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How much in current account

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  • MrFrugalFever
    MrFrugalFever Posts: 1,301 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    I leave the correct amount of money in my bills account plus £20 buffer (all cleared by 6th of each month) and transfer the rest - less money for fuel - to instant access highest % savings account then use CC for general spending. Transfer back what I need when statement from CC comes through to clear.

    Fuel money, £300+, goes in to a Pockit prepaid account and generates me 3% Cashback.
    If you believe you can, you will. If you believe you can't, you won't.

    Secured/Unsecured loans x 1 
    Credit Cards x 8 (total limit £55,050)
    Creation FS Retail Account x 1
    Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
    0% Overdraft x 1 (£0 / £250)
    Mortgage Outstanding - £137,707.00 (Payment 13/360)
    Total Debt = £7,400 (0%APR) @ £100pm - Stoozing

  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    I'm retired and keep two year's spending in my current account as a buffer against bad times and as an emergency fund. 
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • 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
    Change your current account to a Virgin money account ,the fee free one. If you haven't had a switch offer from them before , open one and switch your existing no interest paying account into it. You will get 5% interest on £1k in the current account for a yr plus you automatically get a linked easy access saver account with 1.56% interest on up to £25k. Its really easy to set up in a few hrs they are open. Very quick and simple to switch money between the two. Oh yeah the switch bonus is 12 bottles of winw i think. don't ever leave money where it isn't earning.
  • toothdoctor
    toothdoctor Posts: 104 Forumite
    Part of the Furniture 10 Posts
    Barclays premier account. Fee free £500 overdraft. So keep MINUS £500 in the account. All money in savings accounts working as hard as possible. Spend on credit card not debit card to get cashback and set up transfers to cover direct debits. This means all my pennies are earning interest. This does take a bit of planning and discipline. Not for everyone but works for me.
  • Sapindus
    Sapindus Posts: 664 Forumite
    500 Posts Fourth Anniversary Name Dropper
    I've got two current accounts which both pay interest up to a certain balance so I aim to get them down no lower than the threshold.  For the one which takes my salary that means £1500 by the end of the month and the surplus gets skimmed off into savings.  The other one is Virgin (2% on balance up to £1000) so I set up a monthly transfer to put the interest into the linked savings account and they look after themselves.  I see the Virgin current account as savings, but it's handy to think that if my wallet was stolen I've got a spare debit card for emergencies.

    When I had a Halifax account and didn't need to think about interest thresholds, I still kept a "buffer" of a couple of thousand in there in case of unexpected large spend during the month.

  • Nebulous2
    Nebulous2 Posts: 5,666 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Not as much as I'd like. 

    I have 5 current accounts and like to have around £300 spread across them. I'm on a pension and working part-time. I find myself with 3 regular savers, an additional pension contribution and some larger than usual expenditure - with more to come in the next 2-3 months. As a result I'm spending more than I'm bringing in and my current account reserves have dwindled. 

    It hasn't helped that I've moved most of my expenditure from a 0.5% cashback credit card to a Chase debit card at 1%, meaning I had a one-off one months discretionary spending jump from being paid a month behind to being paid in the current month.  

    I'm at a point where I need more money than I have, and have to decide where to take it from - with robbing one of the regular savers possibly being the best solution. 

    I suppose I've had a good run. This is the first time I've had to dig into savings / capital since I retired in March last year. 
  • talexuser
    talexuser Posts: 3,528 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    ZeroSum said:

    Errrrr :D
    Many of us keep zero in that account & still get the £60 + the £75 for keeping same £5k in chase
    Errrr... I don't use the debit card since still get cashback on my credit card so overall at the end of the year I'm better off.
  • noh
    noh Posts: 5,817 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    talexuser said:
    ZeroSum said:

    Errrrr :D
    Many of us keep zero in that account & still get the £60 + the £75 for keeping same £5k in chase
    Errrr... I don't use the debit card since still get cashback on my credit card so overall at the end of the year I'm better off.
    You don't need to purchase anything with the debit card to get the £5 bonus you could cycle £500 through a savings account using the debit card. Still make purchases with your cashback credit card and gain interest on your £5000 by holding it in an interest bearing account.
  • RG2015
    RG2015 Posts: 6,048 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    noh said:
    talexuser said:
    ZeroSum said:

    Errrrr :D
    Many of us keep zero in that account & still get the £60 + the £75 for keeping same £5k in chase
    Errrr... I don't use the debit card since still get cashback on my credit card so overall at the end of the year I'm better off.
    You don't need to purchase anything with the debit card to get the £5 bonus you could cycle £500 through a savings account using the debit card. Still make purchases with your cashback credit card and gain interest on your £5000 by holding it in an interest bearing account.
    True, but you need to wait until your current option expires, up to one year away.
  • ZeroSum
    ZeroSum Posts: 1,198 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    edited 16 June 2022 at 3:20PM
    talexuser said:
    ZeroSum said:

    Errrrr :D
    Many of us keep zero in that account & still get the £60 + the £75 for keeping same £5k in chase
    Errrr... I don't use the debit card since still get cashback on my credit card so overall at the end of the year I'm better off.
    Neither do I, & also do all my spending on chase & cashback credit card, so overall I'm even better off
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