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Which is best for me?

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
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dbx2712dbx2712 Forumite
1 posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Hi all.

So I've recently graduated from university and I am about to start a new job.

This will be my first job ever and - this might sound embarrassing - but I'm not sure which banking account type would be best for me

I'm trying to comprehend the difference between savings account and current ones but I'm still unsure.

I'm going to be earning around £28,000 - 30,000 a year. I only will be spending maybe around £200 a month including a gym membership and travel via the tube. I want to save the rest and hope to save up for a deposit for a flat/house.

My priority is going to be saving up for a house or flat so I don't think I'll be exceeding my monthly spend or even thinking about going in debt. Furthermore, my parents have agreed to lend me around £10,000 to get me started.

Can someone please advise me on the best route?

Replies

  • Willing2LearnWilling2Learn Forumite
    6.3K posts
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    You should open a current account, so that you get the full range of everyday banking facilities (for receiving your salary, to pay Direct Debits and Standing Orders etc).

    Have a look at Natwest or RBS Reward accounts and also Santander 123 Lite account. I suggest these three as they pay you cashback rewards for selected bill payments

    Edit: And welcome to the forum :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Terry_TowellingTerry_Towelling Forumite
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    dbx2712 wrote: »
    Hi all.

    So I've recently graduated from university and I am about to start a new job.

    This will be my first job ever and - this might sound embarrassing - but I'm not sure which banking account type would be best for me

    I'm trying to comprehend the difference between savings account and current ones but I'm still unsure.

    I'm going to be earning around £28,000 - 30,000 a year. I only will be spending maybe around £200 a month including a gym membership and travel via the tube. I want to save the rest and hope to save up for a deposit for a flat/house.

    My priority is going to be saving up for a house or flat so I don't think I'll be exceeding my monthly spend or even thinking about going in debt. Furthermore, my parents have agreed to lend me around £10,000 to get me started.

    Can someone please advise me on the best route?


    Do you not have an existing banking relationship from your student days?
  • xylophonexylophone Forumite
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    I'm trying to comprehend the difference between savings account and current ones but I'm still unsure.

    Surely you had a current account while at university?
  • eskbankereskbanker Forumite
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    dbx2712 wrote: »
    I want to save the rest and hope to save up for a deposit for a flat/house.
    Regardless of what else you do regarding savings and day-to-day banking, look at Help To Buy ISA or Lifetime ISA for saving for your first property, assisted by a 25% government bonus....

    Plus a more generic guide at https://www.moneysavingexpert.com/savings/which-saving-account/
  • getmore4lessgetmore4less Forumite
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    I only will be spending maybe around £200 a month including a gym membership and travel via the tube.

    No food, vehicles, going out, phone, clothes, insurance, medical...
  • Robin9Robin9 Forumite
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    No food, vehicles, going out, phone, clothes, insurance, medical...

    If you are living at home you should be giving your parents the cost of your keep - they have probably subsidised you during your studies. £100 a week would be fair.
    Never pay on an estimated bill
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