Too easily we fall into the trap of leaving too much money in our current account “just in case” we need access to it quickly.
I’m not suggesting that you deviate from this approach because who knows when you’ll have an emergency need to cover. However you mustn’t lose sight of the need to have your money working as hard as it can for you.
With the benefit of hindsight you’ll have a pretty good idea of how much emergency cash you’ll need to have in your current account.
The next step is to ensure that you move your excess money into your savings account as soon as possible.
Keep a regular eye on your current account balance, ensuring it stays around the level you need for that “emergency”, and then make sure the rest is working hard for you returning a high interest rate.
Having an online savings account clearly makes this process very simple and straightforward – no need to shoot down to a branch, plus you can do it anytime night or day.
If you have a couple of minutes, take a look at what people say about our online products, we’d also love to hear what you think: