Savings accounts with money "pots"?

liz545

My OH's a bit of a beginner when it comes to savings; he's finally seen the light on paying off his credit cards and is able to put a bit (£100-£150) aside a month. He's currently got an easy access savings account with ING that's not got a particularly good interest rate. He's a very visual person, and I think he might find it easier to work towards his short-term savings goal if he could separate his money into pots (e.g. holiday fund, Playstation fund etc). Does anyone know of any online savings accounts that allow you to do that? I think the interest rate is less important to him than getting him into the habit of saving towards things - until recently he's seen things he wanted and bought them, rather than think about whether he can afford them, and I think seeing the money mount up in a named account will make it simpler for him to do that. Any help gratefully appreciated!

scott_lithgows

I have several regular savings accounts,which you can only make one withdrawal a year,good for saving for birthdays,hols and xmas

Muffin99

Hi Liz,

Principality Building Society's E-saver does just that!

http://www.principality.co.uk/default.aspx?page=576

It's easy to create pots with whatever titles you like without having to open separate accounts as such. It allows you to create your pots and name them and even set yourself goals for each of them! It will then show you whether or not you're on target!

Does that help?

Good luck to you both!

PS Pays 2.85% which isn't bad for instant access at the moment although there are a few slightly higher.

liz545

Muffin99 wrote: »

Hi Liz,

Principality Building Society's E-saver does just that!

http://www.principality.co.uk/default.aspx?page=576

It's easy to create pots with whatever titles you like without having to open separate accounts as such. It allows you to create your pots and name them and even set yourself goals for each of them! It will then show you whether or not you're on target!

Does that help?

Good luck to you both!

PS Pays 2.85% which isn't bad for instant access at the moment although there are a few slightly higher.

Thanks Muffin - that looks perfect! :T
He can manage it online, and set himself goals for the various funds. Obviously it's not tax free, but I think it's one step at a time with getting him into the savings habit; moneysavers are made, not born!

Muffin99

You're welcome. If he really gets the savings bug then there's also a really good regular saver Principality have too. It's one of the highest at 4.5% and what's best is it's the easiest to manage. You can pay in any amount between £20 and £500 so long as you only make one payment per month (and only one) and pay in before the 20th of each month. Think you'll find it under fixed savings

Gymgenius

Egg Savings allows this. I have three 'pots' on mine, but I think you can have as many as you like. Each pot, or account has it's own account number, so you can transfer cash to them directly.....and the summary screen shows them all, with the total at the bottom!

Newbie2saving

Also Intelligent Finance has this facility, but AER is 2.49%. They call them 'jars'...

AnAlternativeView

Saffron BS do it to - called the 'Goal Saver'.

Primrose

I echo GymGenius's recommendation for Egg's online account/s.. We have various accounts for separate purposes. You can view them all online so instant checking of your account balances is available in a summary and there is the added advantage that you can also send them money by cheque if necessary.

LittleMissAspie

I just use a spreadsheet personally. Update it once a month to see the money building up.

AnAlternativeView

.........Egg might be fancy online (I don't know) but the Saffron online one is paying a good interest rate at the minute too.