Santander & Confusing Money!

dollydiva

I'm considering transferring to Santander for my Bank Account from Halifax due to the higher Interest rate Santander offer.

Now in Halifax I have my wages in my current account and then moneysaver accounts (one for a new boiler/ one for a new kitchen) and it's all very neat.

But if I transfer to Santander then it's all going to be lumped together in a Current Account! Quite frankly, the prospects scares me as I'm terrified that I'll confuse what is my Savings with my wages; my wages vary from month to month.

Any ideas on how to try and keep track of what is Savings and what is earnings easily? Or should I just not do it???!:D

Big_Hairy_Spider

I thought I would have the same dilemma when I moved across to Santander. I had various 'pots' attributed for different things. I decided a on a bit more diligence monitoring what was intended to save and what was current. It took a couple of months to get used to it, but now download last months transactions onto a spreadsheet to work out what's what.


The benefit of this is that this method has improved my ability to budget and I'm actually saving more. When going over the last months incomings and outgoings retrospectively, I started to think did I really need to have spent that.


The only downside with Santander is their telephone banking. People may experience good or bad, but when I've needed to phone they have been very, very poor.

robotrobo

What I do , is I have our main accounts earning the 3% & then for the lottery syndicate , dentist , etc , I have in separate accounts running alongside these main accounts, ok I know I'm not earning interest on the minor accounts, this works for me as they are only small amounts of money.
I came out of private dentistry & pay for treatment for both of us , & up to now I'm £250 in pocket since I opted out & it's just my way of keeping eyes on things.

colsten

You Need A Budget
http://www.youneedabudget.com/

brightonman123

http://www.santander.co.uk/uk/savings

Might have to transfer all ££ into current a/c to start, then open a separate savings?

dollydiva

colsten wrote: »

You Need A Budget
http://www.youneedabudget.com/

Hmm...I'm not living 'paycheck to paycheck' it's simply a matter of monies coming into my Account some of which are Savings, some pay, some self employed earnings

dollydiva

brightonman123 wrote: »

http://www.santander.co.uk/uk/savings

Might have to transfer all ££ into current a/c to start, then open a separate savings?

I saw these, but not as much percentage as the Current.:( will have to think as I'd get around £700 a year on the Current account

colsten

dollydiva wrote: »

Hmm...I'm not living 'paycheck to paycheck' it's simply a matter of monies coming into my Account some of which are Savings, some pay, some self employed earnings

Hmm indeed.

Budgeting is for everybody, not just for people who 'live 'paycheck to paycheck'.

The most basic way of budgeting is using a pen and paper but it is easier to use a spreadsheet or custom software.

pollypenny

I just consider my Satander balance as the amount over the £20k.

molerat

I just use an Excel spreadsheet. I monitor the main 123 running 3 credit cards, current spending, budget and 2 savings plus a further 2 123s as savings and a Tesco current to mop up the over £20K excess in each regularly bouncing money between all four.