Do I really need another bank account?

Bro Cass

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Is it in the interest of the bank employee to get me to open more separate accounts? Every time I go in to discuss a mortgage I'm told that I should set up a separate account to show my savings, but I think it's fairly clear from looking at my current account that I am saving money. I am also saving money on my credit card account. There's no advantage in saving for interest rates, they are all abysmal at the moment, and in fact I am saving money by avoiding fees in my current account if I stay over 3000. I don't want to have to pay fees in a third account.

Should I dig my heels in and say I don't want to open a third account or am I making it more difficult for myself to get a mortgage? Surely a simple opening and closing balance calculation can show the bank what I am capable of saving every month?

Should I be cynical and think that of course they want me to open more accounts to charge me more fees, (probably on commission) but the person I dealt with seemed genuine and just wanted me to have everything clear for the best chance at getting the loan.
 
There would be no fees on a straight forward savings account and no commission in it either for the employee, I'd imagine it's just for more clarity so that savings are clearly seen as that rather than a current account which is more of a working day to day account.
 
There would be no fees on a straight forward savings account and no commission in it either for the employee, I'd imagine it's just for more clarity so that savings are clearly seen as that rather than a current account which is more of a working day to day account.
I feel the bank official is giving you good advice if you intend seeking a Mortgage
 
You are best segregating your savings from your current account.

(1) It is easier to prove a savings record in an account that does not have daily outgoings.
(2) It is safer to keep your savings segregated. ATM skimming still happens.
(3) It is better to earn a little interest than no interest on your savings. One can get 4.00% AER variable with a regular saver account with Nationwide UK (Ireland).

I am also saving money on my credit card account.

One should not be using a credit card account to save money. Use a savings account.
 
If you want the bank to give you a mortgage then it would be a good move to follow their advice.
 
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