How to get more out of your current account

If you want to get the most out of your current account then you need to understand how to use it for maximum benefit.

The key thing is the following:

Never get too low or too high a balance in your current account.

For many the latter is always a dream so focus on the former.

Don't get seduced by a nice looking overdraft amount because that money isn't yours. Never include it in your sums even if the banks do and say total sum withdrawable is x when really half of x is an overdraft amount.

Now if you can keep your account running in the black you are halfway there to sound financial management of your finances.

But next you should ensure that there is never too much there either!

If you have more than say about 500 in the current account in general circumstances (e.g. not paying a particular bill or there ready for the mortgage payment and so on) then you will benefit from moving the money to a savings account to get lots of interest on it, where it is almost always minimal with standard current accounts with large high street banks.

Of course the key is to ensure there is always enough there to cover the monthly bills that go out else you might move into an overdraft and get some banking charges, so always be careful!

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