Is there a limit on the number of savings accounts you can have?

rubydoiwannabee

I have spent the afternoon working out that on paper we should be able to put £515 a month into 11 different accounts to save/put money aside for the following costs:

1. clothing2. car tax and car maintenance3. birthday presents4. monthly treat5. summer holiday spending or holiday!6. future savings7. Emergency fund, boiler, car, etc.8. christmas9. after school club10. swimming lessons costs11. hair cuts

Is it possible to have this amount of savings/basic bank accounts? If I sat down this afternoon and opened them all online would my credit checks go into meltdown??

I have two savings accounts currently but I am just not disciplined enough to move the money for specific things into specific accounts, but I really want to try.

How does it work for you?

Any comments or advice gratefully received.

bryanb

Why not open them all with one bank/BS
Then only one check.

nicnacnoo

can you not just have one account and keep a record? like a spreadsheet type of thing telling you how much is in there for what?
This is what i do, £30 presents, £50 holiday etc and then if i spend any i just adjust my books accordingly

Nic

rubydoiwannabee

bryanb wrote: »

Why not open them all with one bank/BS
Then only one check.

Thanks, that is a good idea and one that I had thought of and it would make the management easier. I think I might take a visit into the branch and explain what I would like to do.

I haven't decided yet whether it is the right thing or not... Although I would love to be that organised, something tells me reality will get in the way!!

WorkingHardDFW

I've got lots of savings account pots that I save for various groups of things for much as you've listed: Xmas, holiday, car costs, insurances, medical, health, childrens activities etc etc all sorts really. I know I would probably earn more interest having it all in one pot but it works for us.

I've never had any problem with opening lots of savings accounts since they want your savings however small. I've found it helpful to have them all in several places so that I can move the money around quickly if I need to.

rubydoiwannabee

nicnacnoo wrote: »

can you not just have one account and keep a record? like a spreadsheet type of thing telling you how much is in there for what?
This is what i do, £30 presents, £50 holiday etc and then if i spend any i just adjust my books accordingly

Nic

Hi Nic, thanks for your reply. Yes I guess that is sort of what I have been doing, but not disciplined enough. There just always seems a reason for the money to be spent and then when things like the car tax come around we have say enough to cover that and nothing else!!

What I haven't done in the past though either, is have a 'monthly' figure that I should put aside for each of these and now that I have that, maybe the allocation will become easier. I have a lovely spreadsheet that I have done this afternoon, detailing it all now all I have to do is put it into practice!!!

rubydoiwannabee

WorkingHardDFW wrote: »

I've got lots of savings account pots that I save for various groups of things for much as you've listed: Xmas, holiday, car costs, insurances, medical, health, childrens activities etc etc all sorts really. I know I would probably earn more interest having it all in one pot but it works for us.

I've never had any problem with opening lots of savings accounts since they want your savings however small. I've found it helpful to have them all in several places so that I can move the money around quickly if I need to.

Thanks WHDFW, I knew I had seen it lots of times on this site, but wasn't sure in reality whether it would send my credit checks sky high. Now you come to mention it though, I do recall having a conversation with a cashier in the HBS once who said they encourage it. It was at the same time that she said all online purchases should be made from an account with only enough money for that purchase in, to avoid fraud etc.

Maybe I will look at combining a few and cutting the number of accounts down and ensuring my spreadsheets are up to date.

Thanks again.... it takes a lot of thinking this debt busting, money saving business.

miss_missy

rubydoiwannabee wrote: »

I have spent the afternoon working out that on paper we should be able to put £515 a month into 11 different accounts to save/put money aside for the following costs:

1. clothing2. car tax and car maintenance3. birthday presents4. monthly treat5. summer holiday spending or holiday!6. future savings7. Emergency fund, boiler, car, etc.8. christmas9. after school club10. swimming lessons costs11. hair cuts

Is it possible to have this amount of savings/basic bank accounts? If I sat down this afternoon and opened them all online would my credit checks go into meltdown??

I have two savings accounts currently but I am just not disciplined enough to move the money for specific things into specific accounts, but I really want to try.

How does it work for you?

Any comments or advice gratefully received.

hi ruby

i have 7 natwest e savings accounts for just the sort of things you put above i went with natwest because they are who i have my current account and it made moving money around easier even though could have got better interest rates eslewhere natwest are 1% gross
our our long term savings have just been moved to northern rock account and getting 2.50% gross

i find this is a very good way of organising myself and by moving my money out of my current at the beginning of every month i know how much i have left to spend on debts

good luck with the savings accounts

rubydoiwannabee

Thanks Miss Missy, that is really useful to know and helpful to understand that in reality the banks don't mind it. Well done on being so organised... I will get there.

Thank god for this site.

Debt_Free_Dreamer

I have loads of accounts with barclays, no problems all.