Are there any banks that will let you create 'pots' from your main account?

MosesRoses

I want to change the way I manage my budget, by transferring money automatically out of my main account into separate pots for each category (charity, household, bills, etc); and I'm wondering whether I would be able to do this through one single account, or if I have to go through the hassle of setting up lots of separate accounts.

Daliah

Off the top of my head: Starling, Monzo, TSB, Chase (they don't do DDs though)

MosesRoses

That's a great list, thank you! I'll investigate them all!

Sensory

Chase is rather unique in that you're creating new accounts with their own account number (and can be paid into externally), but not actually applying for a new account. Direct debits should be available by the end of this year.

TSB is the only bank with a branch presence, although you can only have a maximum of five savings pots, and each pot can only have a maximum of £5,000.

Currently, Monzo is the only provider that allows direct debits to be taken directly from pots.

EarthBoy

Virgin also has pots, and branches.

RetSol

Halifax lets you do something similar although using separate accounts.  Easy to set up and manage though. 

ZeroSum

Virgin has a linked savings account that allows you to create pots, but it has a tenancy to double count occasionally & end up with negative balances in the unallocated pot. (Well it does with me anyway). I think it's a glitch when transferring from current directly in & out of a pot, rather than going via unallocated.

Daliah

ZeroSum said:

Virgin has a linked savings account that allows you to create pots, but it has a tenancy to double count occasionally & end up with negative balances in the unallocated pot. (Well it does with me anyway). I think it's a glitch when transferring from current directly in & out of a pot, rather than going via unallocated.

This sounds like a great opportunity for some compensation?

ZeroSum

Daliah said:

ZeroSum said:

Virgin has a linked savings account that allows you to create pots, but it has a tenancy to double count occasionally & end up with negative balances in the unallocated pot. (Well it does with me anyway). I think it's a glitch when transferring from current directly in & out of a pot, rather than going via unallocated.

This sounds like a great opportunity for some compensation?

Why?
I'm not out of pocket, I just need to re-adjust the pots

Daliah

j.p said:

Wise has pots, but transfers of money in and out of them from the available balance are manual.

Wise also does not have FSCS protection, so doesn't really lend itself as a repository for people who want their deposits protected against a firm's collapse.