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How much in current account
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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 - Stoozing0 -
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.”2
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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.
Thanks1 -
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.0
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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.
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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.
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talexuser said:ZeroSum said:
Errrrr
Many of us keep zero in that account & still get the £60 + the £75 for keeping same £5k in chase2 -
noh said:talexuser said:ZeroSum said:
Errrrr
Many of us keep zero in that account & still get the £60 + the £75 for keeping same £5k in chase0 -
talexuser said:ZeroSum said:
Errrrr
Many of us keep zero in that account & still get the £60 + the £75 for keeping same £5k in chase1
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