The 'Save 12k in 2014' Thread!

Speedster2

I'd like to try the £12000 challenge, £550 deposited so far. Started really enjoying the challenge of regular saving in 2013, looking forward to a good 2014

Wentthedaywell?

jaggerc1 wrote: »

This is a question for people who have multiple accounts (sorry if this should be posted somewhere else?)

How do you do it?
Which accounts allow you to do this?

it says on most I've looked at that it's "excluding internal transfers" yet you need £500-£1000 per month to be deposited (from a wage I assume).

I have accounts with Santander 123, First Direct, Nationwide FlexDirect and Yorkshire Bank. First Direct is my main account where my wages get paid into. On payday £1000 goes from it into Santander, £1000 from Santander to NW, £1000 from NW to Yorkshire, and finally £1000 from Yorkshire back to FD. It's all the same £1000, it just shoots round several banks and ends up in the original account on the same day.

I have to do this as they have a requirement that a minimum is deposited each month to keep the account open. They don't say that you can't move it out on the same day!

It sounds more complicated than it is. Once the direct debits are set up, they do it automatically on payday, so it's like the money never moved at all.

It's definitely worth the effort - I get 6% on the First Direct (on a savings account you can only get if you have a current account). That's better than the best paying ISA.

The internal transfer prohibition just stops you moving money from one savings account to another of the same bank - they want "fresh" money in. They get this by me moving in money from another bank/my salary.

nat21luv

I was so hard on myself last year for not hitting anywhere near target but realistically, the target was stupid.

This year I will hit my target of £5k, not £12k like last year

lavenderlover

I just transferred £187 into my newly opened savings account! So excited about this (although my goal is probably too ambitious).
At the moment I have a monthly maximum budget, which includes £187 savings (yes that's a rather randomly specific number). At the end of the month, if I have any "leftovers" from my monthly budget that'll get added to the savings. I also have a little money in my account from 2013 which I'm not counting for budgeting purposes, keeping it as a cushion. I know 187 plus pennies a month would not get me to my goal of £4000 but my budget at the moment is rather conservative - I am eligible for financial help as a full time higher education student, but since my application has been delayed (through no fault of my own, might I add), I'm not counting that as of yet, although chances are I will get something soon, and that'll bring me a lot closer to my goal.

[Deleted User]

jaggerc1 wrote: »

This is a question for people who have multiple accounts (sorry if this should be posted somewhere else?)

How do you do it?
Which accounts allow you to do this?

it says on most I've looked at that it's "excluding internal transfers" yet you need £500-£1000 per month to be deposited (from a wage I assume).

I have my main account with RBS - it provides zero benefits so I should probably transfer to another provided but I leave zero money in it - it is just my 'workhorse account' where all the DDs go out of and my wages go in.

I currently use 2 Nationwide flexdirect current accounts as if they were savings accounts and keep them maxed out at £2500. Each month I put £1000 in (I am not as organised as Wenetthedaywell as I do this manually by internet banking but it takes only a minute to do and is really straightforward). The £1000 I use comes from other savings.

I am pretty new to this but have found this thread to be useful:
https://forums.moneysavingexpert.com/discussion/608697

I have now applied to Clydesdale bank for their Current Account Direct which pays 4% on savings up to £3000.

Each month I also go into the Nationwide accounts and siphon off the interest as anything over the £2500 in each account will not earn interest. I add this to my other savings pot which is a low interest earning savings account.

I hope that helps. It is actually really easy to do once you get started.

mmo_2

I would like to join as we'll for 12k this year.

jaggerc1

Thank you to both Allie and Wentthedaywell for explaining and posting links to helpful info.

I didn't know that savings accounts rates were so much lower than current accounts. I knew my rate at Barclays was terrible but I never thought to/looked into feeder accounts and current accounts.

This is something I would like to do, but as a newbie when it comes to switching and transferring money from account to account it worries me slightly that i might mess it up.

Also I thought that when I rang FD they said I could only have one current account, but now knowing other people use FD and other feeder accounts I feel more relaxed about trying this out.

Thanks again

micron_2

I would like to join please - £12K. Many thanks

sparrer

A good week with cheques to the value of £176 paid in from my outgoing elec supplier, a survey site and refund from the bay of e for an order which didn't arrive. I won't get that sort of thing every week but it gives me a good start for my NZ trip

gothrockchic1

I am off to a small start £15 so far, I will taking advantage of the free listing that ends tomorrow on E**y I have a few items I could sell. I have also applied for a Uniform Tax Rebate so watch this space!

My OH has been given his shifts for the next two weeks and has applied for a permanent post. Fingers crossed!