Savings and DD's

jackrabbit123

My husband and I have had only the one  joint Virgin account ( used to be Yorkshire back ) for over thirty years, we have never changed, husband is very reluctant to do so or open other accounts - too long/never getting accounts right/no access to money etc) he understands that we need to save and know whats going out/in and when and  is happy to do that. both our wages go into Virgin account along with any savings, we have both got a joint Halifax visa card which is paid of in full each month. My question is that we need to sort out  our DD's so we know whats going out and when and to put some money aside to pay for them each month along with starting an actual savings pot. and to know exactly what we have left each month.I am 'in charge '  of groceries etc so I keep records/receipts  of our weekly spending for groceries and spend roughly 60 each week. Please could someone put me in the right direction on how to start this. Many thanks. 

Rob5342

I've always found it easiest to have direct debts paid from a separate account, or use the pots/spaces features of Monzo/Starling as I do now.

Changing accounts is very easy, I've done it loads of times with no problems. You could always open a second current account with Virgis for your spending and keep the current one for directs debts, you'd be able to see them both with the same app or banking login.

pridehappy

I’m wondering, do you have the M Plus? With this, you’d get a M Plus savings account which has a great interest rate, is linked to the current account and is really easy to transfer between, and you can setup savings pots.

Unless it’s a credit card, there’s little going for a standard Halifax debit card, other than a few offers. Virgin’s cash back feature can be activated in the app and then if you spend at the included companies, it applies automatically. Much easier than Halifax.

If you don’t have the M Plus, open another up for using it for spending instead of Halifax and you would also be able to use the M Plus Savings account. This would keep it very simple, as all accounts could be accessed from one banking app.

You can either do the calculations before as soon as you’re paid and transfer into your savings (or pots) or wait and transfer any remaining funds at the end of the month. I know the Virgin Money app has a handy budgeting feature built in on the front page. 

grumbler

pridehappy said:

I’m wondering, do you have the M Plus? With this, you’d get a M Plus savings account which has a great interest rate, is linked to the current account and is really easy to transfer between, and you can setup savings pots.

2.52% is good, but not great.

Their flexible ISA pays 3% and can be used as a normal easy-access savings account.

jackrabbit123

pridehappy said:

I’m wondering, do you have the M Plus? With this, you’d get a M Plus savings account which has a great interest rate, is linked to the current account and is really easy to transfer between, and you can setup savings pots.

Unless it’s a credit card, there’s little going for a standard Halifax debit card, other than a few offers. Virgin’s cash back feature can be activated in the app and then if you spend at the included companies, it applies automatically. Much easier than Halifax.

If you don’t have the M Plus, open another up for using it for spending instead of Halifax and you would also be able to use the M Plus Savings account. This would keep it very simple, as all accounts could be accessed from one banking app.

You can either do the calculations before as soon as you’re paid and transfer into your savings (or pots) or wait and transfer any remaining funds at the end of the month. I know the Virgin Money app has a handy budgeting feature built in on the front page. 

Pridehappy , The account is the 'normal' Virgin account which we were automatically put onto when they took over from Yorkshire Back. Thank you for the info re using the currant account and M plus, it's at least with the same back we have now. 

Eco_Miser

jackrabbit123 said:

pridehappy said:

I’m wondering, do you have the M Plus? With this, you’d get a M Plus savings account which has a great interest rate, is linked to the current account and is really easy to transfer between, and you can setup savings pots.

Unless it’s a credit card, there’s little going for a standard Halifax debit card, other than a few offers. Virgin’s cash back feature can be activated in the app and then if you spend at the included companies, it applies automatically. Much easier than Halifax.

If you don’t have the M Plus, open another up for using it for spending instead of Halifax and you would also be able to use the M Plus Savings account. This would keep it very simple, as all accounts could be accessed from one banking app.

You can either do the calculations before as soon as you’re paid and transfer into your savings (or pots) or wait and transfer any remaining funds at the end of the month. I know the Virgin Money app has a handy budgeting feature built in on the front page. 

Pridehappy , The account is the 'normal' Virgin account which we were automatically put onto when they took over from Yorkshire Back. Thank you for the info re using the currant account and M plus, it's at least with the same back we have now. 

The M Plus is Virgin's normal account for Yorkshire Bank customers, however they don't automatically open the M Plus Saver, you have to open it yourself when logged in (I think). But if you haven't opened a cash ISA this year (and would not be maxing out other types of ISA), you can do as grumbler suggests and open their flexible ISA, which pays 3% tax free, all from the same log in.