just a quick opinion required

south28

I am currently reading Martin's book and taking on board the suggestions regarding making me financially aware and better off

I have been recently transferring the money for my monthly food shop from my current account over to my savings account and that is working fine - I see from the book that the suggestion is to have a third account where you can transfer other expenses through the month - this sounds another good idea to me and I am thinking seriously about doing it

I know Martin says that you can have more than one account at any supplier , but my query is this - if this account is to be used for transferring in a sum of money monthly that may or may not be used - should I use teh savings account , and if so , should my new account be with my current sioupplier , or elsewhere - I just think it might be easier to have a seperate card /statement to avoid confusion

Thoughts would be welcome

virgin_moneysaver

if it may or may not be used as you wrote then a savings account would be my personal choice as any surplus funds should be attracting the best rate you can get, a current account should only be used for day to day transactions, s/o & d/ds etc. - its your choice whether to keep your accounts under one roof as it were, the upside is that transferring between accounts happens instantly, or at least overnight, whereas t/fing between different financial institutions will be via the BACS system & that can take anywhere between 3-5 working days - I've got a couple of current accounts, ISA & savings account at 1 place but also have an Egg i/net account for Xmas/Birthday savings which takes 3 days but is worth it because the interest rate is about 3-4 times better than the standard rate in the branch

good luck with your financial sort out!