Multiple Savings Accounts

bigdukem69

Hi All,

How many savings accounts can be linked to one checking account? My wife and I are doing a major budget overhaul. We had the idea of using multiple savings accounts to help us keep from spending money unwisely. Here is what we would like to do:

Primary checking account: Pay most bills and everyday spending money
First savings account: Emergency fund
Second savings account: For future vehicle purchases so we don't pay interest. We can put money in this account like we had car payments.
Third Savings account: Vacation money.

All linked together if possible.

Is this even possible? Are there any banks that offer this kind of option?

Thanks for the help!!!

malik999

Not sure what you mean by linked. You can transfer money to and from any accounts. What are you trying to achieve by the 'linked' aspect?

opinions4u

bigdukem69 wrote: »

How many savings accounts can be linked to one checking account?

Depends on the provider. I have a dozen or so with Halifax and they allow instant transfers between savings and current accounts. You can name their Web Saver account whatever you want (although I have moved my funds to other accounts with them for better rates). Works well for me. Alternatively, put your savings out of reach and hold them somewhere like Egg. The only disadvantage is it will take 3 working days to move from savings back to current account.

Most current account providers can do what you want.

p.drewello

I would say:

1. Barclays :
A. Current Account
B. Golden ISA (3.55%)- Car Fund / Rainy Day
C. Regular Saver (£250 a month @ 6% - accumulative monthly interest) - Holiday
D. Internation Bank Account - Barclays International (an International euro account)

2. Halifaax
A. Current Account
B. Fixed Rate ISA (12months) (3%)
C. Regular Savings Account (£500 a month @ 4% - fixed rate per year)
D. Fixed Rate Websaver Account (3.4%)

Milarky

(I think it's a stray American poster - 'checking account' is the giveaway. 'Vacation' is giveaway number 2)

What about http://www.ing-usa.com/us/index.htm ? They'd probably do account 'pots' there - which is rather what the OP's post seems to be saying

bigdukem69

Apologies from the (stray) yank. I did not thoroughly read the website before posting my question. When I googled my question this is the first website that came up. Thanks for all the help anyway!!!!