piggybank technique

beelywoker

Hello.

I've just done my budget planning and think using the piggybank technique http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1089226742,17582,
(opening 5/6 accounts for difference purposes i.e. holidays, christmas, food etc.) would be really useful.

But am a little lost... and hope someone can help ...

- Do I actually need to open 5 separate bank accounts?
- And will one bank be happy to give you 5 accounts - or will I need to go to seperate banks?
- What kind of accounts would I need? savings a/c's / current a/c's?
- And lastly ... can anyone recommend any good accounts?

many thanks,
Beelywoker

thetope

most banks will let you open savings accounts which are attached to your current account. you don't need to go through all the id verification and all that gubbins every time. i had this with the rbos and cahoot. i now currently bank with nationwide, their online banking is very good and allows you to open several "instant access" savings accounts over the internet. the interest rate is slightly better than the current account, but you can transfer money into your current account and back to the savings account instantly online if you need to pay a bill, or your pay has arrived and you're siphoning off to all your savings pots!

They also have isas and other longer term-type investments that are linked to the current account but i'm afraid i don't know much about them yet as i'm trying to clear debt and therefore don't have long term savings yet. but i can definitely recommend nationwide - i have been very happy with them so far and their online banking is very straightforward.

homersimpson_3

with nationwide if you transfer money on line from one account to say current account can you withdraw it straight away. is transfer really instant or does it take a few days to show up?

franney

homersimpson wrote:

with nationwide if you transfer money on line from one account to say current account can you withdraw it straight away. is transfer really instant or does it take a few days to show up?

I have a Nationwide current account and a linked e-savings account and any transfers between the two are instant. If, however, i transfer from say, Egg to Nationwide via BACS that takes 3-4 days.
Hope that helps,
Fran

ThrobsBlackHat

I have 5 different named jars of money within my https://www.if.com savings plan

*Louise*

'Piggybank technique'?? I never realised that was what it was called.

I have a current account, which a main salary goes into, a savings account linked to my main account where p/t wages go into, that I try not to use and a savings account at another bank (which is harder to access as there is no card with the acount) which my family allowance goes into to save for things.

I havent considered one for food money before - thats a thought....

K9cuddles

I've got Barclays and am trying to redirect money from that account.. currently to a A&L and Natwest current accounts.. but I'm closing the A&L and have opened a First Direct (good intro deal) and Egg Saving (another good intro deal!). So I would got with good opening deals (and long term) if poss. As Martin says.. most banks are only top in 1 field not all!

beelywoker

Thanks - different jars in one savings account is exactly the sort of thing I was looking for (https://www.if.com) ... brillant! ... let's just hope it helps save money :-)!