How much in current account

dul50n

18 current accounts with diddly squat in but I flash money through them at the beginning of the month to make sure I can collect my £57.40 monthly rewards and 18 cinema tickets 

Martico

I've got maybe an odd system, but it works for me. Current account slowly reduces from around 1,600 to 0 over the course of a month.

On getting monthly pay, I pay off credit cards, and pay in set monthly amounts to Premium Bonds and investment ISA. 
And leave exactly enough in the current account to:
1. Cover direct debits
2. Allow for £40 per day spend (I never average close to that amount, but big shops and car refills ).

I chuck the rest into an easy access savings account (basically an interest earning store for holidays and tax bill - I'm self-employed).

Then each day I put anything under the daily £40 I budget for into that savings account.
If I go over, nothing goes into savings until I've got a clear reserve allowing for £40 per day til next payday.
If it looks like I'll go over as month-end approaches, then I'll use a credit card.

Rinse and repeat.

It's not the most money efficient way to go perhaps, but I like the discipline of never withdrawing from savings (unless absolutely necessary or planned) and it keeps any credit card spending to a minimum.

Beddie

Ultrasonic said:

Generally in the £1k-£2.5k range over a month (excluding when just paid and I transfer money out to a savings account pretty much immediately). Whilst I could earn more interest by maintaining a lower balance, the regular micromanaging to do so whilst being certain of not accidentally going overdrawn is something that in practice I can't be bothered with.

I'm very similar - I just couldn't be bothered to keep an eye on the balance, so make sure it never gets anywhere near zero by having a decent balance in there.

Pipkin1812

It may not be the most efficient way of doing things but knowing that my salary will cover most expenses, including payment into a SIPP I put whatever is left over prior to my salary going in into my Marcus account. If I need more any particular month I can easily move some back to my current account. 

Floss

One current account slowly reduces from around £1,900 to £0 over the course of a month with a transfer to my "housekeeping" account & what is left after my bills are paid goes to savings. The other account generally has anything between £100-£600 depending what day of the month it is.

powerspowers

I do a budget for the month and move everything else to either savings or mortgage. So float is £0. If something comes up I’ll move money back or there is an overdraft just in case

powerspowers

dul50n said:

18 current accounts with diddly squat in but I flash money through them at the beginning of the month to make sure I can collect my £57.40 monthly rewards and 18 cinema tickets 

@dul50n that is commitment!

diystarter7

Fool me, yes I am and its been going on for over 25 years with the same bank. A few years ago me and my wife got a joint account as we felt it would be easier. Several direct debits go out of. Been in credit 15k plus last 10 years at least.
It's a big part of our savings and though we dont get any interest in all the years of banking I've never ever paid any charges. I guess that more than makes up any interest we may have good. Yes, its like money down the srain as I/we could put at least 10k into PG's fixed rate at over 2%, not sure why not.

Bouncerus

I only keep a max of £60-120 in my current account, and transfer from my savings as needed.

I know of a very close friend who kept a few months of salary in his current account. He was a victim of fraud, and lost around £13K because it was sat in there and the pin was known. 

Bravepants

dul50n said:

18 current accounts with diddly squat in but I flash money through them at the beginning of the month to make sure I can collect my £57.40 monthly rewards and 18 cinema tickets 

That's pretty cool! Your monthly entertainment package for free, and a bit of cash for an after movie drink.