How many savings accounts do you have - piggybanking?

louby40

I just wondered how many savings accounts people have? I have 3 at the moment


1 - for general savings which will turn into my ermergency fund hopefully
2. one for Christmas/car stuff
3. one for school trips ( my son wants to go to Iceland with school - £900!!)


Is there a limit to how many savings accounts you can have?

enthusiasticsaver

No limit. I don't keep savings accounts as such although I have 4 regular savings accounts, 1 stocks and shares ISA , 1 cash ISA and 7 current accounts which all pay better rates than savings accounts. 1 current account is a bills account with my OH and used for everyday household spends, holidays, and I have a personal current account for clothes, entertainment etc.


When money was tight though I used to do the same as you and have separate pots - 1 emergency fund and general savings and 1 Christmas and holiday fund and yearly bills like tv licence, insurances etc and then 1 for replacing car, furniture etc. When our daughters were born we also opened accounts to save for them.

louby40

You have SEVEN current accounts?? Wow!


I'm tempted to open another current account and then transfer a chunk of money over for day to day spending and leave the other one running with DD/SO etc


I think this may help me further with budgeting

SLZ

I have one savings account (virtually depleted), I've got 1 investment account with Saxo Bank (and a separate one under the family holding company) as well as 1 Club Lloyds at 4% and one HSBC Advance account with no savings rate but it has left over cash in it that I'm using to tide me over to my new job's pay check.

HappyMJ

louby40 wrote: »

I just wondered how many savings accounts people have? I have 3 at the moment


1 - for general savings which will turn into my ermergency fund hopefully
2. one for Christmas/car stuff
3. one for school trips ( my son wants to go to Iceland with school - £900!!)


Is there a limit to how many savings accounts you can have?

I've got far too many and there is no limit.

Current accounts currently 3 with Halifax, 3 with Bank of Scotland, 2 with Tesco, 2 with TSB, 1 with Lloyds, 1 with Yorkshire Bank, 1 with Santander, 1 with HSBC, 1 with First Driect, 1 with M&S.

Savings accounts with all of the above plus Nottingham BS.

chelseablue

At the moment two, I have the Santander 123 account (its a current account but I use it as my savings account) and a S&S ISA (that I haven't paid anything into yet)


When the Santander reaches the 20k limit for the 3% interest I will start putting into my S&S ISA

adindas

chelseablue wrote: »

When the Santander reaches the 20k limit for the 3% interest I will start putting into my S&S ISA

Which online platform are you using, good for dripfeeding about 25 K?
What fund/share are you holding??

Thanks

chelseablue

adindas wrote: »

Which online platform are you using or good if you want ti dripfeed about 25 K?
What fund are you haivng ??

Thanks

It's with Charles Stanley

Zoology_Dragon

About 20. They're e-accounts all within one account though (One Account). It's brilliant and has utterly transformed our finances.

La_escocesa

I'm working on moving everything into one bank account and then splitting money up into different 'categories' in YNAB. I've found this so much easier than shuffling money about constantly from account to account.

Nicolapink

I've just started this. I opened a flex account. It has no fee. I will transfer money into this to use through the month. I have three accounts with the one bank ( I've posted earlier in a thread about having debt and a few hundred in a savings account) I can't seem to let the emergency fund go. I know it's madness lol