Money management account idea for the Banks

zerog

I use Excel for this.

ColdIron

Hominu wrote: »

barclays allow you to setup upto 12 savings pots as you describe.

Which brings me to another problem: If you have multiple pots on a savings account, in which pot would the bank put your interest payments?

Thanks for that, I never knew the limit was 12

In the Barclays world, as these are actually separate accounts, the interest is paid into the relevant account

Hominu

ColdIron wrote: »

In the Barclays world, as these are actually separate accounts, the interest is paid into the relevant account

But apparently based on the total value of all the pots:

"You can hold up to 12 separate pots but interest is still calculated at a rate that applies to the total balance of all pots. "

So there must be more to it than just "12 separate savings accounts".

Also,
"If you are offsetting your savings against your mortgage balance, the total of all the Savings Pots will be used. You can also choose to offset some or all of your pots against your mortgage to reduce the amount of mortgage interest you pay. Any pots you choose to offset will not earn credit interest or be included in the total savings balance for the purpose of determining the interest rate paid on any pots receiving credit interest."

ColdIron

We must be talking about different products, I was referring to the e Savings Reward. They have different interest rates depending on whether you withdraw in a calendar month or not - 0.85% and 1.25% - so they are always paid per account

rb10

It's just a matter of the terminology used - Barclays call them 'pots', although they are really separate accounts. Same thing.

Although at only 1.25%, why you'd want even one Barclays e-Savings account is beyond me.

ColdIron

The rates are shocking but they would seem to address the O/Ps original requirement - short term folders to set aside money - but with the added bonus of a soupçon of interest

pmduk

Hominu wrote: »

If its a savings account then you will not be able to have DDs or SOs setup on the account, only to be able to transfer money between the pots and other accounts, so no fear of exceeding the balance or the bank taking money from the wrong 'pot'.

Fair enough, but the op originally referred to a current account.

rb10

ColdIron wrote: »

The rates are shocking but they would seem to address the O/Ps original requirement - short term folders to set aside money - but with the added bonus of a soupçon of interest

No, because even though they describe them as 'pots', they are in fact just separate accounts, exactly the same as you could get from any bank, e.g. Halifax Websaver, Nationwide e-Savings, etc.