One account but different 'pots'/'pockets'?

savageHK

I'm wondering if any banks provide something where your balance (savings or current) is divided into different 'pots' or 'pockets' - so if you're saving for a few things you could have a different pot for each.

I know you could just open different accounts for each but that gets more complicated to keep tabs on especially if they span multiple banks.

Otherwise I guess it's time to get down with a spreadsheet, although it would be so much easier if balances etc were automatically updated!

davethorp

Different accounts is probably the way to go. Most bank's Internet banking will allow you to rename them to something more useful which would help keep track. Some also allow you to link saving goals to accounts again to help keep track and help you stay on any saving targets you have

madgagoo

Have a look at https://www.ynab.com bit of software that does what you want. You still have one account but it divides your money up as you tell it to. Great way of budgeting, if you ask me.

janusdesign

Intelligent Finance (www.if.com) used to do this... they may still but its years since I had an account with them - you used to be able to separate your savings into "jars"...

Chrisblue1962

I believe you can do this is possible with ING savings accounts, although you can only open an account by sending a cheque.

I don't have a cheque book (basic bank account only) , so no account

getmore4less

Use budgeting software or spreadsheets and do a proper job of money management.

By using pots you eliminate the best rate accounts

An alternative to pots a single account with planned cash flow total will do the same job.

cheltenhamgal

http://principality.faq-help.com/#

The principality have a "savings pot" facility on their E-saver account. You can have 5 "pots" they all receive the same interest rate. Type "pots" into their search field. Very easy to set up an account minimum deposit £1

housesitter

I believe that Natwest do this with their online banking service, but I just have multiple accounts - they were in place before they started offering the service.

Chrisblue1962

cheltenhamgal wrote: »

http://principality.faq-help.com/#

The principality have a "savings pot" facility on their E-saver account. You can have 5 "pots" they all receive the same interest rate. Type "pots" into their search field. Very easy to set up an account minimum deposit £1

Thanks Cheltenhamgal, I've already got an ISA with them so I'll pop over to the website and have a look...