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

Puddylove

Oh yes, I have a few accounts;
P Bonds - house deposit
HTB ISA - even more house deposit
Savings 1 - Redundancy/unemployment fund
Savings 2 -'Emergency fund
Savings 3 - pet costs
Savings 4 - vet bills
Savings 5 - car expenses
S&S ISA - additional retirement funds

I'm weirdly resistant to moving any money around, not sure why.

takman

I do things abit differently it seems but I see it as the logical way:

I regularly move my money around to different high interest current accounts and regular savers to get the most interest from my money.

I then use a spreadsheet to keep track of what amount is in each category such as holidays, car fund, long term etc.

If I had specific accounts for each category I would get a lot less interest than I do now.

Apodemus

I guess I have four accounts, but regardless of account I keep a track of numerous sub-pots within these. My salary goes into an account that is also my day-to-day spending account. I have Direct Debits that transfer out of this to my “bills” account, my “investment” account and my savings account on Day 1 of the month. The transfer to bills is actually about a dozen individual DDs one for each of my regular bills, so that I can average the bill spend across the year and adjust each one if prices rise (or fall). My “investment” account is in Premium Bonds until I have a suitable sum for the next investment (Dividends also get transferred in there as they come in). My Bills account also includes a line for depreciation of my car, so that rises every month.

After a while the bills account ends up with a reasonable sum in it, so some of this is held in the Premium Bonds, too. The Bills account also doubles as an emergency fund, although in practice, having all the bills annualised and averaged means that there is seldom anything so unforeseen that it isn’t already covered by one of my bills categories.

Sea_Shell

takman wrote: »

I do things abit differently it seems but I see it as the logical way:

I regularly move my money around to different high interest current accounts and regular savers to get the most interest from my money.

I then use a spreadsheet to keep track of what amount is in each category such as holidays, car fund, long term etc.

If I had specific accounts for each category I would get a lot less interest than I do now.

Same here....all our cash is maximised for interest, and spending/budget tracked with a spreadsheet. The cash is one big pot to us...not allocated for any particular "reason", just moved as needed.

Currently spread across....42 various accounts between us. OMG!!!! :eek::eek: (soon to be 43 once i can open M&S Reg Saver too.)