I'd personally not have one bank account or atleast one place for all your money. Have a backup account for any emergency fund. It only takes one wrong move to have an account frozen or worse cases be a victim of fraud.
I commented other things earlier on but I've honestly followed your advice. I feel like I've saved a lot more. There are now Instant Savings Pots within Monzo with a 3.20% interest rate. Your advice has helped honestly. 😉
Thanks Jack! You are right about keeping money in different accounts in case one gets hacked! I will check out those instant savings pots with 3.2% - thanks for letting me know 😀
@@Camillatalks Not a problem! I use Nationwide as a backup bank with a bit of funds in it. In terms of Savings Pots though, you just enable it in Monzo labs and then you have the option to use Monzo ISA Pots. There's also a Safety nets feature too, which is identical but ie primarily used in the event of an unexpected bill or loss of income. All ISAs and Safety Nets have the interest
I have pots for vets bills, DIY, car maintenance, holidays, gifts and Christmas, medical, home insurance. Lots of pots. My emergency 3 month living account is in a separate high interest account. I love watching young people with brilliant financial mindsets. It really should be taught in schools.
I love the sound of your pot system and congrats on having a three month emergency fund! Not many people do, so it’s a huge achievement! I completely agree - money management should be compulsory in schools.
