Savings Account - with seperate pots

guzzles

Hi, can anyone help?

I currently have a Open Plan account with the Woolwich, with 6 seperate saving pots in it. I used to Offset this against my mortgage, but recently reverted to their tracker. When I was offestting it was tax efficient, now its just a lousy rate, plus taxed.

I would like to open a competetive savings account, but one that offers the same pot arrangement(excuse the lack of technical terms!). I would also like to open it in my daughters' name to use her tax allowance as the funds amount to around 5K. If an ISA is available with POTS then I might get one for me and my wife.

Any suggetsions gratefully received?

RayWolfe

Nationwide have an E-Savings account attached to their current account. It pays 5.25%. You can have as many of these as you want, equating to your pots. There are probably others. I doubt you will find a multi-pot ISA.
Be carefull about putting cash in childrens names, there are tax implications.

morg_monster

I think the Nationwide e-savings account pays 5.05% gross at the moment, see http://www.nationwide.co.uk/savings .

Thanks Ray for the tip about opening more than one - I never knew that.

Somewhere or other a MSEer wrote a spreadsheet which keeps track of saving to multiple 'pots' where all the money goes in one account, I don't know whether you might find that useful. I don't know where the post is but the users name is eagerlearner (not sure about capitals or any punctuation in the name). I could email it to you if you PM me.

cloud_dog

ING do it but, lousy IR. As I am closing mi ING had the same question; someone advised Sainsburys internet (5.25%) allows multiple pots - need to check it out.

cloud_dog

toontastic

http://www.sainsburysbank.co.uk/savings/sav_internetsaver_is_skip.shtml?source=NETHMPAGISAVMAIN0001 should help

RayWolfe

morg_monster wrote:

I think the Nationwide e-savings account pays 5.05% gross at the moment, see http://www.nationwide.co.uk/savings .

OOOPS!
Sorry, slip of the brain.

Cypher

Thanks for the Sainsbury's info. I think I'll give them a try as a back up for IceSave and with the multiple linked accounts it might even be a better option anyway.

I had just looked at opening a YBS 5.30% account but they want me to take my Driving licence and Address ID into a branch to get it verified. I've been a customer for 20 years and they have no problem taking my Mortgage money each month, I even remortgaged with them last year to get a better deal, so they have all my details on file. :mad: