Savings Accounts w/ "Pots"

BGM

Hi,

Simple question... does anyone know of an account or service whereby i can open many small sub-accounts within it perhaps?

Or ring-fence money in some other way, perhaps with labels or something...

Just got a couple of small-ish thing i want to save for over the next few months £500 - £1000 a pop..

Other suggestions welcome too.

Ty!

colsten

1. Pen & Paper or
   
2. Spreadsheet or
   
3. a personal finance software package

YorkshireBoy

You talk of both "many" and "a couple". Which is it?

freezspirit

Low interest rate but can have several Tesco internet saver accounts that you can rename to whatever you want.

BGM

colsten wrote: »

1. Pen & Paper or
   
2. Spreadsheet or
   
3. a personal finance software package

i already do this, this is aiming to simplify things

YorkshireBoy wrote: »

You talk of both "many" and "a couple". Which is it?

more than one, less than 10... perhaps a little pedantic what were your suggestions either way?

freezspirit wrote: »

Low interest rate but can have several Tesco internet saver accounts that you can rename to whatever you want.

this sounds like a potential... it's seriously short-term (~6mo), and low value so not fussed about the rate, will investigate. Ty!

jimjames

Some people seem to think opening multiple current accounts is a hassle. For you it might be the solution.

xylophone

You have various options - you might open a Nationwide Flex direct account, fund it with £1000 a month and transfer £500 monthly to the Flex monthly saver.

You might open a couple of Tesco current accounts and fill them up to £3000 each.

You might open a TSB Plus current account.

You might combine the above...

bowlhead99

I have a bunch of instant access savings accounts with Lloyds as I've been using them for years and when the rate drops far enough the account falls into disuse but I never get round to closing them, so have quite a few on my online banking screen. The rates are quite poor but better than nothing. They can all be renamed to something more useful from within the online banking website.

So for last few years I have a dedicated holidays account, a car insurance/maintenance account, a clothes account which I feed by standing order. Those tend to be the main items I don't spend on every month but know I'll want to be able to dip into a few times a year to be able to spend £1-2k without disturbing my other main savings and investments. I could get higher rates by having them all be high-interest current accounts with different banks and have minimum amounts of money paid in and out of them each month, but it's a distraction I can't be bothered with for a few thousand pounds total.

The stuff I buy every month like groceries and bills just gets paid from my normal interest-paying current accounts. The longer term general savings which isn't going to get spent on the other more short-term items above, goes in 'regular savings' accounts with e.g. Lloyds or Nationwide earning higher rates.

YorkshireBoy

BGM wrote: »

more than one, less than 10... perhaps a little pedantic what were your suggestions either way?

A pair of Tesco current accounts for 2. More info (number and money involved) required for other permutations.

colsten

BGM wrote: »

i already do this, this is aiming to simplify things


more than one, less than 10... perhaps a little pedantic what were your suggestions either way?



this sounds like a potential... it's seriously short-term (~6mo), and low value so not fussed about the rate, will investigate. Ty!

Surely, if

• you already use pen & paper, a spreadsheet as well as a personal finance package
• all that's involved is around £1K
• the period to keep the money is "seriously short term"

then opening several accounts to divvy that money up in is anything but simplifying things?

AnotherJoe

Barclays do this. I think you can have about a dozen 'pots'. I find it quite useful, I have a variety such as 'holidays', 'car' etc and have regular standing orders that transfer the money into these from my 'main' current account at the start of each month.
Yes I could keep a separate spreadsheet but I find this easier and clearer, for example when I look at my current account its just the day to day money available for spending 'uncontaminated' by savings for major events and its simpler than having numerous 'real' bank accounts. And at a glance I can see how much money I have for thinsg such as holidays without updatinag spreadsheet all the time.

It does help that I have an offset mortgage associated with this otherwise it would probably be better to have 'real' bank accounts of the high interest variety and put up with the hassle.