anyone have savings account with 'pots'?

Swampmonster

Are any of these accounts with pots suitable for someone who is an undischarged Bankrupt?

Many Thanks

DevonGirl

This is a great idea. I'm on a DMP and am always spending my 'AA' and 'car repairs' money, even though it's in a savings account with my bank - it's just too quick and easy to transfer it over to my current account!

Sorry to be a dunce, but how do you set up the 'pots'? I'm looking at both the Principality and the ING accounts and can see how to set up a savings account online, but nothing about separate pots - is this really separate accounts?

Again, sorry to be a dunce - it's been a long day!!!
DG

LeeSouthEast

Separate accounts, just used as pots as you can change their names.

planning_ahead_2

DevonGirl wrote: »

This is a great idea. I'm on a DMP and am always spending my 'AA' and 'car repairs' money, even though it's in a savings account with my bank - it's just too quick and easy to transfer it over to my current account!

Sorry to be a dunce, but how do you set up the 'pots'? I'm looking at both the Principality and the ING accounts and can see how to set up a savings account online, but nothing about separate pots - is this really separate accounts?

Again, sorry to be a dunce - it's been a long day!!!
DG

Hi DevonGirl

I have opened the Principality e-Saver account. You only have one account and there is a very simple menu to set up 'pots' within this account. Basically all the money sits in one account, but then the 'pots' you create clearly show you how much you have saved towards particular items. You can have a maximum of five 'pots'. It was really easy to open and very easy to set up the pots and move money between pots if you want to.

HTH:beer:

Edit: Should have mentioned you can't do anything about creating 'pots' until your first deposit is received, and once that is received a menu to create pots and move money between pots becomes available.

scouselad1974

I to like the idea of having individual pots of cash, are the mentioned accounts linked to any of the big banks, I heard someone mention Barclays :eek:

LeeSouthEast

You can do it with Barclays. Just open multiple e-saver accounts and change the name in Online Banking. Bear in mind the interest rate is !!!!!! though !

scouselad1974

Cheers mate, Barclays are part of my DMP so anything to do with them is out of the question

LeeSouthEast

Probably not a bad thing when it comes to savings, given their interest rates

20thcenturycat

LeeSouthEast wrote: »

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.

Thanks for this suggestion Lee. How do you set up your Excel sheet? Do you have a template? I understand that when you pay money in to the total, it allocates it across your pots, but if you have to make a withdrawal, say it's car tax time so you empty that pot, does it work the other way - can you adjust the amount on one of the pots, and if you do does it adjust the grand total?

saorsie

Hi Lee

I do the same as you and have my separate pots in my ISA managed by a spreadsheet ~ however am a self confessed geek and am fascinated by your self updating totals. Don't suppose you'd care to share this wonderous spread sheet?!

Sorry for hi-jacking your very interesting thread
-s-