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The 'What's the best bank for piggybanking /jam-jar accounts?' Great Hunt

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  • roms
    roms Posts: 78 Forumite
    Been doing this for a few years now and have found Santantander and theAA to be the easiest with good rates,

    Have never tried tge spreadsheet but could imagine it to be a pain to msnage.
  • well after reading this I think i'm going with santander 123 and a spreadsheet... seems better then an ISA (when you only have £3000 in savings and not likely to get anymore).
    No longer Debt free
    EF - £525.27/£1000 New York £0/£1500
    SCC- £3000 SL overpayment £2500 M+D - £4000
  • debeast
    debeast Posts: 190 Forumite
    IF.COM

    +ve
    1) Super simple to open more accounts and name them what you like.
    2) you can have all the interests paid into 1 jam jar

    -ve
    1) Interest is not the best

    just my 2c
    -34k to 0 from september '05
    Debt Free, Stoozing King, Shrewd spender
  • reihtec
    reihtec Posts: 30 Forumite
    I second the suggestions for Nationwide and YNAB.

    Nationwide allows you to setup as many "savings" accounts as you need. I used to use this and a spreadsheet to track my budget and spending, but still struggled, especially with debt.

    I then bought YNAB (which was actually the first bit of software I ever paid full price for) and I would whole-heartedly recommend them. I can genuinely say that using YNAB has helped me pay off my debts several times, just by its simplicity and efficiency. (constantly getting back into debt is my other problem and a story for another day).

    Anyone that uses the multi-account or envelopes system will quickly get along with YNAB. The toughest thing for me to get used to was that all your accounts/wallet etc. are just the "pot" or "storage" for your money. All the amounts you have budgeted for bills, expenses etc. are kept in categories (your envelopes so to speak) and you spend out of the categories.

    They now do a 40 day trial and I recommend you try it. It is SO much easier than using multiple accounts and multiple people can sync to the same budget using the Android and iOS apps.

    Please note that I am not in any way affiliated with YNAB or Nationwide, but I am a happy user of both.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    innovate wrote: »

    How about MSE negotiating a deal with a couple of those budgeting software providers (add YNAB, which seems to get positive mentions regularly), and promoting them accordingly? Sounds like a win-win-win to me. MSE wins. The SW provider wins. The consumer wins.
  • This does interest me, one of the main bugbears I have with HSBC is that you can't assign a name or tag to various accounts. So my car savings account is just a number, as is present savings etc etc...

    The ways people are doing their own jam-jarring sounds similar to mine, i.e. a spreadsheet! But what really interests me is which banks have clued on to this as something customers want and let you either; pool money (that is all in one account) into different funds and allocate transactions to a 'fund' once it's been processed, OR set up multiple online savings accounts and name these so you can transfer from funds back into your main account when you spend some time on your finances.

    From what I can see below (feel free to add from your own experience):

    Lloyds:- Yes; Name accounts, multiple accounts. No; Allocate transactions

    Intelligent Finance (NO NEW CUSTOMERS?):- Yes; Name accounts, multiple accounts, pool interest. No; Allocate transactions

    HSBC:- Yes; Multiple Accounts. No; Name accounts, allocate transactions

    Nationwide:- Yes; Multiple Accounts. No; Name accounts (?), allocate transactions
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    You can (re-)name your HSBC and your Nationwide accounts at leisure. I have done it.

    Lloyds have a thing called Money Manager that does the 'allocations' you describe. TSB have the same though they call it something slightly different.

    Intelligence Finance is a dead end bank.
  • Archi_Bald wrote: »
    You can (re-)name your HSBC and your Nationwide accounts at leisure. I have done it.

    I'd love to know where/how on their website?! I've tried everything I could think of and even wrote to their tech support about 12months ago who told me it wasn't a feature they had available??
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Can't find it on HSBC now, sorry. On Nationwide, it's "Manage my details & settings" - "My site settings" - "My account descriptions"
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Alternatively if you use something like FD's Internet Banking Plus you log on and all accounts from all banks show. You can name them all whatever you want (though it doesn't help when you click through!)
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
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