'How much is in your bank account?' poll discussion

jblackmore

6% of people have >£10k in their current account ?

Either people are telling porkies, or they must be stupid - maybe its MPs so its both ?

trojjer

Perhaps there should be more students like us mdr86*; I find it amusing to when an ATM tells me that my current account balance is around -£1100, but I'm safe in the knowledge that I have over £2000 in my Natwest e-ISA... It's not the best rate by a long shot though. I've lost count of how many savings account I've opened recently trying to chase the rate leaders; I have a Tesco PF account and two ING Direct accounts (one transferred from the old Kaupthing Edge, the other one I opened myself when it was attractive a few months ago -- I missed out on the offer though I think). But it's nice to know that I get something out of the e-ISA at least, usually about £5 to £8 a month interest. It's convenient too, with instant online transfers between NW accounts. It's good that "faster payments" is in use now (finally) so that I can use it in future between banks, though, when I become a credit card stoozer or something (hopefully)...

Wiggynut and similar people with student accounts and large 0% overdraft facilities: Are you "disciplined" enough to do what we do and use deficit banking? Although, once you get your head around the fact that your current account has a persistent negative balance of around -£1,150 (a NatWest example that applies to me), and you have at least that amount in an easily accessible savings account, preferably with instant online transfers just in case they ever demand full payment of the overdraft for whatever reason, it's not hard to do at all. NW 2008/9 first year students get £1,250 and I like to keep a buffer of at least £100, so I don't accidentally incur the wrath of the NW "Maintenance Fee" along with an "Unpaid Item Fee" or whatever they're calling it this month -- I think they changed it in a recent update to the terms, which I scanned through. I use my NW student credit card with a limit of £250 to pay for most things that I don't get charged for when using it, otherwise I use my debit card as long as I know the remainder of the overdraft will cover it (it is a small credit card limit that I hope they'll be increasing soon, as I'm sick of having to transfer larger amounts online before purchasing something in the knowledge that I won't be able to claim anything back under the CCA when paying by debit card).

Which brings me to mention my offer in the post for a Barclaycard Gold with my very first 0% balance transfer offer. It's also my first offer of a non-student card with an 18.9% APR, which is nice -- previously I was courted by Vanquis and Provident, which made me laugh and want to knock 'em out for charging people like my mother in excess of 172% APR for weekly door-to-door lending. She treats the woman like a friend now, it's a bit unnerving... Although I've heard that it's a "lifeline" for some people who don't have bank accounts, etc. -- and sadly there are worse, illegal sharks out there -- I promptly joined the local credit union when I come to terms with this extortion, and I set up a standing order of £10 a month just so I can go to them for reasonable loans in future if I need to. And the savings account with them is around 3% which isn't too bad. Oh, and I don't think I'll be applying for the Barclaycard, although it is nice to know that my credit rating must be coming along nicely despite being a 21 year old student who's never been employed at all, merely because I pay off the balance every month on my Natwest student card. Also, the application form didn't have a box for "Student" and I wasn't going to bother putting "unemployed"... I wonder if it's worth testing them to see how lax they still might be with credit though? Hmm.


* Although I suspect that there would eventually be a critical mass at which point the banks would realise that the lure of an interest free overdraft is failing to keep graduates hooked...

retireby50

If you have an offset mortgage linked to your current account then it is perfectly sensible to have loads of money there........

I have another current account (not linked to an offset mortgage) with a significant sum in it. The money comes in and out on a frequent basis and earns significantly more than any savings account could earn - see the GIOL board.

A large amount in your current account can imply good money management just as much as poor......

Mozette

Today I have £75.91 in my current account. When the couple of bills that have yet to come out have gone out I'll have about £4 left in it. Happy to say that I don't get overdrawn these days. A while back I would have been very close to my £3,000 overdraft limit, but I don't do that anymore!

Stompa

I'd never keep more than about £200 in a current account - I don't see any point in doing so.

glitterjunkie

I've got £534 in my main current account, and £79 in another current account (opened the 2nd just to get the £100 A+L offer, hence having 2!) I did have to check my spreadsheet to find out the exact amount, although I knew it was roughly £600 altogether!

I usually keep about £200 in my current account and transfer all the rest to savings once I get paid...have kept a bit more in the current account this month though as we're buying a house, so need more ready cash to pay for various things

EmehEm2005

How about "T"? Not Telling you?

busiscoming2

I voted K, but it is a very difficult thing to quantify. I have 3 current accounts: One is with an electron card purely for my Ryanir flights, about £250 in there. My own account has between £150 - £500 in it depending on time of month. Joint account has between 0 - £5K as oh is S.Employed so it fluctuates wildly!

Debt_Free_Dreamer

This is the worst week for me ever! About £4k debit. I had to pay the 0% credit card off as the the 0% ended before the Halifax 10% savings account matures in a couple of weeks.

A very scary few weeks then it will all be ok again.

I thought I had till the 'Payment Date' when in fact the 0% ended on the 'Satement Date'. Thanks to the heads up on MSE I did not get caught out.

hostie1985

hi everyone,

im trying to save for a deposit, so have money in about 5 different accounts
so i voted in credit - above 10k - getting there now