Recommend a bank: multiple accounts

mrmat

Hello board,

Is there such thing as a bank account that allows you to have multiple 'sub accounts' or indeed separate accounts that come under the same banner as the main account (i.e. they share the overdraft, fees, account number)?

Kind of like a 'virtual' account?

I would like to be able to set up as many virtual accounts as I like within my main bank account, to help me budget for things. For example, let's say I want to buy a new bed in 3 years and want to pay £5 into a 'bed' account per week over 3 years. It would let me set up a virtual recurring transfer of £5 per week which I could set and forget. And another account like 'tax bill', so that I can set some money aside for that purpose.

As far as my bank was concerned, the total in my actual bank account would just be the sum of these virtual accounts.

If things got a bit tough, I could essentially remove money from my protected 'bed' account at any time.

Ideally I'd do all this online and each 'virtual' account would have no account number and no specific meaning when it came to my credit score - just a 'box' in which I could decide when and what to put into it.

I know I could just make a spreadsheet in which I could record totals for given virtual funds within my real account, but I'm quite a visual person and would appreciate seeing funds separated when I log on to online banking. It's just a perception thing, and it would really help my cashflow. It would also help me keep out of my overdraft; e.g. if my main account showed -£500, it would shock me into thinking I must stop spending, but if I had £1500 in my virtual accounts I would still be nowhere near the edge. I know - it's just a perception thing.

I don't mind paying for a bank account if I get good service and some inventive thing like that.

Are there any bank accounts that offer such a feature?

thenudeone

The only one with anything close is if.com which only allows SAVINGS accounts to be given an identifier.

However, I'm not sure of the point if you say:

If things got a bit tough, I could essentially remove money from my protected 'bed' account at any time

Years/Decades many banks used to offer "Budget Accounts" for regular outgoings such as quarterly utility bills, but since most people now pay such bills monthly, and monthly payments are usually available for other big expenditure such as insurance, they seem to have disappeared.

If you can afford it, it would be worth considering opening a regular saver account to put money aside for big purchases, some of which offer excellent rates (4-5%).

Probi

You could always open a few e-savers with your bank, this is what i have done and i don't believe they report to the credit agencies. Then i set up a standing order to the accounts so they slowly build up.
Any other transfers can easily be made through online banking.

The only problem with this is that they would all have different account numbers.

newyearnewme_2

yes - principality