which should i switch?

CosmoCat

just a quick question guys.

received my new account details from a&l.

should i send my house ddebits to the new account? or should i move my personal ddebits and debt payments along with my salary to the new account? this way i get a better interest rate on a higher amount of money.

thanks for any advice.:beer:

brranger

Which ever will hold the most money in the A+L Acc intill they are paid, I assume it would be you house hold Bills and Rent Etc, Put up your payment details with dates and we will have a look the only thing to watch will be the amount of time it takes to transfer funds from one bank to another as you get paid weekly.

CosmoCat

Hi brranger

this is how it goes

house ddebtis
Mortgage - £915.04
Egg Loan - £247.16
Council Tax - £81
Gas - £45.00
Electric - £34.00
BT - £45-£50

Total £1367 - OH contribution £50
My contribution - £717.37

Personal
Tmobile - £25
World Vision - £18
School - £65
Barclycrd- £100
Lloyds - £100
Virgin - £100
Mint - £100

Total payout - £508

But if i put my salary in the a&l along with the personal ddebits above (£508), that means there will be more leftover in that account and i can then see what i can allocate to debt payoff.

am i making any sense?

brranger

Total £1367 - OH contribution £50
My contribution - £717.37

Seems alittle unfair but I think we covered this. is it £550?

ok You have 2 choices I think.

1) You use a+l to pay house hold DD earning 5% interest on what is left at any point during the month on the £1367 in Acc.

2) Put all your outgoing DD house hold and personal in A+L And just keep bugeted spending cash in your other current Acc, so you know what you have to spend at all times not waiting for DD to go out.

I think 1 was the one we discussed in regard to you getting Acc so that you could look at if you and oh split all housing cost equally so you could both clearly see what was being spent rather than mixing in your debt over payments.

You seem to be one of the most in control people I have spoken to in regard to your goals, so you can cope with keeping your personal DD in your Acc and use this for HHold bills, And you'll get good interest few quid extra over the year.

Look at using the regular saver it is a one off best in market.

Sorry if not making any sence today have my waffle head on :rolleyes:

lynzpower

Id use the new account for the bills/ household etc.

CosmoCat

brranger you're making perfect sense. thank you for the compliment as well (i've gone all shy all of a sudden)

hey lynzpower, where've you been? thanks for the advice. will do just that!!

carlih1

Hi ya,

I have two accounts, once gets my wages child tax credits etc paid into and all dd's out of, the rest for the month then gets transferred into my orther account allowing me to budjet the remaining on debts, petrol, food etc.

hth

Carli