pay the overdraft.

[rd409]

Sorry, this may be stupid, but can you not use a credit card in this situation? Set the repayment to full at each billing cycle. No charges, no interest to pay.

[manclarky]

Does anyone know of a bank who can provide a current account/set of accounts, that offset each other

There was something like that with the Woolwich building society (taken over by Barclays).

You could have up to 10 "pots" of money (not sure if any could be -ve pots) labelled different things - "holiday fund", "tax bill" etc.

I'm going back several years, so they may have stopped doing it now though.

HTH