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

Squirrel is like a second bank account that helps you budget and save your income each month, before it even reaches your main current account.

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

  1. Money for savings is deducted and is kept safe inside your savings goals – where you see them grow towards completion.
  2. Money for bills is kept safe, then paid out to your bank account the day before the 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 they 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.