MSE Poll: How much is in your current account TODAY?

poundsNpence

Now a pensioner, I keep just enough in my current account to pay my fixed monthly outgoings, a total of just 7 direct debits. Everything else is in several interest-earning accounts from which I move the small amount I need each month.
After years of very messy finances (borrowing cash on 1 cc to pay off another, constantly overdrawn etc) I'm now happily in the position of costing the banking industry money having changed my current account to a free "basic" one and using my points-earning cc for all spending and paying it off in full every month … feels really good 

Murphybear

LADYXXMACBETH said:

They say pensioners are skint. Doesn't look like it from this poll.

the really skint ones won’t be looking at MSE.  I know many over 65s and many of them don’t have a computer/phone/tablet to use the internet.  

jasonafc

Yeah, this poll is going to be very meaningless as it didn't outline a methodology apart from saying your MAIN current account.
Many people have just added the balances of all their current accounts together instead of picking one.
Most people on this site have at least 3 or 4 current accounts.

idrewuk

Feels like a lot of people are fibbing to make themselves feel better, or the country is far richer than I thought!

borkid

I missed the poll but most of my money is in an easy access savings account. I have a couple of hundred in my current account but apart from a few cash payments a week I use my CC which is paid off in full every month ( get a small amount of cashback when I use it). Having said that we have a joint account which has a couple of thousand in most of the time and all the DD and SO go out of that.

MidlandsGlory

ginger_chocolate said:

I'm a bit baffled as to why so many people keep so much money in their main current account too. If you have £15000 knocking around why wouldn't you invest it, pay off your mortgage, stick it in a decent ISA or even just blow the lot on a nice new car/holiday?

Is there some advantage to keeping that much in a current account that I'm missing? Or is this just people who've just been paid that have very large salaries and equally large monthly expenses?!

I have a flexible mortgage account (not Santander) the money I don't pay in mortgage interest is more than I can get with any saving and it still remains instant access which you would lose with the best paying savings (or be hit with some penalty).
The relative (to market) mortgage interest rate is a bit high, but the net interest rate to me at this point (5 years left and good savings) is tiny because of the 'earnings' on the money in the account is on a sum over half of what is left to pay off now.

Murphybear

They say “every cloud has a silver lining”.  Since the CV lockdown we have saved a lot of money by only using the car for a few trips to the supermarket (3 miles return) instead of driving around the glorious South West countryside.  Eating breakfast/lunch out has been reduced to nothing so have saved money there as well.

So the money in my bank account is a lot more than it would normally be for this time of year 

pollypenny

Considerably more than before we were in lockdown.  😁

Tom_Mix

10 bob in my Martins Bank Account.

£50 in my Coutts Account.

[Deleted User]

MX5huggy said:

Santander 123 currently pays 1.5% on up to £20k which while probably beatable, is it worth it?

Cut to 1% and in August cut to 0.6%, to quote Martin, “It’s a dead duck”