Provider with multiple 'named' savings accounts + good interest

Pricy147

Hi

I have to date used Inteligent Finance a my main savings account provider. They are not market leading for interest (around 0.5%) but have the valuable option of multiple 'savings jar's' which you can name. For example; 'Rainy Day', 'Car fund', 'TV License', 'Solar Panels FIT', etc.

This is really important for me as I have a standing order monthly that then divides up into the 10 or so savings jars i have.

I need to add more - but as IF are winding down - they will not accept new applications for additional jars.

Are there any other providers I can move to paying decent if not market leading interest? Renaming savings accounts is important so I know what each account related to. I know First Direct offer you more than one - but they cannot be named and interest is almost zero.

ColdIron

Tesco's Internet Saver pays 1.20% and lets you rename the accounts, you can have up to six of them I believe

Pricy147

ColdIron wrote: »

Tesco's Internet Saver pays 1.20% and lets you rename the accounts, you can have up to six of them I believe

thanks - good rate that!

Shame its limited to six - but could use it for my highest funded savings account

Pricy147

are you sure you can label the accounts? just phoned them up and they suggested you cannot do this?

AirlieBird

I think Ford Money allows unlimited accounts that can be named. Each account can also have a savings goal set up for it. They also offer a best rate guarantee meaning that you'll get the highest rate on offer unlike many other providers that will offer new issues if they want to increase the rate. Deposits and withdrawals have to be through a single nominated account and withdrawals will not reach your nominated account until the next working day

AirlieBird

Pricy147 wrote: »

are you sure you can label the accounts? just phoned them up and they suggested you cannot do this?

https://yourcommunity.tescobank.com/t5/Online-Banking/How-do-I-set-up-a-nickname-for-my-account/ta-p/76

Pricy147

AirlieBird wrote: »

I think Ford Money allows unlimited accounts that can be named. Each account can also have a savings goal set up for it. They also offer a best rate guarantee meaning that you'll get the highest rate on offer unlike many other providers that will offer new issues if they want to increase the rate. Deposits and withdrawals have to be through a single nominated account and withdrawals will not reach your nominated account until the next working day

looks perfect and also a good rate! Never even new Ford did financial products before!!!

Pricy147

AirlieBird wrote: »

https://yourcommunity.tescobank.com/t5/Online-Banking/How-do-I-set-up-a-nickname-for-my-account/ta-p/76

amazing! always a worry when the staff dont know their own products :rotfl:

ColdIron

Pricy147 wrote: »

are you sure you can label the accounts? just phoned them up and they suggested you cannot do this?

Yup, I've had so many of them I've changed the name of them all to add a sequential number using the 'Rename Account' option

Pricy147

Like the look of the Ford one - especially as unlimited accounts - going to apply now. Thanks for all the info and suggestions.....

Kim_13

I have labelled Tesco savers in the past, though the names only seem to appear in a certain view in Internet Banking. I don't recall the names ever showing in the app.

The Tesco Internet Saver has a 0.65% bonus for 12 months, so there would be some admin to change to fresh accounts for a higher rate each year. If the accounts were left, they'd only be earning 0.55% (current rate) after a year.

Ford are only paying 0.03% less with no changing after a year, so they may well be the best bet.