bank account with 'pots'

solentsusie

Jacko_amz wrote: »

How do I close threads? I asked a question but people seem very intent on enforcing there opinions about the topic than helping me.

Hi

Yes, that does happen a lot on here, you will find threads are taken over and taken completely off topic.

I am sure Archi Bald must have plenty of good advice as he seems to know a lot about this topic. I shall wait with you to be enlightened.

Archi_Bald

solentsusie wrote: »

I am sure Archi Bald must have plenty of good advice as he seems to know a lot about this topic. I shall wait with you to be enlightened.

I suggest reading about on the forum for enlightenment. It's a lot more rewarding than waiting for spoonfeeding as spoonfeeding might never happen.

Archi_Bald

fuzzgun19 wrote: »

Can you recommend any of these apps? I've never heard of this.

YNAB is one that gets tons of mention on here. Anyone with a smartphone can search their favourite app store for budgeting apps.

Bublin1

I use Natwest.


I have 2 current accounts
6 savings e-savings accounts
1 ISA
2 children's ISA's


All are listed alongside each other when I log in - the dashboard. The App is just the same but in a simpler format.


You can re-name the accounts. Mine are now called Car Repairs, Emergency Fund, Gym/Dance Fund, Holiday Fund.......


You can very simply switch funds between accounts either online or on the App.

colsten

Out of interest (no pun intended), what are the interest rates on your savings account and on the ISAs?

EDIT: been looking round the Natwest website.

It appears that

• the adult ISA pays a max of 1% AER, or may be 1.5% at a push (http://personal.natwest.com/personal/savings/isa-overview/isa-existingcustomers/isa-product-information.html)
  
  
• there are no rates for children's cash ISAs, so may be the children have S&S JISAs?
  
  
• instant saver is max 0.75% AER, more likely 0.5% (http://personal.natwest.com/personal/savings/instant-saver/product-information.html)

With inflation still running at 1%, there's a good chance that you are actually losing money by keeping it in those Natwest accounts. Keeping money in such accounts doesn't sound very money saving expert as you can easily get 4 or 5 times as much interest as Natwest are paying, and not lose anything to inflation.

mgdavid

Jacko_amz wrote: »

How do I close threads? I asked a question but people seem very intent on enforcing there opinions about the topic than helping me.

What is not helpful about post #4?
Have you tried following that good advice?

Fruit_and_Nut_Case

Jacko_amz wrote: »

Hi everyone!

I'm on my way to sorting my finances and clearing my pesky debt, I would like to open a new bank account which i can divide up into separate pots within that account. instead of having 5 different bank accounts. is there such bank accounts out there? i don't want one with an overdraft as i'm working to clear my current one.

Thanks in advance
Amy x

Quoted for posterity.

scattersong

As above Natwest is good for this with several instant savings accounts. Easy to move money around online.

Alternatively YNAB uses 'imaginary' pots if you will, not caring about the actual physical location of your cash. (Idea is then that you can stick your money into high interest accounts and not worry about spending too much). Downside, takes a little getting used to.

Archi_Bald

scattersong wrote: »

Downside, takes a little getting used to.

It's a tiny little investment (mainly in time) into your own future. Having structured budget management skills for the rest of your life is a huge upside. It is also totally independent of any banking facilities so completely flexible.

alanq

Although not a bank account as such I see that FFREES offers "digital Jam Jars".
https://www.ffrees.co.uk/

I am not convinced that this account, or other such accounts are generally a good idea but so many people are looking for this feature that I thought it worth mentioning.