How to bucket out savings for different things?

dgerrard

This will come across as really ignorant, but:
How can I bucket out savings for different things?
For example:
We think we'll need a boiler replacement (£3000)
We want to look at a dishwasher (imagining £600) and a new fridge (£600)
Also want to save for a car, and get some plastering done, and and and.
I don't like the idea of just having one lump SAVE FOR EVERYTHING IMPORTANT account, because I can imagine thinking I have more money than I actually have, splurging on one item and then being out of pocket for the rest.
It looks like the only way would be, to open multiple savings accounts, which seems really daft.  Surely I could do something like, have a sub-account or savings pot within my account?
I currently bank with Santander and they've been pretty good to me, but does anyone offer a service like this?  I've done some research but haven't found anything outside of Monzo, and I don't have much trust in them at the moment.
Thank you for any help.

jazzyja

I read and instantly thought monzo. But then saw the end. I personally use monzo. I've about 6 money pots for various things. I think its great 

MovingForwards

Virgin and it's linked savings account allows 'pots' within the linked savings account. Multiple pots allowed, you just transfer money in then allocate it to a pot. 

You can even set goals and it says how much is needed for each pot and says how many % you have towards it.

I think Monzo do it too.

EarthBoy

Try Starling, which is similar to Monzo. You can have spaces, which are the same as pots.

Shakin_Steve

Not sure how many jars you can have with Pingit, but I'm up to four. You don't get any interest, but you don't mention whether that's important or not.

penners324

Don't Revolut have a similar setup to Starling & Monzo for Spaces/Pots...

magritte

What I do: I put the money in various savings account/s that offer some interest (e.g. Marcus, NS&I, some regular savers etc.) and keep a simple Excel spreadsheet where I allocate the total to savings categories: renovation, emergency, holiday, new computer and so on. Every time I add money to the savings account I update the categories in Excel. 
There is more sophisticated software that you could use... YNAB comes to mind, but for me Excel does the job. 
The idea of virtual pots is cool, but I have yet to see a good interest rate that comes with it. 

Archi_Bald

penners324 said:

Don't Revolut have a similar setup to Starling & Monzo for Spaces/Pots...

They might but they are not a good place for savings as they are not covered by FSCS. If they went bust, your money would almost certainly be gone. There are plenty of safe alternatives for savings

Archi_Bald

Shakin_Steve said:

Not sure how many jars you can have with Pingit, but I'm up to four. You don't get any interest, but you don't mention whether that's important or not.

Does Pingit come with FSCS cover?

ozaz

I would use Monzo for this, but doesn’t seem to be a bank you’re willing to use.

One option that hasn’t been mentioned is Hyperjar - whitch is designed specifically for this sort of thing. It’s an eMoney institution rather then fully fledged back so would have to be ok with no FSCS protection (same issue with Revolut).

 I’ve never used Hyperjar myself but thought I’d mention it

https://hyperjar.com/

Chino

Archi_Bald said:

Does Pingit come with FSCS cover?

Apparently money held in Pingit "jars" does not have FSCS cover. From the Pingit "What's a jar?" page:

Money in Jars is held securely by us at all times, but as an e-money product it is not covered by FSCS.

What's so difficult about simply creating a list or spreadsheet of savings goals I don't understand but each to their own.