Best Cash ISA with Pots

Simobob16

Hello everyone.

My partner and I are looking to set up a cash ISA for our regular savings such as house deposit, holidays, gifts, car deposit, etc.

As such, we need a cash ISA that allows you to seperate the savings into different pots so we know how much we have for each category. 

Are there any recommendations for a cash ISA like this? 

Thank you! 

surreysaver

Does it have to be an ISA?  i.e. have you already got enough savings/income to be paying tax on the interest?

Could you not just put the money into the highest paying ISA and keep track of what the money is for on a spreadsheet instead?

400ixl

As above, do you need an ISA for tax purposes as you can get better rates elsewhere.

A spreadsheet does what you need for know what is allocated for what, so concentrate on the best return for your investment rather than something you can easily do elsewhere, as not seen a cash ISA with that capability.

Stolas

I believe Zopa offer this feature, but there are better ISA rates available elsewhere. 

Though you could simply pick the account with the best rate and make a note on a spreadsheet each time you pay into it. 

Just in case you haven’t considered it, you’d need an easy access ISA so you can pay into it over the year, and withdraw as and when the money is needed. 

surreysaver

Stolas said:

I believe Zopa offer this feature, but there are better ISA rates available elsewhere. 

Though you could simply pick the account with the best rate and make a note on a spreadsheet each time you pay into it. 

Just in case you haven’t considered it, you’d need an easy access ISA so you can pay into it over the year, and withdraw as and when the money is needed. 

And a flexible easy access ISA if you want to take money out and in again (unless you know the total combined deposits aren't going to add up to more than £20k per tax year)

Simobob16

400ixl said:

As above, do you need an ISA for tax purposes as you can get better rates elsewhere.

A spreadsheet does what you need for know what is allocated for what, so concentrate on the best return for your investment rather than something you can easily do elsewhere, as not seen a cash ISA with that capability.

Thank you for your comment. For short-term savings what options are better currently than a cash ISA? I'd like to look in those a bit more! 

Altior

You can subscribe to multiple ISAs in the same year now, so it doesn't have to be with the same platform. Using different apps/platforms will naturally split the pots. Keeping to the overall cap of course.

Outside of ISAs, regular savers work for the small ticket stuff. 

Growingold

I use a ZOPA  ISA currently at 4.55% (incl a bonus of 0.5% for the first 12 months).  It is flexible and you can have multiple pots and also has monthly interest.  Withdrawals are practically instantaneous.  The only faff I find to deposit money it first has to go into your main savings account with them before manually sending to your ISA pots though I believe you can set up an auto save to pull money in from a linked account.