Best bank/account type for single large cheque with instant access?

[saverspender]

Can any of you experts recommend (or even identify) a bank account which I could set up by depositing one largish cheque and which would give me a chequebook with instant access (as I need to pay about 75% of the total to a builder in the coming weeks)? Later activity would be mainly withdrawals as we furnish the house, though I would be planning to keep the account active.

I'm under the impression I can't use a current account; I already have one anyway, but don't want to lodge this money there for eggs/basket-related reasons, not very happy with the bank, etc.

This is all perfectly legitimate by the way, the cheque's a gift from a parent who moved to a smaller house. I realise I'll be explaining it to the taxman next year, and so on.

Thanks.

 

[bond-007]

Open an account in the branch where cheque is based should do it.

 

[saverspender]

Thanks JB - but cheque is drawn on same bank (different branch, tho) that I'm kinda fed up with...

I guess I just thought this would be an ideal opportunity to set up a fresh account elsewhere in the supposedly newly competitive retail banking sector, maybe even scoop up some attractive introductory extras/bonuses/crappy free gifts... but of course I have that requirement for ready access to the money so presumably that rules out most savings products?

 

[dam099]

Can any of you experts recommend (or even identify) a bank account which I could set up by depositing one largish cheque and which would give me a chequebook with instant access ........


......I'm under the impression I can't use a current account; I already have one anyway, but don't want to lodge this money there for eggs/basket-related reasons, not very happy with the bank, etc.
Thanks.

I'm pretty sure you need a current account to get a chequebook. Its then a case of which bank you want use.

Were it not for your dissatisfation with your existing bank I'd say you could even have 2 current accounts with your own bank/branch, I have never specifically seen it for personal accounts but businesses do it all the time.

 

[dam099]

... but of course I have that requirement for ready access to the money so presumably that rules out most savings products?

It depends how fast you need it. You could set up 2 accounts with the same branch one a savings and one a current account. Keep all the cash in one account and when you write a cheque you could transfer the money over using online or telephone banking, inter account at the same branch should not be too long. Of course that would only be worth it if you can get a reasonable interest rate on a demand savings account, if the amount is large enough you might do.