Best savings accounts for pots

eskbanker

nl_cm_14 said:

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?

All you need to calculate interest is daily balances and gross interest rate applicable (plus any rounding rules, etc) so if you're allocating the overall balance to notional pots then you just use those sub-balances to work it out.  You can do it to the penny if you wish to achieve complete accuracy but probably simpler to just subdivide the interest according to the pot balances at the point of interest payment.

BooJewels

eskbanker said:

nl_cm_14 said:

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?

All you need to calculate interest is daily balances and gross interest rate applicable (plus any rounding rules, etc) so if you're allocating the overall balance to notional pots then you just use those sub-balances to work it out.  You can do it to the penny if you wish to achieve complete accuracy but probably simpler to just subdivide the interest according to the pot balances at the point of interest payment.

Pretty much as I described as to how I do it on page 1.

Kissington

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?

Why do you say the Zopa interest rate has dropped massively? Presumably you are an existing customer like myself. I am currently earning 4.45% on my pots, and this has only recently reduced from 4.75% after the bank rate movement. To earn that, there is a requirement to deposit at least £500 a month into the linked Zopa current account, which in itself pays 2%. Are you not able to meet that requirement - it is important as the rate does fall if that requirement is not met?

As far as I am aware, Chase savings pots only pay 2.5% unless you are a new customer on a temporarily boosted rate. 

I can also recommend the Spring account that someone else mentioned. The rate of 4.11% is slightly less competitive, but it has been very consistent and not as subject to base rate changes as other accounts. It is run by Paragon Bank and works well.

nl_cm_14

Kissington said:

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?

Why do you say the Zopa interest rate has dropped massively? Presumably you are an existing customer like myself. I am currently earning 4.45% on my pots, and this has only recently reduced from 4.75% after the bank rate movement. To earn that, there is a requirement to deposit at least £500 a month into the linked Zopa current account, which in itself pays 2%. Are you not able to meet that requirement - it is important as the rate does fall if that requirement is not met?

As far as I am aware, Chase savings pots only pay 2.5% unless you are a new customer on a temporarily boosted rate. 

I can also recommend the Spring account that someone else mentioned. The rate of 4.11% is slightly less competitive, but it has been very consistent and not as subject to base rate changes as other accounts. It is run by Paragon Bank and works well.

I have a Zopa savings but not a Zopa current. My Zopa savings has dropped to 2.95% which is less than if I join chase as a new customer 

nl_cm_14

eskbanker said:

nl_cm_14 said:

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?

All you need to calculate interest is daily balances and gross interest rate applicable (plus any rounding rules, etc) so if you're allocating the overall balance to notional pots then you just use those sub-balances to work it out.  You can do it to the penny if you wish to achieve complete accuracy but probably simpler to just subdivide the interest according to the pot balances at the point of interest payment.

I'm someone for whom maths isn't a strong point so it isn't as easy for me as you make it sound unfortunately, sorry! I'm trying!

BooJewels

nl_cm_14 said:

eskbanker said:

nl_cm_14 said:

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?

All you need to calculate interest is daily balances and gross interest rate applicable (plus any rounding rules, etc) so if you're allocating the overall balance to notional pots then you just use those sub-balances to work it out.  You can do it to the penny if you wish to achieve complete accuracy but probably simpler to just subdivide the interest according to the pot balances at the point of interest payment.

I'm someone for whom maths isn't a strong point so it isn't as easy for me as you make it sound unfortunately, sorry! I'm trying!

Nobody here can know how good you are at maths or how adept you are with spreadsheets etc. so can't guess at quite where to pitch their replies.

If you genuinely want to know how I do it, I'll happily show you my spreadsheet section for working out how much interest I allocate to different pots, with the formula etc.  I get my interest paid monthly, so just put the amount in one cell and it gives me all the proportionate amounts to then paste into the columns for each pot to give me a revised total for each.  Takes less time than it just has to describe it.

I'm not near my spreadsheet just at the moment, but can look at it later for you, if it would help.

wmb194

nl_cm_14 said:

Kissington said:

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?

Why do you say the Zopa interest rate has dropped massively? Presumably you are an existing customer like myself. I am currently earning 4.45% on my pots, and this has only recently reduced from 4.75% after the bank rate movement. To earn that, there is a requirement to deposit at least £500 a month into the linked Zopa current account, which in itself pays 2%. Are you not able to meet that requirement - it is important as the rate does fall if that requirement is not met?

As far as I am aware, Chase savings pots only pay 2.5% unless you are a new customer on a temporarily boosted rate. 

I can also recommend the Spring account that someone else mentioned. The rate of 4.11% is slightly less competitive, but it has been very consistent and not as subject to base rate changes as other accounts. It is run by Paragon Bank and works well.

I have a Zopa savings but not a Zopa current. My Zopa savings has dropped to 2.95% which is less than if I join chase as a new customer 

Open a Zopa current account and get the boosted rate. You'll need to deposit £500 in the current account per account month to keep that rate but you don't need to keep it there.

nl_cm_14

BooJewels said:

nl_cm_14 said:

eskbanker said:

nl_cm_14 said:

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?

All you need to calculate interest is daily balances and gross interest rate applicable (plus any rounding rules, etc) so if you're allocating the overall balance to notional pots then you just use those sub-balances to work it out.  You can do it to the penny if you wish to achieve complete accuracy but probably simpler to just subdivide the interest according to the pot balances at the point of interest payment.

