How many Bank accounts?

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SamSam17
SamSam17 Posts: 92 Forumite
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in Savings & investments
Hi all,

Newbie here...

Apologies if this has been asked before. I hope to be debt free by Jan 18 and want to start saving after that. Before any long term goals, I need to save the fees for my masters (hoping to start it Sept '18 part time while working full time) and for emergency fund.

I'm not very clear on whether I should have 2 separate accounts for these and what sort of accounts?

At the moment, I have 2 current accounts. I get paid my salary into one and the bills come out of. I then transfer money set aside for day to day living to other so I'm not tempted to use the overdraft (the second one has no overdraft).

Since I'm trying to pay off my debts, I have stopped using CC.

Any advice on how I should go about this would be appreciated.

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  • eskbanker
    eskbanker Posts: 31,045 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    SamSam17 wrote: »
    I need to save the fees for my masters
    Are you a slave? ;)

    Anyway, you can organise your money how you see fit - if you're already using multiple accounts for self-control reasons (i.e. avoiding temptation) then you'd perhaps benefit from more separate accounts specifically for saving into, although paradoxically the accounts paying the most interest just now are current accounts from the likes of Nationwide (5% for a year) and Tesco (3%). Regular saver accounts are also worth considering if you're looking to put something aside every month.

    Start with the articles linked above entitled How to Start Saving and Top Savings Accounts....
  • SamSam17
    SamSam17 Posts: 92 Forumite
    First Anniversary First Post
    Options
    eskbanker wrote: »
    Are you a slave? ;)

    Anyway, you can organise your money how you see fit - if you're already using multiple accounts for self-control reasons (i.e. avoiding temptation) then you'd perhaps benefit from more separate accounts specifically for saving into, although paradoxically the accounts paying the most interest just now are current accounts from the likes of Nationwide (5% for a year) and Tesco (3%). Regular saver accounts are also worth considering if you're looking to put something aside every month.

    Start with the articles linked above entitled How to Start Saving and Top Savings Accounts....
    How did you know? ;)

    Thanks for the suggestions. Will read through these articles and perhaps get separate accounts for each.
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