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Best current account while on maternity leave
GeorgieF
Posts: 3 Newbie
Hi everyone, this is my 1st thread.
I've been wanting to switch my current account for a while, and now seems like a good time as TSB are scrapping the Classic Account interest rate as of Dec. That said, I'm due to go on maternity leave next week so my earnings will drop significantly for the next 9 months (ish) - I will be on statutory maternity allowance from Jan 2021. I won't be a regular saver (for now) and don't have spare money to 'get around' the banks' minimum pay-in requirements. Does anyone have any advice on which bank accounts are best in terms of having no minimum monthly payments, but reasonable interest/benefits? As I won't have much money coming in, I wondered if choosing an account with a free switching perk might be best (although most of these seem to have minimum monthly pay-in requirements)?
Thanks in advance
I've been wanting to switch my current account for a while, and now seems like a good time as TSB are scrapping the Classic Account interest rate as of Dec. That said, I'm due to go on maternity leave next week so my earnings will drop significantly for the next 9 months (ish) - I will be on statutory maternity allowance from Jan 2021. I won't be a regular saver (for now) and don't have spare money to 'get around' the banks' minimum pay-in requirements. Does anyone have any advice on which bank accounts are best in terms of having no minimum monthly payments, but reasonable interest/benefits? As I won't have much money coming in, I wondered if choosing an account with a free switching perk might be best (although most of these seem to have minimum monthly pay-in requirements)?
Thanks in advance
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Comments
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Any DD's go out of the account?
Any savings that you could use to top up the monthly min amount required, then move back out?Life in the slow lane0 -
Virgin money offer 2% on their current account I believe?0
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Discomikey said:Virgin money offer 2% on their current account I believe?
I would have suggested the same. It's 2% up to £1,000, no pay-in/DD requirement.
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Hi born_again,born_again said:Any DD's go out of the account?
Any savings that you could use to top up the monthly min amount required, then move back out?
No savings unfortunately (due to recent house move/refurb). In terms of DD I have my phone bill coming out of my account. Bills/mortgage come out of a joint account I have with my husband.0 -
Thanks Discomikey and ischris85, I'll take a look!ischris85 said:Discomikey said:Virgin money offer 2% on their current account I believe?
I would have suggested the same. It's 2% up to £1,000, no pay-in/DD requirement.
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As always, it comes down to what you define as "best" - different people have different requirements. See here for some ideas however, including banks currently running switch incentives: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/0
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