Retirement Budgeting bank account recomendations

seasick_sailor

I am about to retire and my pension pots from previous employments are being managed and I have a current work pension that I will take as I retire. Note sure what I will do with that one yet. However my request is for suggestions for a suitable bank account for my bills. We have a couple of bank accounts that various DD/SO’s come out from but would like to have a single account purely for living expenses/household bills etc. My plan is to put between 6-12 month’s worth of bills as a lump in this account and the add 1/12th each month to ensure I always have enough for bills with a buffer for any surprises. This will mean we have a known figure of fun money for holidays, hobbies, entertainment, grandchildren etc. So one that pays something in interest or services maybe as there will be a reasonable amount tied up in there.

 

Any suggestions or if you have done something like this before, how did it work out, would all be gratefully received  

colsten

You don't need to change your bank account(s) when you retire, unless you want to, of course. As interest rates are in the doldrums, you won't make much in any current account (or in any savings account). 

For an idea of possible accounts: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

enthusiasticsaver

I would say it is probably a good idea to have two bank accounts with separate banks in case the system goes down for any length of time as it has with various banks over the years. Always a good idea to have a back up.  I am not sure why you need to move banks though on retirement.  We just kept our existing bank account although we do have DB pensions so a regular monthly income.  Presumably yours is a DC pension in drawdown?  Very few current accounts are paying reasonable interest at the moment.  We keep our savings buffer in an internet saver but still rubbish rates.  

robatwork

j.p said:

"Just as ripples spread out when a single pebble is dropped into water, the actions of individuals can have far-reaching effects." -Dalai Lama
Or, I make up a story, post it to the forums, and have fun watching how people get engaged trying to answer it. Never fails.

I've seen plenty of posts on MSE that could well be trolling and fiction. What makes you think this particularly insipid (sorry OP) query is made up?

Eco_Miser

seasick_sailor said:

would like to have a single account purely for living expenses/household bills etc. My plan is to put between 6-12 month’s worth of bills as a lump in this account and the add 1/12th each month to ensure I always have enough for bills with a buffer for any surprises. This will mean we have a known figure of fun money for holidays, hobbies, entertainment, grandchildren etc.

Are you saying you have reached retirement age without being able to budget except by keeping your pots physically separate?

I keep my money where it earns the most, and transfer it to where it is needed at most a week beforehand. In the case of payments from interest-paying current accounts (which therefore normally have more in than the required payments) on the very day, or occasionally later.