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

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  • edited 19 October 2021 at 3:47PM
    j.pj.p Forumite
    136 Posts
    100 Posts Second Anniversary Name Dropper
    edited 19 October 2021 at 3:47PM
    Daliah said:
    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.
    I think besides FSCS protection, the fact that if you use Wise you must also manually take the money out of the pot and into the main balance in order to spend it, makes it probably a non-starter. As it's not as if you can make purchases or pay bills directly from a pot. Pots are basically inaccessible money (except for taking it out of the pot).
  • j.pj.p Forumite
    136 Posts
    100 Posts Second Anniversary Name Dropper
    As for depositors' protection, this is what Wise has to say (and it sounds to me sensible enough):

    https://wise.com/help/articles/2949821/is-it-safe-to-keep-money-in-my-wise-account
  • j.pj.p Forumite
    136 Posts
    100 Posts Second Anniversary Name Dropper
    RetSol said:
    Halifax lets you do something similar although using separate accounts.  Easy to set up and manage though. 
    I think Halifax's pots are Everyday Saver savings accounts that you open alongside your current account. Transfer of funds between them are manual. From each 'pot' you can do bill payments, with payee reference and all, but you can't do direct debits.

    Every year each Everyday Saver will be demoted to an ordinary savings account and you'll be invited to 'renew' it in order to keep it an Everyday Saver for another year. I've personally never done a renewal; I think they're pointless, as it shouldn't affect the functionality of the account or the account details, only the interest rate, but those now are practically the same however the account is called.

    Also Everyday Savers can have cash cards, upon request. That can be handy if spending from a pot implies handling cash, such as buying takeaway meals.
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