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Where do you hold your monthly income?

The vast majority of people in UK are likely to have a current account and one or more savings accounts. While in these difficult economic times many people may struggle to put any money away for the future how many of us receive our monthly incomes in our current accounts and leave them there?

While on the surface this may seem to be the sensible route, keeping your money available to the draw any time, however those who subscribe to this particular banking procedure are literally missing out on significant interest in the longer term. For the vast majority of the month you will know what payments come out of your account, how much you need on a daily basis and when this money is required. Would it not therefore makes sense to transfer the vast majority of your monthly income into your savings account, where it will interest in the future, and transfer funds between your savings account and your current account as and when required?

While in the short term you may only earn a few more pounds more in interest, in the longer term this can be very beneficial and give you a significant return as and when interest rates start to rise. This is a procedure which is very easy for those who use Internet banking or telephone banking.

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