Best savings app - Monzo/Plum

Newmum92

Hi all

I’m currently starting action to tackle my debts and on top of that I need a a good way of putting away any spare money to build up some savings. People have suggested Plum, would you recommend it and how does it work? Or would there be any other apps you would recommend 

Thanks!

Daliah

There are one or two threads on the Savings & Investment board about Plum

However, if you want the best rates for your money, you are unlikely to choose a savings provider by the technology they deploy. You would choose the best rate, and transfer money to your savings account on a regular (Standing Order) or ad-hoc (Faster Payment) basis. I would recommend you start by reading this https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

DireEmblem

I would recommend something a bit different - Starling bank.  Create a savings space for all your monthly/quarterly/semi annual/annual bills/birthdays/Christmas.  Then stick something into each space each payday.  That should help to average out your bills over the year.

Next, depending on how frequently you get paid, work out what is left over.  Create a space for the remainder of your salary, and then setup a regular transfer back to your main account as 'spending money'.  Anything left at the end of the week, stick into savings or a 'treat yourself' pocket.

Create a space as well and set a goal at the value you need to pay off your debt, then a second space for your emergency fund.

Managing your money, imo is key.  Once you see yourself getting closer to your targets, it might actually propel you further forward.

Daliah

I like Starling, but not for their interest rates as they are pants.

Newmum92

DireEmblem said:

I would recommend something a bit different - Starling bank.  Create a savings space for all your monthly/quarterly/semi annual/annual bills/birthdays/Christmas.  Then stick something into each space each payday.  That should help to average out your bills over the year.

Next, depending on how frequently you get paid, work out what is left over.  Create a space for the remainder of your salary, and then setup a regular transfer back to your main account as 'spending money'.  Anything left at the end of the week, stick into savings or a 'treat yourself' pocket.

Create a space as well and set a goal at the value you need to pay off your debt, then a second space for your emergency fund.

Managing your money, imo is key.  Once you see yourself getting closer to your targets, it might actually propel you further forward.

Ah yes I really like that idea, but unfortunately starling is one of the companies I owe money to at the moment so I doubt that will be possible 😩 I’m sure there will be others similar to starling I’ll just have to do some more looking! 

penners324

Daliah said:

I like Starling, but not for their interest rates as they are pants.

Still better than most current accounts at the moment, including Monzo.

Daliah

Newmum92 said:

Ah yes I really like that idea, but unfortunately starling is one of the companies I owe money to at the moment so I doubt that will be possible 😩 I’m sure there will be others similar to starling I’ll just have to do some more looking! 

What is the interest rate you pay on your Starling debt? 

How does that rate compare with the interest rate of savings accounts?


Please read this: https://www.moneysavingexpert.com/savings/pay-off-debts/