Two bank accounts

[mollykins]

I finaly got the bank account problem sorted, and I now have access to both of my accounts. But whats the point in having two and when i get money which do I put it in? For example I have christmas money I want to save up, but which account do i put it into?

The accoutn i've had since a baby has money left to me in wills and brithday and christmas money in it up until a few years ago, the newer one has money from more recent birthdays and christmasses.

What should I do? In terms of where to put my money in future, or now they both belong to me properly, should I put all of my money into one account?

[mollykins]

yeah . . . . :/

[mollykins]

If you're not familiar with smilies :/ is for a rather unenthusiastic/ sarcastic looking face . . .

[squarebear]

This is interesting. A few months ago, you were saying how your mother was stealing from your account and you were skint. Now you have suddenly found all these thousands of pounds.

That worked out ok then didn't it?

[mollykins]

She gave the money back, after I told dad what she'd done . . .

[madmaggot]

If you want a good interest rate and intend to leave it for a long period Halifax has a 4 year fixed rate ISA at 4.25%.
Now, I know that rates are going to rise at some point but bear in mind that you won't have to worry for 4 years, about finding a new account due to the end of the fixed period and you will be getting a great fixed rate, tax free, immediately.
Saying that, if you might need the money, the Champion ISA is a good choice.

[squarebear]

Ah that was lucky.
She just happened to find £5,000?! lol sure

[spud-u-like]

I take that as a 'interested' then, molls

I tried it on Dragon's Den -

James Caaaaaan said "i'm ouTTT!"

Duncan Banal all the time said it was ludicrus ( i thought he was in Gladiator )

Theo 'hello there everybody matey peeps' Poopmepanties said 'you mad innit'

Deborah Meadon just flashed a Sharon Stone at me

and Peter Jones asked if i was free for tennis!!.

so i'll leave it with you molls but you will have a lifetimes supply of filled spuds if 'yes'

i'm away to see a 3D flickypoos......arriva derch he ;)

[mollykins]

Mm, I'm planning on using the some of the money to fund a 'gap year' type trip in the summer of 2012. But hopefully I won't use too much of the money and hopefully i'll find a trip where I can earn some money so not only come back with experience, possibly more dosh than I spent (well that's what i'm hoping for, though it's unlikely)

[mollykins]

SB she didn't take all of the money and she only had access to just over 4k of it the rest is in the account i've always had/ have in the house that I haven't put in the bank yet.

[Prudie]

Was this amount of money a surprise to you? I thought you were once asking about how to earn some money to fund a trip to a wedding in the states or am I dreaming? Anyway it's a nice nest-egg, look after it.

[mollykins]

I knew it was roughly this amount but i didn't want to spend all my savings on the wedding trip. Anyway the bride and groom know not many people will be able to go so are having a party when they get back to England.

[factor-fiction]

ISAs are good for taxpayers because they generate interest that is tax-free, and ISA rates used to be quite attractive because banks/building societies used attractive ISA rates as a headline grabbing device to draw in new customers to their bank. However ISA rates are now pretty low and usually include lots of catches such as attractive bonus rates which only last a year. Furthermore, for someone like you, Molly, who is likely to be a student for at least 4 more years, a tax free account isn't relevant as you are very unlikely to earn enough each year to be a tax payer anyway.

You need to find a cheap day to day account for withdrawing cash, using a debit card and paying bills such as mobile bills by direct debit. Look for one with no fees and perhaps some flexible/very cheap overdrafts in case of emergency. Perhaps keep £500 in there, £1000 at most.

You then need a savings account which pays a good rate of interest and where the money is accessible but not so easily accessible that you continually dip into it and fritter it away. You should keep as much as possible in here because you will need it one day.

[ChuckFickens]

Keep hold of it for when you want your first car.

£500 for the car, £4500 for the insurance.

[cazzz1975]

or put it towards your uni fee's...

[mollykins]

£5k towards uni fees ! it'll use all my savings up and i'll still be in debt!

[mollykins]

That's why I thought I'd go on one of those 'gap year' things but only for a month or two, to get a bit of experience so I have an advantage over other people who get the same grades as me.

[squarebear]

What kind of advantage?

Student 1 - Yes I am straight out of uni with my degree fresh under my arm.
Molly - I've bummed around for a few months.

I know who I would employ.

[ChuckFickens]

Surely a gap year is, well, a year.... otherwise it's just a holiday!