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Why having 2 bank accounts a good idea
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Last update : July 2010
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| Having 2 bank accounts has everything to do with being financially organised.
Thanks to internet banking it has never been easier to run any number of accounts, and also different credit cards.
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| Personally I bank with Natwest and find their services pretty good. I have a current account where my monthly salary is paid but then use a separate account, a Natwest STEP, to pay all my monthly bills.
So on payday I log in to my main account and transfer to my 2nd one sufficient money to pay for all my direct debits and standing orders for that month. I will also transfer a set amount to help pay for other bills such as gas and electricity.
See also secret number 8 - 10-30 minutes a week - all you need to be financially organised - which is one of this site's 10 Secrets to Good Personal Finance.
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| Summary |
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Using this simple strategy helps enormously with my financial planning and keeps control of my monthly budget. And as I said at the beginning internet banking makes it simple to operate any number of bank accounts.
Having 2 bank accounts is a classic example of good personal finance because -
- It makes sense, and
- It's simple to understand and set up
Good luck at better organising your finances.
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