SMTP servers are theoretically open so anybody could use them.
To avoid freeloaders they check the "From" field of the message you want to send against their list of approved users. If they don't find you there then it's rejected with a 550 error. (That happens to mean something else <g>)
Just check the "From" field of the messages that are working, and put the same info in corresponding fields of the new account (Tools/Accounts/Properties/General/User Information/EMail Address, I believe) Or better still copy the info from the same window in the old account.