Do you have different savings accounts for various things? If so, what?

Jlawson118

Personally I have my large savings which is perhaps for a big purchase in a long time to come, and then each week/month I split so much into there, a savings account for my car insurance, holiday money etc.

I'm curious as to how others on this forum manage there money and savings?

Flobberchops

Most of my expenses are budgeted from my main account, but I do have a separate Christmas savings account. It helps spread the cost of an inherently expensive month across 12 months.

MovingForwards

Current account one = wages in and direct debits out.

Current account two = car fund / emergency back up cash

Stocks&shares = retirement fund to top up whatever rubbish pension I have gathered up in working life.

1 year bond = legal fees for house

2 year bond = house deposit

Savings one = back up emergency money (1p a day savings challenge)

Savings two = monthly savings for house deposit which gets most of it pulled each December and locked away into savings bond. (52 week savings challenge)

Savings are then restarted in the January, new year new start kinda thing.

Bravepants

I have:


1. My central current account that I use as a "hub" to where my salary gets paid and from where various chunks of money are subsequently distributed to accounts below. Remaining funds in there for long term saving into emergency fund/pension/ISA/income funds etc. when cash builds up sufficiently.



2. Personal current account for monthly "pocket money" - mostly spent on beer and fuel!



3. Personal short term savings account for short term expenses...personal car servicing, dental work (I mention that as an example because I am having two wisdom teeth out next week costing me £260 - not sure which extraction is more painful teeth or cash!), clothes etc


4. Joint current account with Mrs Pants for monthly household bills, food etc.



5. Joint savings account for holidays.


6. Joint savings account for annual bills i.e., AA, house insurance, main car insurance - also use TSB's "save the pennies" feature into here from our main household current account.



7. S&S ISA


8. SIPP


9 General Investment Account

tacpot12

I have savings accounts for:

- Pets (principally Vets Bills)

- Home Maintenance (including savings for appliance replacement & repairs)

- Car Expenses (Road Tax, MOT, Insurance, Servicing)

- Birthdays and Christmas

- Miscellaneous Savings (principally for Holidays)

Skeptical_Saver

Personally I have;

Cash ISA - House deposit
HTB ISA - Even more house deposit
Easy Saver Account - More than enough going in every month to cover all household bills for when I buy a house, so it's not a shock to the system to see show much money going out.
2nd Easy Saver - New Car/Holidays/Christmas/Birthdays etc etc

reeac

One joint account which all income and expenditure passes through. Investments are kept separate. Keeps it simple.

System

Lol hey I've got too many. Essentially because I'm saving to buy a house.
But the crux of it is


Bills account, spending account and savings builder - all with Natwest
Credit union savings - to be used for XMAS
A few goal pots with Starling - one for car expenses, and one for miscellaneous things


One saving account for holidays




I have a Lifetime ISA - to save for deposit for house,
Then multiple regular savers (10) (1 limited access - 2 withdrawals per year allowed) that I fund throughout the year, all so I can get the best interest rates on my money and use to fill up my Lifetime ISA 4K limit before end of the tax year


Another regular saver - is for my building emergency fund


And I've also got another Internet saver (ATM access mainly, online too) - for when I need to take out cash, which is rare, so a pot will build up


And opened a Virgin Money current account which is so limited you have to use at the ATM or go in the store to take out cash (but you can use in shops etc) - which I'm also using to have a pot of cash that isn't really touched until needed (might use this to pay for new glasses or towards holiday)- haven't really designated a purpose for this yet...


All funded via standing orders

Doshwaster

Savings account - instant access for unexpected car/house repairs or extra money to pay for a holiday. Usually has £1000-2000 in it. Any money above that goes into longer terms savings or investments.

Cash ISA - penalty for withdrawing so only for use in big emergencies. Aim to have 6 months living expenses but I dipped into it for a new car last year so it needs building up again.

S&S ISA - retirement account on top of my pension. Short of buying another house I can't imagine withdrawing anything.

ianthy

Maybe I have too many accounts too but it helps us to manage things if they are spread across separate pots.
1. Personal account and savings account
2. Joint savings account for annual tax bill
3. SIPP
4. ISA’s - safety net
5. Joint account with partner for paying bills/mortg
6. Joint account with partner for managing income/bills from BTL
properties
7. Business account

enthusiasticsaver

We have simplified our finances over the last few months.

We have one joint current account which holds our emergency savings, pays all our bills and receives all income and pays 1.5% up to £20k. We also pay off our credit card in full each month which we use for fuel, supermarket and other spending from this account. Annual bills are also paid from here as is car and house maintenance and small trips away.

We have an internet saver and 2 Tesco current accounts paying 1.34% to 3% and this holds our remaining cash savings for other things like home improvements, new cars and annual holidays.


We each have a personal current account which holds our personal income which is paid to each of us from the joint current account. I have a personal savings account attached to mine partly to avoid the £10 monthly fee on my FD current account and partly to keep savings separate for big items I am saving for. Not a very good rate so I don't keep much in it.


All our other money is invested in stocks and shares isas, sharedeal income portfolios and SIPPs. I have one fixed term cash isa which matures at the end of the year which I will move into my stocks and shares isa.