What’s your financial setup

Gary_S_3

colsten said:

Are you certain that you get 0.5% on the linked savings account? Last time I looked it was 0.1%. Obviously Tesco do have a 0.5% savings account (with 0.4% bonus for 12 months) as well, but you don't need a Clubcard Pay account for that. 

Yeah, my wording suggests I mean the round up feature - I do mean the Instant Saver account

colsten said:
You can also get a 'proper' 0.6% instant savings account elsewhere.

Or 0.65% if, like me, one is a YBS member and doesn't need to access savings more than six times per year. The Tesco saver is just a nice little bonus to get a little interest on my spending cash. No 'proper' savings go in there.

ZeroSum

Current accounts

Halifax - salary is paid into
Halifax Reward x2 for the free fivers
Santander - all household DD's
Virgin - keep £1000 for 2% (and got the free wine)
Co-op - for the cashback & rewards, but since its dropped now mainly used just for buying pints in pub
Tesco - double clubcard, and use for topping up S&S ISA for the clubcard points (will be swapping for clubcard pay)
FD - now a spare account originally got for £125 bribe & regular saving
Nationwide - used to get 5% but have mortgage there, so useful when making over payments.
Lloyds - credit card stoozing & free magazine 


Savings
Marcus & Paragon
Got some fixed terms with vanquis & masthaven

Credit cards
Barclaycard cashback & Sainsbury’s both for the cashback/nectar points
Also have cards with tesco, nationwide & Halifax but since the 0% term has expired no longer use

Investments
Vanguard s&s isa

Hurdler

I have just re-organised my accounts - freelance journalist - get semi-regular shifts from one gig and had another which was a good back up for lean shift months - new content manager, new broom and terminated my area of expertise. That ends this month.

So today - new tax year, new approach and much needed rejig of accounts.

1. Business account - separate from everything else - used to have a savings account attached to it for VAT but no longer anywhere close to crashing that threshold so de-registered. I have put 3 months of business account outgoings into it now. 
2. Salary & all bills account - I have rent from two lodgers and my late mother's bungelow that covers(ed?) the outgoings - waiting to see how the price rises for energy pans out but for not that just about washes its face. Has a sweep function into a savings account at the same bank.
3. Sweepsave account - A sweep monthly above a certain amount from my current account - this is my emergency fund. At the moment has 3 months. Ideally needs 6 as a freelancer but have had a lot of house repair expenses. The only good thing is once the boiler and back windows are replaced - that just leaves repainting - but apart from the conservatory and living room, the rest (eg hallway and rooms) can wait until this batch of lodgers goes as they never mind the walls.
4. Rent deposit account - lodgers rent deposits so that when they go, I am not left short trying to repay them their deposit.
5. Cash Allowance account - pay in £350 every month and take out £70 a week in cash
6. Treat account - anything left from Cash allowance goes into treat account for eating out, ents etc. No money in account? No treats. I set this up when I first got myself into financial clag and it has been my saviour. Now helps pay for my new vice - golf!
7. Cash Savings challenge - savings account linked to treat account and I transfer money from 365 day cash challenge here on MSE - that will take care of Christmas.
8. Holding fund - when my mother passed away I inherited this account I was jointly named on, and now I am just about getting my head above water post-pandemic, this is now my holding account for major expenses (thank you boiler... next up will be funnelling £4k to cover that off)

Its_just_Barry

What’s everyone’s 2023 setup, Any changes?

RG2015

Its_just_Barry said:

What’s everyone’s 2023 setup, Any changes?

The biggest change for me is exceeding the £1,000 PSA for the first time in 2023/2024.

The biggest worry is whether inflation remains high. My private pension inflation increase is limited to 5%, 2.5% and 3% on the various accrued date segments. My Jan 2023 increase overall was only 2% despite being based upon Sept 2022 RPI.

I have virtually every possible high interest account.

First Direct RS 7%
Lloyds RS 5.25%
NatWest DRS 5%
RBS DRS 5%
Barclays RDS 5%
Nationwide RS 5%
Lloyds RS 4.5%
Ford Money 1 year 4.45%
Virgin Money ISA 1 year 4.25%
Virgin Money EA ISA 3.00%
Zopa Smart saver 2.86%, 2.91%. 3.06%

PS I forgot about day to day spending.

