Savings account

george_112

hi, I’m very newly bankrupt but I am keen to start with good habits so I don’t make the same mistakes going forward. I have a basic bank account all set up but wondered if I could have a savings account of some description. I thought I could put the money I have in the monthly budget for things that are once/twice yearly spends in until I need to pay for that expense. Example being, school uniforms or Christmas & birthdays. 
If I am allowed a savings account, any recommendations? 
Thanks 
Georgia 

mwarby

You can have a savings account wherever you want.

Having one with your main bank does make it easier to see your finances and to transfer using the banks app.

On the other hand having one that’s not in your main banking app may reduce the temptation to pinch from it

During my IVA I had a savings account for each large expense category I was budgeting for (eg car maintenance, presents, holiday etc) and a standing order to transfer money just after payday. 

I even had 2 current accounts, the second was funded by standing order from the first, the idea being the standing order was for what was left after all months direct debits and savings, that way you never get a bounced direct debit as you spent money without realising

mwarby

Worth remembering that for what you can typically save as an insolent, the interest rate makes little difference, focus on what works for organising your budget best, the interest rate imho

george_112

Oh perfect thanks, your set up sounds like what I’m after. Habits don’t change overnight and I want to make it easier to budget and this way sounds like an ideal solution 

[Deleted User]

I'm newly bankrupt too.  I got a basic bank account with Barclays and installed the app.  I then opened a savings account from within the app.  Hey presto, a second later my new savings account was live.  A totally hassle free process .