Sub Accounts

GBR2L

ML was talking about sub accounts for budgeting and putting money in on a regular basis to build up pots of money that can be drawn against to pay for holidays etc.

Can anyone recommend a building society/bank that offers such facilities?

Thanks

R34GTT

Yorkshire bank’s B account offers savings ‘pots’.

I believe Starling do something similar with their goals.

radoslaff

All the regular saver accounts do the same job with a much bigger interest than the Yorkshire Bank's B account. Take HSBC, First Direct, Nationwide, even Lloyds if you want.

Kim_13

Many posters here will use multiple bank accounts across multiple banking groups to achieve this.

For a bills account Santander 123/123 Lite or Natwest Rewards are popular, as they pay cashback on bills for a monthly fee. If not using such an account, then the Halifax Reward and Co Op Everyday Rewards for the reward payment when satisfying a minimum pay in and paying out direct debits.

For savings one of the interest paying current accounts, though many of these (Tesco for new customers, Bank Of Scotland) now require Direct Debits. Nationwide FlexDirect with no direct debit requirement and 5% on £2,500 for a year wins to begin with.

For spending, most would be looking for some kind of cashback via credit cards, but if wanting to spend on a debit card, TSB Classic Plus (for new customers since March 2017, until June 2018) currently offers some cashback, as does the Co Op Everyday Rewards. A Tesco Debit card earns Clubcard points on spending, though in most cases the other two would win.

The MSE guide to the best bank accounts may be useful: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts

AirlieBird

Not any use to you now, I know, but Virgin Money will be offering 'money pools' in the account for their new Digital Bank that is planned to launch next year.