How I manage my multiple current accounts

[@Frankie1441FAO]

I haven't watched it yet - but I was WAITING for this video!!! Yeeeessss

[@BeCleverWithYourCash]

Great!

[@Staffordeo]

HI Andy, love your videos. I struggle to learn by just listening and get confused. Would be great to see on screen examples or step by step guides on how to do some of these tips and tricks!

[@freya7084]

I might be weird but I LOVE doing household admin and accounting. Thanks to you I know have curve and chase and learning loads :)

[@kiank3559]

Happy Easter 🐣 thanks for ur hard work.

[@BeCleverWithYourCash]

No problem!

[@BlessedPetrel]

Very comprehensive Andy. Great content. God bless.

[@BeCleverWithYourCash]

Thank Elle!

[@shanej35]

Thanks for the great content and advice. Are there any other apps like Plum/Moneybox which could be used as a DD to save? Unfortunately my bank is not on the list of banks accepted for a DD with Plum - thanks

[@christophjacques5193]

for direct debits : cancer research society, scottish friendly, moneybox for monthly Lisa contributions, multiple credit cards..many can be as low as £5

[@hedwigwendell-crumb91]

This is a gem of a video. Thank you

[@BeCleverWithYourCash]

Thanks Hedewig!

[@kripashanthi]

Great video Andy. Very comprehensive and informative. Do you have a sample excel sheet that you manage the flow / working of these accounts and all the standing orders and debits?

[@danakirsh]

What I found helpful was drawing a flow chart to visually see how money moves around

[@lindagent9831]

Andy just subscribed. Where did you buy the honeycombed unit? Love it also love your tips. Peace

[@BeCleverWithYourCash]

So glad they're helping. The shelves are from Made.com. They were a treat purchase! You'll find them here fave.co/3GoOEhS

[@peterlewis1121]

Thank you, Andy. That was BRILLIANT. I already do a lot of this but you have given me some additional ideas. THANK YOU again. One small point. At 6mins 57 secs you said "Standing Order". I think that was meant to be "Direct Debit"? Best wishes.

[@BeCleverWithYourCash]

Ah, thanks Peter - yes good spot!

[@TheSlowworms]

Hi Andy! I’ve been binge watching all your videos recently to try and organise myself a bit more. I still have the current account I opened when I was 16, which from what I gather from your videos is a good thing for my credit report. I want to open more accounts but my mortgage is due for renewal in the next 6 months. Am I safe to open an account with a bank that does a soft check like Monza, Starling or Chase? Or if that isn’t an option could I open another account with my existing bank? Thanks for your videos and keep up the good work 🙂

[@onlyagreeingsometimes]

Could you do a full video on payroll giving. Thanks

[@BeCleverWithYourCash]

Hi Chris, it's probably a bit niche, though I spoke about in my recent podcast episode becleverwithyourcash.com/cashchats237/

[@onlyagreeingsometimes]

@@BeCleverWithYourCash thanks

[@David-yn5bs]

Question for every one here. What has been the most money you acquired in a year, using switching and/or transferring money for rewards?

[@nurseystn9321]

I have money in a monzo account but then came across a group on Instagram which I searched on Facebook called “monzo Stole our money”. Have you looked into this? It seems monzo are randomly shutting accounts - some with lots of money in - and holding onto the money for long periods of time. Currently trying to get my money out and shut my account and transfer back into a high street bank.

[@thetelephoneprankster4254]

Small direct debits is a good website for this actually

[@romanhut2917]

Who can keep up with all these bank accounts good lord lol . By having so many bank accounts you run the risk of inactive accounts . After awhile they can shut down those accounts depending on your banks policies . But I’m guessing from the accent you’re from the UK which has different banking laws .

[@TheChromeCookie]

So you essentially just make sure you meet the monthly criteria for the accounts to reap the rewards? Cool.

