How much in current account

talexuser

Never thought of using the debit card in that way, good one (I never use a debit card). Each to his own, there comes a point where the time is not worth the hassle.

enthusiasticsaver

I feel uncomfortable if it goes below £250 as a buffer but what is in our current account depends on time of month as I do all our banking transfers to our personal accounts and savings accounts on the day our pensions go in and direct debits usually all come out within the first week of the month.  What is left covers our monthly spends on food, fuel, entertainment, gifts, household expenses etc etc.  Unless we have a large bill there is usually enough to cover all of  that with the £250 buffer which I tend to transfer out to savings the day before pension day. 

sevenhills

I have around £2,200 in my account, as my £1,200 salary has just been paid in.

tiptoe_mouse

pedrodelgado said:

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

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.

How do you get 5% interest on the Virgin current account, please? I've just opened one and it's paying 2.02%.

tiptoe_mouse

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 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.

Please could you advise which savings accounts let you pay in by debit card, as this sounds a great idea!

Daliah

tiptoe_mouse said:

pedrodelgado said:

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

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.

How do you get 5% interest on the Virgin current account, please? I've just opened one and it's paying 2.02%.

There was a switch offer for a bit which offered another 3% over and above the 2% (2.02%) interest, for a year IIRC. Was only available to new customers, and I believe it may no longer be on offer. 

talexuser

tiptoe_mouse said:

Please could you advise which savings accounts let you pay in by debit card, as this sounds a great idea!

Any answers?

RG2015

talexuser said:

tiptoe_mouse said:

Please could you advise which savings accounts let you pay in by debit card, as this sounds a great idea!

Any answers?

NS&I and Skipton for sure.

https://www.skipton.co.uk/savings/savings-hub/paying-in-and-withdrawing/paying-in

https://www.nsandi.com/products/direct-saver

(Click Ways to top up)


Plus see the threads below.

https://forums.moneysavingexpert.com/discussion/6192904/savings-accounts-allowing-debit-card-deposit/p1

https://forums.moneysavingexpert.com/discussion/4957328/savings-accounts-that-allow-debit-card-deposits

noh

talexuser said:

tiptoe_mouse said:

Please could you advise which savings accounts let you pay in by debit card, as this sounds a great idea!

Any answers?

Also Yorkshire Building Society.

Type_45

The interest people get on their current account savings wouldn't even pay for my dinner this evening.  

Yes, "something is better than nothing".  It's still chump change though.