Do you have Flow of Funds bank account?

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“Flow of Funds” is how I would describe a bank account with no merit other then money coming in and going out.

A massive shock today.

I got my annual statement from my bank today currently £50 to the good. That’s not the shock, the shock is over £1,500,000 has been paid in and paid out through this account. 

Is this a bragging post, No, it’s truly not! I’m just flabbergasted with that figure. It’s just me  playing the saving rate game by keeping the funds out of NS&I.

For the record I’m not a millionaire, source of funds was from a modest house sale 400k. 

wmb194

Yup, it's what's also known as a 'hub' account. The numbers really add up.

Jami74

I've probably not had that much go through my 'Flow of Funds' account and certainly not any six figure amounts, but every month at least twice my salary goes through the account and it's odd seeing the amounts deposited and paid out on the statements, it makes me appear on paper far richer than I am.

Rob5342

It sounds like you are just talking about a current account. I'm not sure why you are flabbergasted, moving £400k tour times is clearly going to add up to £1.5m

Section62

Thumbs_Up said:

“Flow of Funds” is how I would describe a bank account with no merit other then money coming in and going out.

A massive shock today.

I got my annual statement from my bank today currently £50 to the good. That’s not the shock, the shock is over £1,500,000 has been paid in and paid out through this account. 

Is this a bragging post, No, it’s truly not! I’m just flabbergasted with that figure. It’s just me  playing the saving rate game by keeping the funds out of NS&I.

For the record I’m not a millionaire, source of funds was from a modest house sale 400k. 

I think you've hit on Nationwide's "Fairer Share" criteria for 2024.... £100 to those members who churned over £1,000,000 through their current account in the previous 12 months?

TheBanker

Jami74 said:

I've probably not had that much go through my 'Flow of Funds' account and certainly not any six figure amounts, but every month at least twice my salary goes through the account and it's odd seeing the amounts deposited and paid out on the statements, it makes me appear on paper far richer than I am.

Same here. My salary comes in, goes out to savings then some of it comes back as bills fall due. Add in ad-hoc transfers between savings to get a better rate (which usually go via my current account), maturing fixed term accounts and ad-hoc bits of income it all adds up. 

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Jami74 said:

 it makes me appear on paper far richer than I am.

You nailed it the sum of money is illusionary. A bit of context here, I left school with no qualifications so little did I think in my little world I would every see a bank statement with my name on it with that kind of figure.   

Subplot:

Ever seen those 70’s pictures taken of tv “stars” of the day who rose from a modest background, it’s always has a universal theme. Just out of the shower, wearing nice clothing, leaning against the Rolls-Royce posed in front of the large house. It’s basically a proud message  “I made it mum”

Well, I can’t aspire to that, so I’ll have to make do by framing my bank statement and pinning it on the wall.

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Rob5342 said:

It sounds like you are just talking about a current account. I'm not sure why you are flabbergasted, moving £400k tour times is clearly going to add up to £1.5m

I have never banked over the phone, so I can only transfer 25k a day.

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Section62 said:

Thumbs_Up said:

“Flow of Funds” is how I would describe a bank account with no merit other then money coming in and going out.

A massive shock today.

I got my annual statement from my bank today currently £50 to the good. That’s not the shock, the shock is over £1,500,000 has been paid in and paid out through this account. 

Is this a bragging post, No, it’s truly not! I’m just flabbergasted with that figure. It’s just me  playing the saving rate game by keeping the funds out of NS&I.

For the record I’m not a millionaire, source of funds was from a modest house sale 400k. 

I think you've hit on Nationwide's "Fairer Share" criteria for 2024.... £100 to those members who churned over £1,000,000 through their current account in the previous 12 months?

Currently don’t bank with Nationwide so that thread does not interest me, but as I understand it some people are most upset.