[@BeCleverWithYourCash]

Yep! As I say you should really keep an eye on the accounts to be sure everything as it should be, but it'll take a few minutes each month after the initial set up

[@thetelephoneprankster4254]

Just wondering, what if the direct debit is listed on the bank account but it has not been charged yet. Does it need to have gone out of the account at these once for it to count? Or can I cancel it before it is taken?

[@zaimzafar3280]

What’s the difference between standing order and direct debit also how do I set up direct debit or does it happen automatically

[@BeCleverWithYourCash]

Hey Zaim. A standing order is a transfer you set up from your current account to another bank account. It’s for the same amount each time and can be to another of your own accounts, or one belonging to another person or business. A direct debit is one you set up with a business for a regular payment, but the amount can change each time.

[@kristjanprendi3087]

@@BeCleverWithYourCash so a standing order into your saving account in the same bank, wouldn’t count as a direct debit right?

[@malikshahzad1928]

Please I need information I was close my bank account after this came my payment in close account how can take money bank account

[@BeCleverWithYourCash]

Hi Malik. I think you're saying you closed your account but subsequently had someone paid money to that account? I'd contact the bank and ask them if they are holding the money or if they rejected the payment.

[@1987198719871]

Now that Ebay don't use PayPal anymore, does that still count as a direct debit when Ebay charge your account?

[@hedwigwendell-crumb91]

eBay does use PayPal

[@BeCleverWithYourCash]

If your eBay as moved on from PayPal, then it won’t take money as a direct debit from your current account. So you’ll need to set up another payment via PayPal

[@BeCleverWithYourCash]

Hi Hedwig, they’re gradually moving people away from PayPal

[@1987198719871]

@@BeCleverWithYourCash Cheers Andy - One other thing... can you pay off your Amex credit card by direct debit... this is in regards to the Halifax rewards account and having to spend £500 using the debit card... is it the same? Regards.

[@BeCleverWithYourCash]

So what you need to do here is set the Amex direct debit for later in the month. This allows you time at the start of the month to use the debit card to clear £500. The direct debit will then take the rest you owe to clear the balance.

[@JordanTse2001]

Do credit cards count as direct debits? And with the “endless cycle” is there any risk of it being flagged as money laundering by the banks?

[@Josh95x]

Credit cards can count for direct debits, at least mine does

[@JordanTse2001]

@Josh H technically they show up as direct debits, just not sure if the banks count them that way for the offers

[@Josh95x]

@@JordanTse2001 I'm not sure if different banks treat them differently, but it seems to work fine in my case. I'm getting the interest for having 2 direct debits

[@hedwigwendell-crumb91]

This is not laundering lol. It's perfectly legal

[@JordanTse2001]

@@hedwigwendell-crumb91 I know it’s not. But if your money gets held up by a bank querying a transaction and takes a month to clear it then it’s a bit pointless then

[@Martin-uf4ut]

rwg mobile do a sim card for £1 a month direct debit

[@BeCleverWithYourCash]

Thanks Martin - good to know. Though I’d suggest if you are setting something up and not using the service you could give £1 to a charity instead

[@Ann-bm5qg]

I think these podcasts are to fast. Hard to take it all in despite it being valuable information.

[@kickedinthecalfbyacow7549]

When you open a bank account you have to agree to the Ts and Cs of the bank account. Most banks require that, when you open a current account with them that you agree that you will close all other current accounts within a defined period (3 months for example). You are encouraging people to commit fraud against multiple banks .

[@HannSweet]

How is this fraud? Some people can have different accounts for diff reasons

[@kickedinthecalfbyacow7549]

@@HannSweet terms and conditions

[@danakirsh]

In many cases existing customers of bank X are allowed to get a switch reward if they switch an account from bank Y, that means bank X acknowledges that people (i.e. existing clients) have more than one bank account

[@kickedinthecalfbyacow7549]

@@danakirsh “by opening this account you agree to close any other current accounts held”

[@sandramurphy5165]

How are banks able to enforce that? They can't.

[@sushimitten]

Too complicated 😩😩😩