How many accounts do you have?

friolento

To add to @Bridlington1's great summary:

If you are currently busting your annual Personal Savings Allowance, or if there is a likelihood that you will before long, get as much as soon as you can into a tax wrapper. Either ISA or pension.

Keep an eye on any legislative changes that may impact your savings approach. Next date to look out for them is Wednesday, November 22, Autumn Statement.

Hurdler

Thanks both - getting my freelance business back on its feet post-pandemic has been anxiety-inducing and as unsteady as student-me on my pins after a night out on Student night!

Every year I review my 'strategy' for keeping things going and anything to add to my budget spreadsheets is exciting me really more than it should!

Bazzalona13295

Hurdler said:

My question to the savings account gurus... How do you go about your savings account odyssies? Is it a case of reviewing what's the best accounts on MSE and then tracking the optimal time to keep them/sweep them on a spreadsheet (because I do love me a good spreadsheet!)

My plan as a result of this thread is that in 2024 any freelance earnings that cover my outgoings and credit cards is taken care of and all lodger and tenant earnings get put aside - buffer, planned outgoings and then I guess my options are to funnel some of that back into the life savings I plundered during the pandemic or maybe take advantage of savings accounts... keen to know what others have done.

Ta!

I am definitely not a guru but over the last 12 months I've taken a much needed closer look at my finances, in particular my savings. The rates had been very very low for a long time but once they began to rise I needed to look at options and generally save better/wiser.

Never really been one for tables when it comes to money so no spreadsheets, but I do have a list/memo of accounts (and also in my head), I do read up on here a lot and keep my eye out for new accounts/better rates.

Tbh looking at that list I have too many RS accounts and hopefully bit by bit I will thin those out, possibly going for slightly longer term fixes if rates start to drop.

I think most of it is common sense mixed with thriftiness, there are thousands (hundreds of thousands?) of people who have substantial funds earning next to nothing which is crazy.

subjecttocontract

One thing we do is to list our annual income due from each savings account. Then we total it up and continually try to improve that figure by moving money to better paying accounts. Last tax year was pretty poor  at £6,700. This year with higher interest rates it's much better at over £30,000.

dealyboy

Congratulations @subjecttocontract ... I'm pleased to see that you have benefitted from all your hard work as well as us.

Baldeagle095

Personally I have 14 accounts These are split as follows:-
2 Current Accounts
2 Regular Savings A/cs
3 Credit Card A/cs
2 ISAs
2 Easy Access A/cs
3 Fixed Rate Bonds

All transactions are recorded on MoneyPoint and reconciled daily on a spreadsheet. Very sad!

The above accounts generate a net income of 5.85%.