How much in current account

christhesparky_2

Hi

I couldnt decide whether to post this here or on the banking board 

How much does everyone keep in their current account, whether that is a fixed amount or a multiple of your monthly expenses, I appreciate everyone is different, 

I have accrued an excess amount in my current account, but I am in 2 minds whether to leave it as it is or transfer some into savings, the current account is non interest earning

I already transfer some wages into savings every week.

Thanks

ZeroSum

A few hundred quid at most (excluding what I have in virgin @2% which I count as savings)

Now that you can transfer money at a click of a button, it's pointless keeping large balances in current accounts 

jaypers

My ‘Zero’ is £500. Maybe excessive but works for me. 

MisterMotivated

I keep enough to cover the next 2 weeks' direct debits (spread across various accounts).  I'd keep even less than that in there, but I live alone so, if I end up in hospital or something, things will hopefully tick over until I'm home/able to sort things out.

ZeroSum

^^^ forgot to add, I have a separate account (santander 123 lite) for DD's which at the start of the month deposit enough for the month

christhesparky_2

Thanks for the replies, you've pretty much confirmed what I was thinking

canaldumidi

2-4K depending on what part of the monthly cycle.

I thought till recently I was getting interest on balances up to £3K (Nationwide) but discovered it's just 0.25 up to £1K

Even so, the occassional big spend so I'd rather keep a decent balance and avoid going overdrawn.

cloud_dog

christhesparky_2 said:

Hi

I couldnt decide whether to post this here or on the banking board 

How much does everyone keep in their current account, whether that is a fixed amount or a multiple of your monthly expenses, I appreciate everyone is different, 

I have accrued an excess amount in my current account, but I am in 2 minds whether to leave it as it is or transfer some into savings, the current account is non interest earning

I already transfer some wages into savings every week.

Thanks

Between £10 and £50.

Obviously a higher balance where bills are scheduled during the month, but down to £10 is the bottom target.

Wheres_My_Cashback

Multiple Current a/c with Zero, just move enough into the daily spending one each day to cover what I need for spending or when DDs have been taken.

General_Grant

canaldumidi said:

2-4K depending on what part of the monthly cycle.

I thought till recently I was getting interest on balances up to £3K (Nationwide) but discovered it's just 0.25 up to £1K

Even so, the occassional big spend so I'd rather keep a decent balance and avoid going overdrawn.

If it's the Flex Direct account, the interest reduces from 2% to 0.25% after a year but it is on up to £1,500 (the monthly pay-in is £1K).

MX5huggy

Only DD’s Standing orders and paying off the credit cards (used for all daily spends) come out of the current account over the month. On pay day I know what I need for the up coming month so I move the remainder to savings / investments with the aim of having say about £100 left on the next pay day.