the five piggy banks

mrl_4

Hello everybody, this is my first time in a forum so please be gentle. I recently read Martin's The Money Diet and was particualrly struck by the five budgeting piggy banks. Does anybody know what the easiest way is to set these up without raising suspicions that you're a money launderer? My ex-bank-manager uncle suggested that I set up a budgeting account a while ago but he said not to tell the bank what I wanted the account for as they would charge/get suspicious. Any tips/advice would be really appreciated. Best wishes

mrl

Valley's_girl

Hi Mrl
Welcome :wave: I don't have any advice for you but I am sure someone will be along shortly to help you.
Ally xx

Burlesque_Babe

Hi mrl

If you just want a basic bank account for budgeting I can't see this is a problem. Some savers have loads of regular savings accounts.

i've got 1 main current a/c and two parachute ones - I opened them in case my bank closed my a/c when I was re-claiming charges and nothing was said.

I don't think you will have any problems at all unless you have a few million to move through!

Ignatius_A

If you have a Halifax current accountand use Internet banking, they will allow you to open up to 5 web savers.

These web savers can be either with or without a cash card (the ones without a cash card garner more interest)

(they used to offer 10 of these accounts. Unfortunately this has been reduced)

yellowmonkey

Hi

As ignatius States i have 5 savings account with the Halifax and i use them as virtual piggy banks. Have yet to be confronted about money laundering.

ym

climbgirl

I've got a current account with HSBC and two savings accounts with them that I use for bills and christmas savings accounts. I keep them at the same bank so they can be transferred instantly.

My "serious" savings accounts/ISAs are with 3 other different banks because their rates are better than HSBC.

I think the practice of using a couple of savings accounts as piggy banks is quite common, I've never heard of anyone being accused of money laundering over this (I'd imagine the amounts would generally be on the small side).

Skint_Catt

Don't these websavers lose interest when you take money out though? Or need a certain level of input every month? Or am I thinking of something else?

C xx

yellowmonkey

Skint_Catt wrote: »

Don't these websavers lose interest when you take money out though? Or need a certain level of input every month? Or am I thinking of something else?

C xx

To be honest i am not a great saver i just use them as virtual 'Jam Jars' to help me budget. Works though.

ym

climbgirl

Skint_Catt wrote: »

Don't these websavers lose interest when you take money out though? Or need a certain level of input every month? Or am I thinking of something else?

C xx

it depends entirely on the individual account. Obviously check the terms and conditions on the account you choose to make sure you won't be stung for constant withdrawals etc.

To be honest, I don't care about the interest rates on my piggy bank accounts. the amount of money in them is only ever a few hundred quid so the difference is pennies rather than pounds. It's far more important to have one that I can withdraw from without penalty, have no funding requirements and easy access. Which is why I usually pick a simple savings account from my current account bank.

This changes completely when I'm looking at accounts/ISAs for my savings of course!

Lillibet_2

Hi

I have a basic savings account wiht Barclays which can be sub-divided into up to 12 seperate "pots" with different titles, ideal for budgeting! You get online & telephone banking wiht it as well as the usual in-branch access. It accrues interest on the total in all the pots but at quite a low rate.

HTH;)