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Bank Skimming

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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.

Comments

  • Singlespeeder
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    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  
    DEBT FREE - Feb '21
    • Mortgage March '21 -£130,000
    • Mortgage now - £81,187 - £67,081
    • Mortgage daily interest Nov £4.60 Dec £4.57 Jan £4.54 Feb £4.52 March £4.49 April £4.46 June £3.97 August £3.91
    • July '24 £3.22
  • EssexHebridean
    EssexHebridean Posts: 21,716 Forumite
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    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! 
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
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  • NeverendingDMP
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    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 
    Jan 18 Joint debts 35,213 - March 24 15.5k
    Mortgage Jan 18- 77224 Dec 23- just under 69k
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