Restructuring Finances Following Redundancy

newbieni

https://forums.moneysavingexpert.com/discussion/comment/82071829#Comment_82071829

It's a guesstimate based on having a new job and no mortgage. £3k would cover me for for three months.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82071859#Comment_82071859

I would say that's probably less than ideal, but ok as a bare minimum (e.g. if you have high job security). You currently have a lot more than that in readily accessible cash, so it is not an issue. But as you reduce that you should think about how you would fund a major emergency expense - is £3k enough to cover you there too? Credit card (preferably 0%) is a valid answer to that question.

There are some fairly good easy access savings accounts available, which would work as a temporary home for the cash, rather than leaving in the current account as you figure things out.

newbieni

https://forums.moneysavingexpert.com/discussion/comment/82071880#Comment_82071880

What's the best in easy access?

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82071937#Comment_82071937

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?sort-filter=standard-order

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/82071944#Comment_82071944

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?sort-filter=standard-order

newbieni

I have taken onboard all of the advice and this is my current setup. Is there anything more that should be adjusted?

NatWest Current Account	£3,500.00
NatWest Regular Saver @5 .13%	£1,065.73
VIDA Saving ISA @4 .23% Matures 27.08.26	£5,033.00
Santander Current	£302.82
Santander Regular saver @ 8 %	£200.00
Co-Operative Current	£0.00
Co-Operative Regular Saver @7 %	£1,000.00
LemFi Instant Access @5 %	£9,330.00
First Direct Regular Saver @7 %	£600.00
First Direct Current Account	£323.00
Premium Bonds	£15,000.00
Vanguard S&S ISA - LifeStrategy® 100% Equity Fund - Accumulation	£42,592.00

Albermarle

Just be aware that Lemfi are a newer player in the UK savings market. Like other new players they offer a top rate that then reduces after a period ( the introductory bonus ends after 6 months). So you will have to look at moving the cash to another provider at some point.

Also savings seems to be a sideline to their main money transfer activities, and the FSCS cover is actually with Clear Bank and not Lemfi directly.

Some people take the view that it is better/easier to stick with more conventional savings providers, even if the headline rate is not initially quite as good.

newbieni

https://forums.moneysavingexpert.com/discussion/comment/82073441#Comment_82073441

Yes, this is going to be a six month project. However, I thought money was FCA protected?

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82074880#Comment_82074880

It is but not with Lemfi directly.

Savings FAQ | LemFi