Bank account that automatically transfers a % of each deposit

blazinbruce

Hi folks

We heard a while back that there was a bank account that would automatically transfer a % or a set amount from every deposit that was made into a current account into a savings account. Does anyone know which bank it is? This would be really helpful for us saving up for VAT - a direct debit isn't sufficient as we'd like it to be an automatic deduction of say 25% from every bit of income we receive.

Any advice much appreciated

:beer:

Opinion

How many deposits do you make a month? I would imagine it would be easier transferring it yourself than finding a bank that does so--if there even is one--and then having to switch bank accounts.

Suarez

Can't you setup a standing order for your estimated tax liability each month?

Pennywise

Get some decent book-keeping software and keep it up to date, and it will tell you in real time a running total of how much your VAT will be.

blazinbruce

I was asking for info on that bank account, not tips on how to save for VAT, but thanks anyway.

Aquamania

https://forums.moneysavingexpert.com/discussion/4862033

blazinbruce

Aquamania,

That thread directed me to this forum since I was referring to VAT

RupertTheCat

It's probably just as simple to do it manually. I transfer vat plus a percentage for corporation tax from every invoice paid, meaning I put too much aside which is better than too little.

DKLS

Not aware of a bank account that has that feature, could be useful, best I can come up with is putting a reminder in outlook to remind me to manually transfer the money. Bundled in with other company admin its not too bad.