Avoid Expensive Insurance products for white goods

Open an emergency bank account and feed it with a small direct debit payment each and every months, say £50 per month. Then when something breaks like the fridge go to the emergency account and hey presto...there is some money there to fix the fridge or whatever ever has broken in the home.
11 Comments
Hi Ringy, Great way to save money for those days we all never want but all always get. If it goes out straight after payday you wouldn't even see the difference
Hi Ringy, I do exactly the same and think it is really useful. I actually have set up several "small direct debits" for a variety of topics: retirement, holidays,...
It helps create small funds for everything you would like to achieve!
Completely agree, no I don't want extended warranty!
I have thought of doing this for a while - like 'virtual accounts' for various topics - how are you doing it? I dont really want the overhead of managing lots of different accounts at banks - what is your solution?
Hi James
I am afraid I don't have any "smart" way of doing it. However, being in the banking industry and curious about level of service offered by banks etc. I have several ones at several banks to which I set up monthly direct debits, which also allow me to "forget" about it and be happy when I see the balance at the end of the year. However, I think it is a great point and very interesting product suggestion for Fidor :) Would you like to post it in the product suggestion group? https://community.fidorbank.uk/wanted_products
Good idea! Ill do that - thanks!
Great! I will give you a thumb up :-D Totally supporting this idea!
Thanks! - I added my idea here: https://community.fidorbank.uk/wanted_products/virtual-accounts-to-help-peopl - please comment on it if you can expand on the idea!
Having worked in insurance for well over a decade I never buy white goods insurance or mobile phone insurance and totally agree with this idea
Cancel monthly payment and account with credit reference agencies, can be up to £10 per month. Their credit scoring system is only a small element to the lending policy. Each financial lender has their own rules for lending, so other than advisory you are paying for a useless assessment.
Great idea!
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