I'm someone for whom maths isn't a strong point so it isn't as easy for me as you make it sound unfortunately, sorry! I'm trying!

Nobody here can know how good you are at maths or how adept you are with spreadsheets etc. so can't guess at quite where to pitch their replies.

If you genuinely want to know how I do it, I'll happily show you my spreadsheet section for working out how much interest I allocate to different pots, with the formula etc.  I get my interest paid monthly, so just put the amount in one cell and it gives me all the proportionate amounts to then paste into the columns for each pot to give me a revised total for each.  Takes less time than it just has to describe it.

I'm not near my spreadsheet just at the moment, but can look at it later for you, if it would help.

If that's ok with you I would find that invaluable. This is all new to me and I'm trying really hard to learn and do it correctly. Thank you so much

allegro120

nl_cm_14 said:

eskbanker said:

nl_cm_14 said:

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?

All you need to calculate interest is daily balances and gross interest rate applicable (plus any rounding rules, etc) so if you're allocating the overall balance to notional pots then you just use those sub-balances to work it out.  You can do it to the penny if you wish to achieve complete accuracy but probably simpler to just subdivide the interest according to the pot balances at the point of interest payment.

I'm someone for whom maths isn't a strong point so it isn't as easy for me as you make it sound unfortunately, sorry! I'm trying!

Zopa has the most simple, convenient and consistent pot system I have ever seen.  If these are your priorities, you are probably better off staying with Zopa.    

BooJewels

nl_cm_14 said:

BooJewels said:

nl_cm_14 said:

eskbanker said:

nl_cm_14 said:

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?

All you need to calculate interest is daily balances and gross interest rate applicable (plus any rounding rules, etc) so if you're allocating the overall balance to notional pots then you just use those sub-balances to work it out.  You can do it to the penny if you wish to achieve complete accuracy but probably simpler to just subdivide the interest according to the pot balances at the point of interest payment.

I'm someone for whom maths isn't a strong point so it isn't as easy for me as you make it sound unfortunately, sorry! I'm trying!

Nobody here can know how good you are at maths or how adept you are with spreadsheets etc. so can't guess at quite where to pitch their replies.

If you genuinely want to know how I do it, I'll happily show you my spreadsheet section for working out how much interest I allocate to different pots, with the formula etc.  I get my interest paid monthly, so just put the amount in one cell and it gives me all the proportionate amounts to then paste into the columns for each pot to give me a revised total for each.  Takes less time than it just has to describe it.

I'm not near my spreadsheet just at the moment, but can look at it later for you, if it would help.

If that's ok with you I would find that invaluable. This is all new to me and I'm trying really hard to learn and do it correctly. Thank you so much

Okay, got something I can post for you.  The way I do it is a pretty blunt instrument, but it works well enough for me - there are probably more elegant ways of doing it and maybe more automated.

In my spreadsheet I have a small block like this off to the side - all I need to do, once it has been set up, is type in the monthly interest in the cell with the outline, cell A2.  It then auto-generates the proportion of interest that I want to allocate to each virtual pot - column B - those cells each have a formula in them, see below.  Column C is just my note on what is what with their percentages. 

I've already been through my account and decided how much of the balance is allocated to a particular purpose and the percentage of the balance that is in that pot - 37% for home improvements in this fictional example.

In the cells in column B is a formula to work out the percentage of the interest payment for that pot.  For the home improvement one in B2 for example, the formula is =SUM(0.37*A2) - that works out the content of cell A2 (the interest you typed in) x 0.37 to get 37% of that interest.  Cell B6 is =SUM(0.03*A2) - 3% of the contents of cell A2 etc.  I use Open Office, but I think most spreadsheets use very similar formula, although the syntax might be slightly different.

If you re-type a different number in cell A2 in this example, it just automatically re-calculates all of the cells in column B in an instant.  I also tend to select those cells to see the total, to ensure that it makes the same interest number, as occasionally through rounding or truncating, there's an erroneous penny or two.



To then transfer these totals to each virtual pot - I have a 3 column area on the same sheet for each pot, something like below.  I just type in any transactions - in or out (I always put withdrawals/negative numbers in red) and then a running total in the third column.  So to add the interest for December into the General Spending pot, I'd right click and copy from cell B4 above and then right click and 'Paste Special' to get the result of the formula pasted in, rather than the formula itself.  I then select cells L4 (interest just added) and M3 (old running total) to get the new total to put in cell M4 as the new running total for that pot, but that could easily be done by a formula too.

Periodically I revisit the proportions of the pots and re-work the table in the top screengrab, especially if there have been any decent sized transactions to change the percentages - but small fluctuations I don't bother with.  I round them to the nearest whole percentage - being more generous with the smaller pots - and I check that they do actually add up to 100!



ETA:  There was something else niggling at my mind that I wanted to mention and it's now come back to me - I always type 100 in cell A2 when setting up or adjusting a proportion table - that way you can see at a glance that your formula are correct.  Because I rely very heavily on my spreadsheets, I tend to do a lot of what I call 'plausibility tests' like this, to ensure that I haven't made any mistakes, as if you do, it's very easy for them to perpetuate through calculations and once they've travelled a bit, can be hard to find and unravel.

I also select to add up the individual totals in the virtual pots to ensure that they come to the same as the actual parent account balance.