I Will Teach You To Be Rich: No guilt, no excuses - just a 6-week programme that works

by Ramit Sethi

1 Open a current account or assess the one you already have (1 hour). Find an account that works for you, call the bank (or go in) and open the account. If you’ve already got one, make absolutely sure it is a no-fee, no-minimum-deposit account. How? Open your last bank statement or, if you don’t have that, call your bank and say: “I’d like to confirm that my bank account has no fees and no minimums whatsoever. Can you confirm that?” If you discover you’ve been paying fees, use the negotiating tactic on page 83 to get your account switched to a no-fee, no-minimum- deposit account. Be aggressive in threatening to leave if they don’t switch you. 2 Open an online high-interest savings account (3 hours). You’ll earn higher interest and it’s psychologically powerful to have your savings account separate from your current account. You’ll be much less likely to dip into your savings if they’re not immediately reachable through your normal banking. Spend a couple of hours researching accounts; make sure you check the rate and how consistent the rates offered by accounts have been in the past. To see a more comprehensive list, go to moneysavingexpert.com or which.co.uk. 2a Optional: open an online current account (2 hours). This isn’t a absolutely necessary, but if you’re ready to be more advanced and earn a higher interest rate, go ahead and do it. Remember, the main benefits of an online current account are a high interest rate and fewer tricky fees. If you don’t love your current...