Bank Skimming 3 January at 11:35AM in Debt-free wannabe 3 replies 658 views

Mantha81

Bank skimming

Just thought I will share this idea with you guys.

On the same day every week we do a 'bank skim' and send that money to our credit card if we have a debt or to our savings account. The amount sent is based on the last 3 digits of your bank account. It is literally a 'skim' but every little bit helps with lowering the amount paid in interest. I always base it on the pending balance and leave a 5 or 0

For example:

Today the last 3 digits were ##1.16 so I sent 1.16, this left my balance at ##0.00.

If that had been 6.16, I still would have sent 1.16, leaving ##5.00.

##8.53 = ##3.53

##4.87 = ##4.87

This isn't about sending huge amounts of money, it is about drip feeding and I never send more than £5 in one go.

Last month I sent £8.25 which doesn't sound alot but it was half the interest.

Singlespeeder

Each to their own ! Sounds a lot of effort for a little return.
Maximum would be £19.96 a month wouldn't it? But it all adds up.
I'm sure there's bank accounts ( most?) that you can set a similar 'rounding down' feature on  

EssexHebridean

A lot of folk on here do similar - have a look for people talking about a "Tilly Tidy".

We've been doing the same thing for many years - usually doing it for the current accounts each time we log in to online banking. It can easily add up to several hundred pounds a year so well worth having! 

NeverendingDMP

Singlespeeder said:

Each to their own ! Sounds a lot of effort for a little return.
Maximum would be £19.96 a month wouldn't it? But it all adds up.
I'm sure there's bank accounts ( most?) that you can set a similar 'rounding down' feature on  

It adds up after a while. And then you end up feeling unsettled if your account doesn't end Ina zero or whichever number you pick lol.
Pennies make pounds as they say. I think some.accounts do automatically but I'm another for manually doing it. Makes me feel like I'm trying ha ha