Piggybanking

Cat4321

Hi I’m new to this and want to open lots of savings account for different pots. I’m with nationwide. Can I do this with them?

Also heard about mono account on here but not sure what it is, COD people recommend monzo? I’d rather keep to nationwide if o can as long as I can get lots of savings accounts. Thanks

[Deleted User]

What are you actually trying to achieve here?

kuratowski

I think OP is trying to improve their budgeting, based on their thread on DFW. And the MSE budgeting guide does point to piggybanking, so here we are.

Cat4321, it's true that you can manage your money by physically moving amounts into separate accounts, but it's quite a lot of faff. Some banks offer the ability to split a single savings account into multiple pots - e.g. Virgin Money has this facility (I know this firsthand), and I think Monzo does too (or so I've heard). An alternative approach is to use apps to virtually separate your money while keeping it all in one account. For this, some use YNAB (including me) but I've heard talk of other systems such as Clear Checkbook / Mvelopes.

Some more discussion here:

https://forums.moneysavingexpert.com/discussion/6075062/where-are-posts-about-budgeting

Cat4321

Thank you I’ll have a look at these

afis1904

If you want to have it all on your phone I would also advise checking out Yolt or Money Dashboard. You can link your accounts and set a budget for every category of spending

LobsterMemory

The trouble with sticking with Nationwide is that, now they've closed down the Loyalty Saver to new business, they don't offer accounts where you can quickly transfer funds in and out on a regular basis while getting a reasonable rate of interest.

After all, you want a little reward for being careful and putting money aside otherwise you might as well use pen and paper and a bit of willpower

getmore4less

Budget properly do don't need piggybanking.

18cc

Would suggest Starling Bank and its savings pots feature is one option - download the app to your smartphone, apply for an account, get a debit card, sort code and account number (so you can easily transfer money to Starling from eg Nationwide via faster payments). Once the money is in your starling account, use the app to transfer it to different pots.

https://www.starlingbank.com/blog/6-ways-move-spending-saving/

SnowTiger

If you have a smartphone you could open a Barclays current account; then open a Barclays Pingit account that will be linked to it.

Pingit allows punters to set up savings pots. For example groceries, household bills, car, nights out, etc.

You can get a debit card for the Barclays Pingit account. The card can be assigned to a savings pot on the fly.

You assign the debit card to the groceries pot to use it at Tesco.

You assign the debit card to the bills pot to pay an electricity bill.

You assign the debit card to the car pot when buying fuel.

Savings pots don't earn interest, but I guess that's not the end game here.

Pingit allows you to have all your savings pots in one place and you can spend from whichever you chose using one debit card.

colsten

IIRC, the new Virgin Money current account offers piggybanking / pots https://uk.virginmoney.com/current-accounts/pca

Cat4321

Thank you all for your thoughts and advice