Best savings accounts for pots

nl_cm_14

I currently have a Zopa account because I have around 10 different pots for different things and it helps me to keep track of my savings. Their interest rate has massively dropped lately when compared to the Chase savings for new current account customers but I can't seem to set up pots with a Chase savings account. Is there a savings account with a good interest rate? Or do I need to forfeit a good interest rate in order to have multiple pots with zopa?

Dazed_and_C0nfused

nl_cm_14 said:

I currently have a Zopa account because I have around 10 different pots for different things and it helps me to keep track of my savings. Their interest rate has massively dropped lately when compared to the Chase savings for new current account customers but I can't seem to set up pots with a Chase savings account. Is there a savings account with a good interest rate? Or do I need to forfeit a good interest rate in order to have multiple pots with zopa?

Could you just go with Chase and keep details of your pots on a spreadsheet?

Kim_13

You need to open multiple Chase Savers to do this - but I’m not sure if the bonus is limited to the first, as I’m not a new customer. It was when I had a previous bonus rate, meaning subsequent pots would be at the standard rate of 2.25%.

janusd

Kim_13 said:

You need to open multiple Chase Savers to do this - but I’m not sure if the bonus is limited to the first, as I’m not a new customer. It was when I had a previous bonus rate, meaning subsequent pots would be at the standard rate of 2.25%.

also, I think you can only have 10 savings accounts with Chase... so an issue should an eleventh pot be needed in the future.

with Tandem Bank, you can have unlimited savings pots in their Instant Access Saver - it currently pays 3.4% AER which I assume is slightly better than Zopa rates?

for a higher rate, with Spring Easy Saver, you can have 4 savings pots per account, currently paying 4.11% AER - so if you needed 10 pots, you'd need to open 3 accounts... deposits and withdrawals are instant though.

friolento

You can have any number of “pots” with any savings account if you manage your money in a spreadsheet 

jaypers

I too like the idea of ‘pots’ and as has been mentioned on here already, you don’t necessarily need separate accounts. A spreadsheet is a good physical reference point as this is all about focusing the mind on the concept. I would favour this approach, ensuring my cash is in the best possible account with the highest interest rate rather than compromise just because you are able to have separate pots with any given institution. 

nl_cm_14

Thanks all. I'd rather the interest go to each pot though rather than having it in one account with one interest overall

BooJewels

I have my own virtual pots in a spreadsheet for various savings purposes (holidays, home improvements etc) for one particular EA savings account.  I get interest paid monthly and have a formula set up to the side of my listed pots that allocates interest on a pro rata basis to each pot, according to the percentage of the balance allocated to that pot.   I periodically review and adjust the percentages if I spend from or add a wedge to any particular pot.

So each month, I type in the amount of interest received and it gives me a list of how much for each pot and I manually add them as a credit to each pot.  Takes 2 or 3 minutes per month and I find it significantly easier to manage than multiple actual accounts.  So, for example, if last month my interest had been £65.70 - then as I know that 15% is my holiday pot, then I can see straight away that £9.86 needs crediting to that virtual pot.

jaypers

nl_cm_14 said:

Thanks all. I'd rather the interest go to each pot though rather than having it in one account with one interest overall

Understand 100%…….probably go with Zopa, Chip or Chase then……or even combination of all. 

friolento

nl_cm_14 said:

Thanks all. I'd rather the interest go to each pot though rather than having it in one account with one interest overall

Your spreadhseet can be set up to aportion the interest according to the amount held in the virtual pot. Not 100% precise if you keep depositing and withdrawing but interest is a minor element, and a reducing one as interest rates reduce further. Over time, you probably lose more in interest by restricting yourself to companies with physical pots, rather than putting your money into highest paying accounts, and moving the money when an account becomes uncompetitive. Your best interest rates are available in Regular Saver accounts, of which some regular forum users have dozens at any point in time.

nl_cm_14

friolento said:

nl_cm_14 said:

Thanks all. I'd rather the interest go to each pot though rather than having it in one account with one interest overall

Your spreadhseet can be set up to aportion the interest according to the amount held in the virtual pot. Not 100% precise if you keep depositing and withdrawing but interest is a minor element, and a reducing one as interest rates reduce further. Over time, you probably lose more in interest by restricting yourself to companies with physical pots, rather than putting your money into highest paying accounts, and moving the money when an account becomes uncompetitive. Your best interest rates are available in Regular Saver accounts, of which some regular forum users have dozens at any point in time.

Sorry to be stupid but how do I work out the portion interest on a spreadsheet?