Paying Bills

venomx

Hi guys.

Is it best to pay bills out of a savings account or a current account ?

When i get my money setup ( currently my advocate looks after it ) I will be looking to pay my bills out my Monzo
What is the best way ?

Thanks

MovingForwards

You would need to check if your savings account allows direct debits out for bills as generally savings accounts are for saving money ie paying in.

Generally current accounts are used for bill payments.

Have you discussed any of this with your advocate as you are still clearly struggling to grasp bank accounts and how they work.

SnowTiger

venomx wrote: »

Hi guys.

Is it best to pay bills out of a savings account or a current account ?

When i get my money setup ( currently my advocate looks after it ) I will be looking to pay my bills out my Monzo
What is the best way ?

Mozon doesn't offer savings accounts, only savings pots that you can't make payments from.

The only savings account I can think of off the top of my head that allows outgoing direct debits is Coventry's Money Manager. I have an account, however it appears to be no longer available to new customers. The interest rate is only 0.10%, so it's pretty useless even as a savings account.

If you want a separate account for bills, Santander's 123 Lite is worth considering. There's a fee of £1 a month, but you earn 1%, 2% or 3% on most household bills paid by direct debit. Most households should earn that back, plus a little more.

Simply transfer money from your Monzon account to your bill paying account every month.

Shakin_Steve

venomx wrote: »

Hi guys.

Is it best to pay bills out of a savings account or a current account ?

When i get my money setup ( currently my advocate looks after it ) I will be looking to pay my bills out my Monzo
What is the best way ?

Thanks

You're not related to JohnLock are you?