anyone have savings account with 'pots'?

LeeSouthEast

It takes a bit of discipline.

miss_missy

LeeSouthEast wrote: »

Rather than tie yourself into a provider that might offer what you want, but not the best interest rate, you could consider doing what I do..

Chase the very best interest rate...and just sort your 'pots' out in a spreadsheet.

hi lee
thanks for the imput but for how long the money i place in the pots is there and the little amounts that move in and out between them and paying bills theres not much point in spreading all over the place besides for the first year there interest rate is 2.50% so not bad at the minute there is little money in savings anyway and cant be hassled keeping anymore spreadsheets i already feel like an accountant
i have a savings for my actual savings with tesco at 2.75 this year that gets moved around to which ever account gives most interest

planning ahead thanks for the info was it easy to open the account? do you have to wait for paperwork to sign before the account is official open? sorry for all the questions just thinking i might open one tomorrow
thank you

LeeSouthEast

I don't spread cash all over the place, I keep it all together in one place. When the introductory rate expires, I move it all to the next one, and so on. The spreadsheet is just used to say how much of that account total is for each 'pot'.

It's not for everyone; just throwing it out there.

speedycat

Glad I found this - it's just what I was looking for thankx

roxiepie_2

Thanks for all your replies everyone!

Lee, I was thinking that might be an easier option. I'm just worried I would find that if I didn't have another money in one pot I would be tempted to 'borrow' it from another. Knowing me I'd end up getting in a muddle!

Just waiting for my pound to transfer into the Principality account. Hopefully then it will become clear as to how I can get my 'pots' going.

Ames

Ah bummer, if it's part of Barclays I can't use it

brightonman123

www.sainsburysbank.co.uk lets you set up side accounts online- though transfers still take up to 3days as for a BACS.. ? get in early in the day though, usually done quite quickly.

roxiepie_2

brightonman that's interesting - i have a sainsburys online account. Can't see anything on their menu when I sign in, do i have to apply for them?

thanks

brightonman123

i thibk you do- should be simple enough, if already with them.

their new (freefone, from bt landline i guess?) is 0500 40 50 60.

LeeSouthEast

The way I do it is one spreadsheet keeps a 'tally' of what's in each pot, by reading another 'sheet' in the book that I use as a ledger. Every time money is paid in, the ledger is updated which then alters the total of the 'tally' sheet.

This way, it is possible to 'borrow' from one pot to another, if you need to do that. But it also makes you feel guilty and repay it when you can.