Strategic Money Distribution for Savers

Effective money management involves distributing savings across various account types. A current account is essential for daily transactions, while a call money account serves as an emergency fund, offering flexibility and immediate access to cash.

For those seeking higher returns, fixed-term deposits are recommended, though one must consider the varying terms for both new and existing customers. It is advisable to limit the number of current accounts, as excessive accounts can negatively impact credit scores.

Utilizing multiple call money and fixed-term deposit accounts can enhance both flexibility and interest earnings. Additionally, savers may benefit from a staggered interest approach with fixed deposits to maintain liquidity.

With the current trend of lower returns on traditional savings books, digital alternatives with attractive rates present a more favorable option for the modern saver.