Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Do you have a savings account?

2 replies

HoarseMackerel · 18/04/2018 12:36

Particularly if you would get more money leaving all your cash in a current account?
I've had a current account for a few years which pays more interest than any savings account up to a certain amount.
However, I don't feel it encourages me to save properly.
For instance. If I had £7k in my current account, left £2k in there and saved the other £5k separately, I would then put what was left at the end of the month in the savings account. I also think I would try and spend less to a certain extent, leaving more to transfer over.
With the current account, I know that I have slightly more left at the end of each month but couldn't tell you exactly how much.
I think it is better to watch your savings growing and being added to despite not getting so much in the way of interest.
I'm torn as to what to do.
I want to buy a car and spend about £10k on it, so I have got a target as to what I would be spending the money on.

OP posts:
GeorgeHerbert · 18/04/2018 12:49

I have a few different accounts - including 2 current accounts one of which transfers money to the other monthly to take advantage of the interest.
I also have a ready access account which I save into monthly, then transfer to a higher interest notice account when I'm sure I don't need access to a particular amount That way, (like you) I can watch savings grow

HoarseMackerel · 18/04/2018 14:02

I've never liked doing things this way but just haven't acted on it!
I've been looking around for a reasonable rate (by today's standards) which is about 1 to 1.25% but I think I'd control my spending better knowing that more of the leftovers would end up in savings.
Thanks!

OP posts:
New posts on this thread. Refresh page