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

savageHK
Posts: 1,253 Forumite
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!
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!
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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 have0
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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.0
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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"...0
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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 accountDFW'er - Lightbulb moment : 31st July 2009 - £18,499
28th October 2019 - £13,505 - 27% paid off.
Demolishing my House of Debt.. one brick at a time!!
Thinking of spending???..YNAB says "NO!!!!"0 -
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.0 -
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 £10 -
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.0
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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...DFW'er - Lightbulb moment : 31st July 2009 - £18,499
28th October 2019 - £13,505 - 27% paid off.
Demolishing my House of Debt.. one brick at a time!!
Thinking of spending???..YNAB says "NO!!!!"0
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