How much to keep in current account?

Buzzybee90

Mojisola wrote: »

It's worth having accounts with more than one company so that you can still get money out if one computer system goes down.

Good idea, I hadn't thought of that. I do have a small Santander account with some, but not much, in.

Hermia wrote: »

Emergencies tend to be things you can't think of! When I was burgled I had to call out an emergency locksmith and glazier and they would only accept cash or a cheque. I was very happy that I knew I had the money in the bank.

Very true!

Sorry I haven't quoted the last poster but it was on a separate page and I didn't know how to! The money I keep in my current account is what I had before fulltime work (after uni) that wasn't in savings, so I just sort of kept it there! There's two of us do obviously that means we only pay half as much rent, I can imagine it being a struggle if you have to pay all the rent.

geoffky

Mojisola wrote: »

So glad we've got Martin and the team laying out all the info for us.

I didn't know about the double protection for joint account holders.

We had a bit more than the joint limit so asked the Newcastle bs was it ok to put our daughters name on the account also..
She is over 18 and they allowed it no problem..It was a no withdrawal bond so she could never of withdrawn any...So there are ways of getting around the limits...

libra10

These days several banks and building societies are offering much higher rates for their current accounts than other savings accounts.

For example, Nationwide's Flex Direct pays 5% for the first year, up to the sum of £2500, and other banks and BBs are doing similar.

Therefore, it makes more sense to keep a couple of thousand pounds or so in these accounts, to take advantage.

sulkisu

My current account balance never falls below £500 - probably more than it needs to be, but its a level that I feel comfortable.
And I know that you didn't ask this, but I personally wouldn't have a joint savings account unless I was married - too many horror stories on this site.

Buzzybee90

sulkisu wrote: »

My current account balance never falls below £500 - probably more than it needs to be, but its a level that I feel comfortable.
And I know that you didn't ask this, but I personally wouldn't have a joint savings account unless I was married - too many horror stories on this site.

Aye I've heard them too but they're not really applicable here (I know everyone says that!)

sulkisu

Buzzybee90 wrote: »

Aye I've heard them too but they're not really applicable here (I know everyone says that!)

Fair enough.


Back to the original question, I keep a higher amount in my current account than is probably necessary because of a few occasions where my pay has been !!!!!!ed up at work. I don't like using credit cards and prefer not take take money out of my savings accounts unless absolutely necessary -so £500 covers my essential bills and should cover almost any emergency situation.

Billie-S

I'd say £500 more than what your monthly outgoings are.

Buzzybee90

sulkisu wrote: »

Fair enough.


Back to the original question, I keep a higher amount in my current account than is probably necessary because of a few occasions where my pay has been !!!!!!ed up at work. I don't like using credit cards and prefer not take take money out of my savings accounts unless absolutely necessary -so £500 covers my essential bills and should cover almost any emergency situation.

Thanks everyone for the advice, really appreciate it

I think I will leave 600 in there and move the other £600 into the joint savings account as my isa is full!

Buzzybee90

Billie-S wrote: »

I'd say £500 more than what your monthly outgoings are.

Actually, this is a good idea!

bsms1147

Essentially everything that isn't in an ISA is in a current account. I see little point in moving money to savings account with a lower rate of interest.