Savings account customisation query

swagster92

Does anyone know of a savings account with a yearly interest rate above 1% that will let me change the name to what ever I want (e.g. "Holiday Fund 2020"). It can be a notice account, but ideally I am looking for something that pays interest monthly.

Any suggestions are welcome, thank you!

butterflymum

Tesco Bank have just such the thing.

Edit - ah, didn't see you want monthly interest.

Rheumatoid

Natwest Savings Builder but you need to deposit £50 a month and have a current a/c with them. Pays 1.5%

colsten

Rheumatoid wrote: »

Natwest Savings Builder but you need to deposit £50 a month and have a current a/c with them. Pays 1.5%

It only pays 1.5% if your balance grows by £50 a month, and only up to £10,000.

colsten

swagster92 wrote: »

Does anyone know of a savings account with a yearly interest rate above 1% that will let me change the name to what ever I want (e.g. "Holiday Fund 2020"). It can be a notice account, but ideally I am looking for something that pays interest monthly.

Any suggestions are welcome, thank you!

Just use a personal finance manager to create virtual pots, and keep your savings in an account that pays decent (relatively speaking) interest.

A personal finance manager can take many forms - the simplest version is pen & paper, one step up is a spreadsheet such as Google sheets, or you can get a full-blown software package like YNAB.

swagster92

butterflymum wrote: »

Tesco Bank have just such the thing.

Edit - ah, didn't see you want monthly interest.

Thanks! Not a deal breaker so may consider this.

swagster92

Rheumatoid wrote: »

Natwest Savings Builder but you need to deposit £50 a month and have a current a/c with them. Pays 1.5%

Good interest rate but I need something that requires no monthly minimum. I want to add exact amounts as and when I see fit. Thanks for the suggestion though

Tom99

If you are sending money to this new account by faster payments you can call the payee whatever you like so 'Holiday Fund 2020' would be fine.

swagster92

colsten wrote: »

Just use a personal finance manager to create virtual pots, and keep your savings in an account that pays decent (relatively speaking) interest.

A personal finance manager can take many forms - the simplest version is pen & paper, one step up is a spreadsheet such as Google sheets, or you can get a full-blown software package like YNAB.

Thanks for the suggestion, but this account won't have more than £1k in at most, so not really bothered about making an extra £5 for the work involved in this.

swagster92

Tom99 wrote: »

If you are sending money to this new account by faster payments you can call the payee whatever you like so 'Holiday Fund 2020' would be fine.

How does this change the name of the account?

bowlhead99

swagster92 wrote: »

Thanks for the suggestion, but this account won't have more than £1k in at most, so not really bothered about making an extra £5 for the work involved in this.

The account won't have more than £1k at most so 1.5% interest is only £15 at the most and 1% interest is only a tenner at the most after an entire year, and likely less. An account paying a percent per year is only 83p a month at most. So it really can't be important to get paid the interest monthly, when they are so small.

You don't want the hassle of doing paperwork to run spreadsheets etc for an extra fiver - so do you really need the hassle of opening up a new name-changeable bank account with a bank you don't currently use, just to get 80p a month of interest? When you could just open up a new account at your existing bank?

Lloyds let you have as many accounts as you like and change their names but only pay a paltry rate of interest unless you are using their regular saver options for the better interest rates (and you can only have one of each of their types of regular savers).

But if it's really just the functionality of easily renamed accounts that you're after, because paperwork is not worth £5 of your time, I would give up on trying to get a high rate of interest on £1000 spread into multiple accounts.