NatWest/RBS Reward credit cards giving 1.00% on all supermarket spend, 0.25% everywhere else.
NatWest/RBS Rewards accounts £3 per month net reward for DDs and logins and refund of Reward CC fee
Santander 123 Lite for cashback DDs for utilities, telecoms and council tax
Chase giving 1.00% debit card cashback until 31 March 2023

MovingForwards

Mine has changed a bit:

FD 5%
NW DRS 5.12%
RBS DRS 5.12%
V CA 2%
V Linked 2%
V Coach 1.75%
NW SB 1.50%
NW ISA 0.35%
V EA 0.35% (feeding the FD account)
V E CA 0.25%

badger09

MovingForwards said:

Mine has changed a bit:

FD 5%
NW DRS 5.12%
RBS DRS 5.12%
V CA 2%
V Linked 2%
V Coach 1.75%
NW SB 1.50%
NW ISA 0.35%
V EA 0.35% (feeding the FD account)
V E CA 0.25%

BIB
If you mean the savings account linked to your current account, it’s paying 2.52% AER up to £25k and £2% on the rest 

enthusiasticsaver

Some people still have lots of different accounts.  We have simplified our finances.  

1 joint current account with Starling with savings spaces for bills, cars and house immediate access cash. 
2 personal accounts with Starling (one each)
All cash and emergency cash savings in Yorkshire BS earning between 2.85% and 4.5% spread across two internet savers (1 joint and 1 personal) and one Christmas regular saver. Internet savers are instant access. 
2 credit cards for backup if bank outages
All other cash invested with an IFA. 

phillw

Its_just_Barry said:

Hey everyone,

Looking for ideas as to how everyone has set up there finances? I currently have everything in the one bank (Starling), my salary, bills, saving pots and my emergency fund.

I really want to keep things simple but also want to keep things separate so I don’t get mixed up with things.

How many accounts do you have, banks you use, recommended banks, purpose for each bank and do you use credit cards?

I’m just trying to sort my finances out and would love to hear everyone’s financial setup?!

Thank you in advance 😁

I have a load of accounts that are no longer available, or no longer worth me using. These are the core ones I'd recommend.

natwest, rbs, barclays with 2 direct debits each. Which nets £6 and access to barclays 5.12% on £5000 savings account.
three halifax reward accounts, paying £500 out of each to get a total of £15 a month.
first direct, club lloyds, hsbc, bank of scotland & nationwide for customer exclusive regular savers
club lloyds also for the 6 free cinema tickets

Every month you have to move money through these accounts to meet minimum funding. I have a central account that has payees to all the banks, the rest just have a payee to go to the next in the chain.

My savings are either in regular savers >= 4.5% or in chip and a hsbc online bonus saver (both at 3%)

I use credit cards for everything, I have 7. Most of which haven't been used for a long while, but I resurrected them recently for direct debits and to try to get cash back from yougov.finance

poshrule_uk

AJ Bell - Investment Account

Current Accounts x 16 - I use Monzo as my main account but then have other accounts such as Barclays for the access to the rainy day saver, Natwest/RBS to link to My Rewards and the Regular Saver, Chase for 1% cashback, Halifax x 3 for £15 P/M. A lot of my current accounts I don't use but they are there for when I need a switch reward or I may need quick access to a product.

Savings Accounts x 8 - I only use about 4 of these as a lot seem to require going into branch or calling up to cancel and TBH it's just easier to leave them be.

Credit Cards x 6 - I have 3 current accounts with x 2 direct debit on each so I can gain access to rewards such as Natwest My Rewards and Barclays Rainy Day Saver. I have a reminder on my Google Keep Notes to make at least 1 purchase on each card per month so I can meet the direct debit requirement and when I get the bill I just transfer the money over. As soon as I purchase on my credit card I move the money to a pot so its ring fenced from being spent. I obviously also use the credit cards for cashback and rewards. 

All interest and cashback/rewards and switching bonus I earn go into my savings account. I didn't start off with much when I started saving but I feel like its starting to build up more now.