Are there any bank accounts with sections. Envelope banking

LeeLoo_2

I've found that the envelope banking method works for me. If the money is all in one big pot I tend to spend it. But I have made separate envelopes for petrol groceries etc. I would like to carry on this method for bigger savings.

The only problem is that I do not like having so much cash lying around. I prefer to have it in a bank account. But when it is in the account I faced the same problem of a big pot of money. I have set up a few different accounts. But it does not go far enough. I have calculated that with envelopes I would need 36 different accounts. Things like christmas, new curtains, sofa, holiday, dental work, car repairs etc

Are there any accounts that allow me to set up envelopes within one large account?

LeeLoo_2

I have heard of smartypig.com but that is not available in the uk

dzug1

ING used to - whether they still do now that they are Barclays, pass. But worth checking. And whether that number - ????

Gromitt

Barclays do them but not as many as you like, so you'll have to consolidate some funds:

A Savings Pot allows you to put your savings into different accounts or 'pots' and name them accordingly eg Holidays, Car, Bills. 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.

megela

I have all my savings in one savings account but have a spreadsheet to keep track of all my separate 'pots/envelopes'.

Dirk_Gently_2

megela wrote: »

I have all my savings in one savings account but have a spreadsheet to keep track of all my separate 'pots/envelopes'.

Same here - when I spend something I put a code letter into a column, and then my formulae allocate it to the appropriate "envelope"

agrinnall

IF still do it, but they stopped taking new customers so it doesn't help anyone who isn't an existing customer.

LeeLoo_2

megela wrote: »

I have all my savings in one savings account but have a spreadsheet to keep track of all my separate 'pots/envelopes'.

That's a good idea however I am not that organised or disciplined. I would be like ' there's fifty pounds - ill just take a tenner' . I need a birthday fund, Christmas fund, holiday fund, new sofa fund, car repair fund each with ten pounds so that it is very clear to me that when I spend on one thing I have taken money away from a named tangible thing.

Archi_Bald

LeeLoo wrote: »

That's a good idea however I am not that organised or disciplined.

You just have to get organised and disciplined. Life's a !!!!!.

Hominu

LeeLoo wrote: »

That's a good idea however I am not that organised or disciplined. I would be like ' there's fifty pounds - ill just take a tenner' .

If you are not that disciplined then what's to stop you thinking/doing "I'll just borrow £10 from my christmas fund and put it back later" ?

With a spreadsheet you just look at that rather than the online banking. Thats the only difference. The advantage is that you have all the information offline, so no internet access required. Plus, you can pick and choose a bank account with a higher level of interest and treat yourself once a year with the interest.

Chrisblue1962

The Principality Building Society do an online savings account that can be split into separate “savings pots” although the money remains within a single account.

There is further information on “savings pots” on their website so search for it there.

Hope this helps.