Bank Account That Allows Ring-Fencing

brizboy

Is there a bank account that allows users to divide up money in an account into separate pots? Currently I am saving for a few different things and I have created separate bank accounts for each, which is becoming a pain.  It would be far easier if I could have just 1 account but be able to 'ring-fence' into sections

jay1804

Monzo and Starling have 'pots' , however the interest rates aren’t very high.

colsten

Starling, TSB, Virgin all offer 'pots', and you can have multiple accounts, often even of the same type, with most banks.

It is, however, not necessarily wise to have all your money with a single bank. What if there is a problem with the bank, and you can't get at any of your money?

[Deleted User]

Definately agree there with @colsten , more than 1 account is prudent.

tacpot12

I have an Excel Spreadsheet to create pots within a savings account I have.
I enter all the deposits and withdrawals into the spreadsheet with a label to say which pot they relate to, and then use a SUMIF function to add up the total that is in that pot. SUMIF will only add a number into the total if a condition is met - in my spreadsheet, the condition is that the label matches with the name of the pot. 
I also have a formula that calculates the value of deposits made to the account as these are made by standing order. 
I could send you a sample by private message if you have Microsoft Excel.

Eco_Miser

tacpot12 said:

I have an Excel Spreadsheet to create pots within a savings account I have.
I enter all the deposits and withdrawals into the spreadsheet with a label to say which pot they relate to, and then use a SUMIF function to add up the total that is in that pot. SUMIF will only add a number into the total if a condition is met - in my spreadsheet, the condition is that the label matches with the name of the pot. 
I also have a formula that calculates the value of deposits made to the account as these are made by standing order. 
I could send you a sample by private message if you have Microsoft Excel.

The SUMIF function, and the vast majority of Excel functions, are available in OpenOffice.org Calc and LibreOffice Calc, which happily import Excel spreadsheets. So if the OP happens to have either of those (they're free) the offer of a sample should still be good.

RetSol

I have an Active Savings account with Hargreaves Landsdown and have started to use that as a "one-stop shop" for a number of accounts/pots.