Account with multiple pots for budgetting

Kallisti

For a while I've had two accounts. One where my pay is lodged and anther where all my regular outgoings come from. For various (good) reasons, I'm closing one and down to one now, but I'm relaly going to miss one thing.

Every month, at the start of the month, I estimated my upcoming outgoings and transferred the money over to the second account. I then spent from the first one and had a very clear view of where I was financially.

This simple thing really helped with budgetting.

Other than doing the same (opening two accounts), do any banks and/or their apps offer anything similar? A way of visualising your actual position without having to figure out which payments had and had not yet gone out of the account on a particular day?

Offset accounts used to do them, but I'm not even sure any now exist for new business?

Thanks.

riotlady

Have you tried YNAB? It's an app that lets you assign all your money into budgeting categories at the start of the month and then spend from those categories. So you wouldn't see your money in different pots looking at your bank account, but you would looking at YNAB.

polymaff

Offset accounts - nowadays often referred to as Sweep or Sweeper accounts are less common nowadays. RBS do systems called Regular Sweep and Safety Net.

https://www.rbs.co.uk/personal/ms/g1/money-manager/additional-services.ashx#tabs=section2

Barclays used to do them, but I can't see any evidence - and who knows how stable RBS will be.

Given that many bank accounts offer pretty good interest rates per se, the original rationale of sweeping to a secondary account has vanished.

SuperHan

Halifax has a "money left until payday" feature which looks at your current balance and deducts any direct debits it expects to come out before you are next paid, which may do what you need.