Your banking arrangements are a fundamental part of how you organise your money. Like many things in life, banking is often best when you keep it simple.
Having too many accounts, or accounts of the wrong type can cause confusion, result in extra work for you and cost you money in extra account keeping fees and lost interest.
At Moneylab we recommend keeping your banking arrangements as simple as you can. Our ideal banking structure is to have:
- a basic transaction account (or an offset account if you have a mortgage)
- a high interest savings account (if you don’t have an offset account)
- a dedicated bill paying account – for those that need extra discipline
- a credit card
Optimise my Banking analyses your banking structure by asking you to tell us the purpose for each of your accounts:
- credit cards
- emergency funds
Once you have done this it provides recommendations on how to simplify or structure your banking. You can easily accept or ignore these recommendations.
Even better, if you tell us what product each of your transaction, savings, credit card and mortgage accounts is, we can help find cheaper banking products or products that will earn you more interest. And we will continue to monitor your accounts and let you know when we think there are cheaper options available or options that will earn you more interest.