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  • FIRST POST
    • dbx2712
    • By dbx2712 15th Sep 19, 7:26 PM
    • 1Posts
    • 0Thanks
    dbx2712
    Which is best for me?
    • #1
    • 15th Sep 19, 7:26 PM
    Which is best for me? 15th Sep 19 at 7:26 PM
    Hi all.

    So I've recently graduated from university and I am about to start a new job.

    This will be my first job ever and - this might sound embarrassing - but I'm not sure which banking account type would be best for me

    I'm trying to comprehend the difference between savings account and current ones but I'm still unsure.

    I'm going to be earning around 28,000 - 30,000 a year. I only will be spending maybe around 200 a month including a gym membership and travel via the tube. I want to save the rest and hope to save up for a deposit for a flat/house.

    My priority is going to be saving up for a house or flat so I don't think I'll be exceeding my monthly spend or even thinking about going in debt. Furthermore, my parents have agreed to lend me around 10,000 to get me started.

    Can someone please advise me on the best route?
Page 1
    • Willing2Learn
    • By Willing2Learn 15th Sep 19, 7:41 PM
    • 4,413 Posts
    • 3,954 Thanks
    Willing2Learn
    • #2
    • 15th Sep 19, 7:41 PM
    • #2
    • 15th Sep 19, 7:41 PM
    You should open a current account, so that you get the full range of everyday banking facilities (for receiving your salary, to pay Direct Debits and Standing Orders etc).

    Have a look at Natwest or RBS Reward accounts and also Santander 123 Lite account. I suggest these three as they pay you cashback rewards for selected bill payments

    Edit: And welcome to the forum
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Terry Towelling
    • By Terry Towelling 15th Sep 19, 7:45 PM
    • 1,973 Posts
    • 1,665 Thanks
    Terry Towelling
    • #3
    • 15th Sep 19, 7:45 PM
    • #3
    • 15th Sep 19, 7:45 PM
    Hi all.

    So I've recently graduated from university and I am about to start a new job.

    This will be my first job ever and - this might sound embarrassing - but I'm not sure which banking account type would be best for me

    I'm trying to comprehend the difference between savings account and current ones but I'm still unsure.

    I'm going to be earning around 28,000 - 30,000 a year. I only will be spending maybe around 200 a month including a gym membership and travel via the tube. I want to save the rest and hope to save up for a deposit for a flat/house.

    My priority is going to be saving up for a house or flat so I don't think I'll be exceeding my monthly spend or even thinking about going in debt. Furthermore, my parents have agreed to lend me around 10,000 to get me started.

    Can someone please advise me on the best route?
    Originally posted by dbx2712

    Do you not have an existing banking relationship from your student days?
    • xylophone
    • By xylophone 15th Sep 19, 9:26 PM
    • 31,380 Posts
    • 19,452 Thanks
    xylophone
    • #4
    • 15th Sep 19, 9:26 PM
    • #4
    • 15th Sep 19, 9:26 PM
    I'm trying to comprehend the difference between savings account and current ones but I'm still unsure.
    Surely you had a current account while at university?
    • eskbanker
    • By eskbanker 15th Sep 19, 11:03 PM
    • 11,380 Posts
    • 14,116 Thanks
    eskbanker
    • #5
    • 15th Sep 19, 11:03 PM
    • #5
    • 15th Sep 19, 11:03 PM
    I want to save the rest and hope to save up for a deposit for a flat/house.
    Originally posted by dbx2712
    Regardless of what else you do regarding savings and day-to-day banking, look at Help To Buy ISA or Lifetime ISA for saving for your first property, assisted by a 25% government bonus....

    Plus a more generic guide at https://www.moneysavingexpert.com/savings/which-saving-account/
    • getmore4less
    • By getmore4less 16th Sep 19, 4:06 AM
    • 37,409 Posts
    • 23,087 Thanks
    getmore4less
    • #6
    • 16th Sep 19, 4:06 AM
    • #6
    • 16th Sep 19, 4:06 AM
    I only will be spending maybe around 200 a month including a gym membership and travel via the tube.
    No food, vehicles, going out, phone, clothes, insurance, medical...
    • Robin9
    • By Robin9 16th Sep 19, 7:05 AM
    • 4,972 Posts
    • 3,244 Thanks
    Robin9
    • #7
    • 16th Sep 19, 7:05 AM
    • #7
    • 16th Sep 19, 7:05 AM
    No food, vehicles, going out, phone, clothes, insurance, medical...
    Originally posted by getmore4less
    If you are living at home you should be giving your parents the cost of your keep - they have probably subsidised you during your studies. 100 a week would be fair.
    Never pay on an estimated bill
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