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How does Squirrel work and do I keep my bank account?

Squirrel is an account that sits alongside your normal current account. It helps you budget by paying money into your current account only when needed, so money isn’t spent on stuff you didn’t plan for.

Each month your income is paid into your Squirrel account and 3 things happen:

  1. Money for savings is set aside and kept safe inside your savings goals – where you can see them grow towards completion.
  2. Money for bills is kept safe and then paid out to your bank account the day before your bills are due – so there's no need to worry about accidentally spending bill money.
  3. Spending money goes into your bank account as normal – in one big payment or week by week if you want to make it easier to budget.

Once you’re ready to receive your savings then these get paid out into your bank account too.