Which UK bank is best for sub-accounts to help with budgeting?

wisey3000

Hi readers,

I'd like to be able to open an account where I have online access and can set up lots of sub-accounts in one bank for things like groceries, utilitity bills, xmas etc. The thinking behind this is that I can then have lots of little pockets of money i can control at my fingertips.

I spent a year in Australia and banked with NAB and this process was super easy. In the UK, I previously had an account with Barclays who limited the number of sub-accounts I could open. And Smile told me they don't presently offer what i want (surprisingly!)

Can anyone let me know where is best to help me on this need?

Many thanks!
Paul

nicole.deleur

Hi there, did you manage to get an answer on this at all? I am planning to do the same and so far neither my husbands, nor my bank cna do it. Thanks

mrmat

For reference, I posted the very same question this morning.

(Tried to post a link to the thread but I'm a new user and can't post links - see my thread "Recommend a bank: multiple accounts" in this sub forum.)

I too am interested in such a facility. Seems like something that could be very simple for a bank to implement...

simax

Why not just open e-savings accounts? That's what I have done? I've got 6 of them, and an ISA

R34GTT

simax wrote: »

Why not just open e-savings accounts? That's what I have done? I've got 6 of them, and an ISA

I've done the same, with Halifax you can name each Web Saver too, I have 5 Web Savers and an ISA. They are instant access so what I have done is set up monthly standing orders to each one with the appropriate amount to cover any annual bills like car insurance, service charges or road tax. When a bill is due I just transfer the required amount to current account and pay it! Simple and earn interest in the mean time.

I was going to do it with First Direct but you just end up with a whole load of E-Saver accounts which all have the same name, so you'd have to check each account number against your list of 'pots', possible but a bit annoying. Plus the interest rate was only 1% vs 3% at Halifax.

mrmat

simax wrote: »

Why not just open e-savings accounts? That's what I have done? I've got 6 of them, and an ISA

Great - thanks for the tip!

As R34GTT mentioned, the Halifax allows you to give the accounts a name.

Do you know if the Barclays E-Saver account does the same?

Thanks

Mat

mrmat

mrmat wrote: »

Great - thanks for the tip!

As R34GTT mentioned, the Halifax allows you to give the accounts a name.

Do you know if the Barclays E-Saver account does the same?

Thanks

Mat

I'm answering my own question.

Just set up an e-savings account with Barclays - the process was instant and painless (i.e. no credit check), and I was able to name the account as I wished.

Hurrah!

(NB can also rename all my other accounts online - didn't realise!)

Thanks!

smartiedriver_2

I have multiple Santander e-saver accounts, and you can 'name' them as you wish.

I also have several HSBC current a/c's with different names, but these have been open a long while, don't know if they will still let you do this, although I see no reason why not.

mrchagle

Hi MrMat

Do you know if the Barclays are monthly interest?

Thanks

mrmat wrote: »

I'm answering my own question.

Just set up an e-savings account with Barclays - the process was instant and painless (i.e. no credit check), and I was able to name the account as I wished.

Hurrah!

(NB can also rename all my other accounts online - didn't realise!)

Thanks!

mrchagle

smartiedriver

Can you have multiple e-saver accounts with Santander?

I thought it was only one per customer?

smartiedriver wrote: »

I have multiple Santander e-saver accounts, and you can 'name' them as you wish.
.

heloid

First Direct have opened me 3 full current accounts.