We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Savings account for regular withdrawals?
Curly_Girly_2
Posts: 50 Forumite
I need some MSE advice please!
Background: I have been made redundant, and received a final payment (redundancy and in lieu of notice) of £16k. I'm pregnant, and finding it difficult to find work, so the £16k is getting used up in paying the mortgage, bills and living expenses. I've estimated I need £1500 a month for this purpose (having seriously reduced my outgoings!).
At the moment, the £16k is sitting in my bank account. I want to find a savings account that I can move it to so it's at least earning reasonable interest until it all runs out. But I need to be able to withdraw the £1500 a month and move it to the bank account that all my direct debits are paid from.
I'm not sure what the best option is. I've already used up my ISA allowance for this year.
Background: I have been made redundant, and received a final payment (redundancy and in lieu of notice) of £16k. I'm pregnant, and finding it difficult to find work, so the £16k is getting used up in paying the mortgage, bills and living expenses. I've estimated I need £1500 a month for this purpose (having seriously reduced my outgoings!).
At the moment, the £16k is sitting in my bank account. I want to find a savings account that I can move it to so it's at least earning reasonable interest until it all runs out. But I need to be able to withdraw the £1500 a month and move it to the bank account that all my direct debits are paid from.
I'm not sure what the best option is. I've already used up my ISA allowance for this year.
January Grocery Challenge: £200 Spend £158.99
FebruaryGrocery Challenge: £200
FebruaryGrocery Challenge: £200
Failed to load the poll.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards