Bank accounts with pots

bramble281

Hi,
I'm thinking that in order to help with budgeting it would be worth opening up a new bank account with a pot facility.

I'm currently with first direct and don't really want to shut that account as the customer service is good and it has a very handy £250 interest/fee free overdraft which gives me a bit of a buffer.

Does anyone have any recommendations for bank accounts with a pot facility?
Thanks!

Penguin_

We use Starling which has "spaces". Easy to use.

FlorayG

Monzo. Absolutely brilliant, I have several pots and a savings account, you can also 'round up' every spend and put that money into one of your pots, saving up without even noticing

PRAISETHESUN

bramble281 said:

Hi,
I'm thinking that in order to help with budgeting it would be worth opening up a new bank account with a pot facility.

I'm currently with first direct and don't really want to shut that account as the customer service is good and it has a very handy £250 interest/fee free overdraft which gives me a bit of a buffer.

Does anyone have any recommendations for bank accounts with a pot facility?
Thanks!

There's zero reason why you would need to close your FD account. Simply go to the new bank you want to open an account with and open one, making sure NOT to switch from your old bank. 

Desmond_Hume

I use both Starling and Monzo.  I prefer Starling overall and it’s my main account. Pots wise I prefer Monzo for the pots and budgeting though. Their targets and budgeting tools are the better of the two banks imo. 

Rob5342

Starling with its spaces and Monzo with its pots are the only two as far as I'm aware. I use Monzo and I have a pot for each week of the month as well as a bills pot that all my direct debits come out of. It makes budgeting very easy as it takes care of itself and all I have to do is make each weeks money last until the next week.

zedonk

I'm with Monzo and I love it. It's so easy to tell whether you're on budget or not when it's all in separate pots. I could never stick to a budget before! 

I kept my mainstream bank account too (Nationwide in my case, because of the 8% regular saver). I use Monzo for all my variable spending and Nationwide for most of my bills/direct debits. 

EarthBoy

Rob5342 said:

Starling with its spaces and Monzo with its pots are the only two as far as I'm aware. 

TSB and Virgin also have pots.

steven141

Kroo also have pots as well.

Rob5342

EarthBoy said:

Rob5342 said:

Starling with its spaces and Monzo with its pots are the only two as far as I'm aware. 

TSB and Virgin also have pots.

Thanks, i didn't know that. Do they let you pay direct debts from the pots? 

Emmia

Rob5342 said:

Starling with its spaces and Monzo with its pots are the only two as far as I'm aware. I use Monzo and I have a pot for each week of the month as well as a bills pot that all my direct debits come out of. It makes budgeting very easy as it takes care of itself and all I have to do is make each weeks money last until the next week.

I use an entirely separate bank account (at a different bank) for this - salary goes into my main account (which pays my bills etc) and I transfer a weekly amount by standing order to a different account.

I've been budgeting this way for ~25 years.