Bank accounts with pots

EarthBoy

Rob5342 said:

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? 

No, they don't, unfortunately; the pots are for savings only. 

gsmh

I do my own thing with any bank. I use an app called MMEX where I keep a record of all my accounts and all the transactions I make.

If I want a 'pot' I just create a dummy account in the app and transfer whatever money I want to keep aside into it. I don't reconcile the transfer, so my main account still shows the balance according to the bank and also the balance I have left to use (which doesn't include my savings pots). When I need to spend some of the money in the pots, I simply transfer what I need to my main account, again not reconciling it. I've done this for years so have never needed my bank to hold my hand and do this for me.

It is a lot easier than it sounds and you can have an infinite number of 'pots' to use as you wish. MMEX is free and you are not restricted to using banks which offer these 'pots'. They are really aimed at those with less financial acumen IMO.

Andy724246

I’ve been with First Direct for over twenty years, and before that Midland Bank / HSBC, all part of the same family. First Direct have been excellent, and like you I wanted a separate bank for pots etc. Four years ago, I opened an account with Starling and have no complaints. My main FD account is used for salary, bills and the regular saver. Starling is used for everyday spending with pots and virtual cards. 

Rob5342

Emmia said:

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. 

That's the way i used to do it but I moved to having pots with Monzo as its more flexible. I have one pot for bills direct debts, another for my my dmp payments, one for childrens pocket money standing orders and one for Paypal direct debits. 

friolento

Chase allow you 10 current accounts / pots, plus a savings account with a top introductory rate

DDs and SOs can be set up on all of these.

Optimistic_Saver

Hi bramble281,

I have recently opened a Monzo account - to enable me to set up individual savings pots, and help me to focus on and categorise my savings. So far, I am really enjoying their modern approach to banking, with the ease of automating savings and joining existing savings challenges, while being able to choose the savings interest rate and term that is right for me.

So far, I have set up 4 savings pots - two pots at 3.6% and two at 4.09% interest.

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