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wages into savings account

instead of coming into my current account which is also my spending account, could i have my wages paid into an instant saver then transfer my spending money to the current account?

Comments

  • TheBanker
    TheBanker Posts: 2,239 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    If your savings account has a sort code and account number, and accepts incoming payments from third parties then there's no reason why not. Most wages are paid by BACS rather than Faster Payments, so worth double checking how your employer pays them and whether the savings account accepts them.

    Or just manually transfer them from your current account on payday? 
  • Katiehound
    Katiehound Posts: 8,125 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    some savings accounts only accept payments/withdrawals via a linked current account.

    it would be easier to transfer money from your current account to savings. maybe even have a couple of savings accounts one of could be strictly 'rainy day' only.
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