Looking for an account that allows me to save 'pots' of money - what would you recommend?

Moneyminded

Hi there, 
I'm in the position where I have a fully funded emergency fund (6 months of expenses) this is in a separate bank account that hopefully won't need to be touched. 
Now that this is saved I'm looking to start a number of savings pots for household renovations, a replacement car (mine is low mileage and good condition but it is over 10 years old), and a few other things. I've heard of Monzo and Starling bank and wondered what everyone's experience of these are? Or if there are other options that you would recommend? My main bank account doesn't offer the option of saving in different funds.
Thanks in advance

hillcats

Depends how many pots you’d like... Halifax allow you to open 5 regular savers and that it what we have done too 

colsten

You can keep your money all in one account and account for your 'pots' in a spreadsheet, or in a personal finance manager app.

The banks which provide 'pots' generally offer abysmal interest rates - -  certainly Monzo, Starling, Halifax and TSB do. TSB, for instance, is 0.04% AER. Virgin Money is a little better at 0.5%, and 2% in a current account on up to £1,000, though who knows how long that will last.

Moneyminded

hillcats said:

Depends how many pots you’d like... Halifax allow you to open 5 regular savers and that it what we have done too 

Helpful to know thanks, I will look into this - might not be enough pots but could certainly help

Moneyminded

colsten said:

You can keep your money all in one account and account for your 'pots' in a spreadsheet, or in a personal finance manager app.

The banks which provide 'pots' generally offer abysmal interest rates - -  certainly Monzo, Starling, Halifax and TSB do. TSB, for instance, is 0.04% AER. Virgin Money is a little better at 0.5%, and 2% in a current account on up to £1,000, though who knows how long that will last.

Thanks Colsten, I'm not keen on having the money all together in a lump and managing it in a spreadsheet, just my personal preference. 
Virgin account could work for one of the bigger savings pots to take advantage of the interest, so thanks for the suggestion. Most of the other 'pots' will be smaller amounts so interest will be pennies whichever account it goes in. 

berries

Thanks for asking this question.  I've been trying to figure out how to save ways too. 
I need to save for new windows and other house jobs too. Will keep a eye on this thread. 
Good luck with yours.  

I must be more strictly with not dipping in to it!!

Moneyminded

berries said:

Thanks for asking this question.  I've been trying to figure out how to save ways too. 
I need to save for new windows and other house jobs too. Will keep a eye on this thread. 
Good luck with yours.  

I must be more strictly with not dipping in to it!!

Thanks berries, good luck with yours too!

Eco_Miser

There's nothing stopping you having your pots in different savings institutions if you want more pots than a single bank will allow.

Might get higher interest that way too.

Walker1

I’m with Monzo personally and rate them highly. Never had another account that allows pots so can’t actually compare it to any one else.

Are you earning any interest in the emergency fund? Might be worth sticking in in premium bonds?

Elmer_BeFuddled

If you bank with NatWest their savings builder is still hanging on to 0.75% (not bad these days!)  https://personal.natwest.com/personal/savings/savings-builder.html

Moneyminded

Eco_Miser said:

There's nothing stopping you having your pots in different savings institutions if you want more pots than a single bank will allow.

Might get higher interest that way too.

Thanks Eco_Miser this is an option too! I have current accounts with 3 different banks at the moment (my main never changes but I used to take advantage of switch bonuses whenever they popped up). All their interest rates on linked savings accounts are pretty abysmal, I did manage to lock in a decent rate regular saver before it got pulled but everything else I've seen isn't great. Given that rates are so low at the moment and most of my pots will be for small amounts (car replacement aside) the interest I will potentially earn is peanuts, it's more about being able to see my savings in the pots and then spend/ move the money around when I've reached the target and can buy/ do what I was saving for. I was hoping just to have everything in 1 place for ease for a change.