Using 3 current accounts

Lightning360

I have three bank accounts and as a student, I want to use my money wisely. My current plan is:
Santander Student Account - Source account - where my student loan goes into and my accommodation fees currently come out of.
Nationwide FlexAccount - Savings account - I have the Start to Save account so am saving money in here every month. The money is transferred from my Santander account.
Monzo - Spending account - I will set a budget each month and transfer the necessary money across from my Santander account.
Is this likely an effective way of keeping control of my money?

colsten

If it works for you, that's fine. Having more than one current account, at different providers, is a very sensible idea, anyway.

Be aware that the last Start To Save prize draw  might might now be 21 October 2021, and you might find a Regular Saver account with better interest when the prize draws end. There is also currently the Virgin Money current account, paying 2% gross on up to £1,000.

You would probably also benefit from using a personal finance manager to track your spending, and to get into the habit of budgeting. Plenty of choice - from the trusted dinosaurs which have stood the test of time (MS Money, AceMoney), to the more hip apps like Yolt or Emma etc etc.

Lightning360

colsten said:

If it works for you, that's fine. Having more than one current account, at different providers, is a very sensible idea, anyway.

Be aware that the last Start To Save prize draw  might might now be 21 October 2021, and you might find a Regular Saver account with better interest when the prize draws end. There is also currently the Virgin Money current account, paying 2% gross on up to £1,000.

You would probably also benefit from using a personal finance manager to track your spending, and to get into the habit of budgeting. Plenty of choice - from the trusted dinosaurs which have stood the test of time (MS Money, AceMoney), to the more hip apps like Yolt or Emma etc etc.

I am aware that currently will only be three more draws for Start to Save. It will be a good idea for me to look around at other providers once the draws have ended.

I'll have a look at the different personal finance managers and see if any of them are for me.

 Thanks for your help

glennevis

Lightning360 said:

I'll have a look at the different personal finance managers and see if any of them are for me.

Make sure the one you choose lists support for all your current accounts. Although most common UK bank current accounts can be managed by third party apps there are exceptions.
I'm still waiting for my chosen financial management app to support Virgin Money current account for example.

phillw

Lightning360 said:

Is this likely an effective way of keeping control of my money?

The question is will it trick you into being careful with your money?

I've never done budgets, because it feels like I'd spend the budget whether I it was necessary or not. Instead I have all my direct debits go out at the start of the month and then any cash left over goes into savings. My spending then gets done on credit cards, which will go out in next months direct debits (or if it's on a 0% card then the balance builds up). I think about everything carefully before purchasing, although occasionally I have had to return things for refunds if I've been extravagant. 

I keep a balance sheet with everything like cash (debits & credits, including loyalty points like nectar) & aim to increase the total every month by as much as possible. I was terrible with money before this.