Savings Pots - Alternatives

gazza85

I currently have 5 savings pots with TSB, with standing orders setup each month to save for Christmas, Summer Hols, Birthdays etc. The interest rate on this has fallen to 1.44%, so I'm trying to find an alternative method with better rates. I've been searching around but cant find anywhere as simple as the setup I have with tsb. Only thing I can think of is setting up one savings account and keeping a record on a spreadsheet as I go.

What methods do others use?

Kim_13

https://forums.moneysavingexpert.com/discussion/6673304/savings-pots-alternatives

Perhaps Chase. Base rate less 1.5%, so 2.25% currently which isn’t great but beats TSB and will give 2% cashback on some spending subject to a £1,000 savings balance and 15 debit card transactions through the previous month (so too late for July now, but can qualify in July for August.) It may be that there is a slughtly different offer for new customers. I think you’re allowed 10 pots.

clairec666

Sounds like you want to keep everything nice and simple and within the same bank? There are plenty of savings accounts out there which offer better interest rates than what you're currently getting, and if you're able to open more than one of the same account with them then it might be suitable for you (although possibly not as smooth as your TSB arrangement). Halifax bonus saver at 2.3% might be worth a look, and you can give accounts nicknames in the app so you know what each account is for.

https://www.halifax.co.uk/savings/easy-access/bonus-saver.html

flaneurs_lobster

Could look at Zopa, 2.95% on their Access Pots, can have many of these.

App-only but some details here https://www.zopa.com/savings

Better rates are available elsewhere if you were to do "pot management" yourself.

eskbanker

Only thing I can think of is setting up one savings account and keeping a record on a spreadsheet as I go.

As above, this is likely to be the optimal route, as you can pick from the full range of market-leading savings products rather than limiting yourself to those that support multiple pots.

ToastLady

https://www.spring-savings.co.uk/save/easy-saver at 3.75% can have up to 4 savings pots.

https://www.spring-savings.co.uk/resources/easy-saver-product-terms-and-conditions.pdf

redux

Alternate approach:

There are various bank and building society monthly savings accounts, paying up to 6 or 7 per cent interest, several around 5 per cent, on amounts of £50 to £500 per month.

Some require you have a current account at the same place, but some are free standing

Some allow withdrawals at any time, some only on maturity (usually a year), some on optional early closure.

I'd say use some of these, maybe with different phased start and finish months, and do your admin records yourself

Google search for best monthly savings accounts, or there are some threads in here

Nurse2047

I have several pots with Yorkshire BS and Principality, always good interest rates.

https://www.ybs.co.uk/savings/compare-savings-account-rates?gclsrc=aw.ds&cmpid=PPC:google:paid:ybs_brand_always-on_exact:147026094855:yorkshire+building+society&gad_source=1&gad_campaignid=19763108772&gbraid=0AAAAADhF7sZWU9jBDlU5nJMPTloUAFEi6&gclid=CjwKCAjw9NjRBhATEiwA_p2J8QsfuzRSYWfv1OsbaIyi2PxhZZjRLMUdPa1WtB_AwC6rJPC9Svh7qRoCYrEQAvD_BwE&apply=online&sort=rateHigh&access=&isas-only=false

https://www.principality.co.uk/home/savings/savings-accounts

dcs34

If you're up for a little bit of admin jiggery pokery to become a Club Lloyds member that would allow you to operate the following selection of accounts as separate savings "pots"; from a quick skim of their offering:

• Club Lloyds Monthly Saver | 6.25% | unlimited w/draw / year | pay between £25-£400 / month
• Monthly Saver | 5.25% | unlimited w/draw / year | pay between £25-£250 / month
• Club Lloyds Advantage Saver | 2.75% | <3 w/draw / year | pay any amounts / month
• Club Lloyds Advantage ISA Saver | 2.75% | <3 w/draw / year | pay any amounts / month (up to ISA limit)
• Club Lloyds Saver | 1.2% | unlimited w/draw / year | pay any amounts / month

Plus have another current account + savings account with another banking institution as a failsafe if you ever have any difficulty with Lloyds (e.g. IT glitches, lost card, fraud check etc.)

thefrank

Zopa always between the best if you like pots

janusd

https://forums.moneysavingexpert.com/discussion/comment/82041572#Comment_82041572

with Chase, the ten "pots" would be separate accounts each with their own account number rather than one account with pots… possibly if a new customer, one of those might pay 4.5%

for all pots in one place, Monzo offer saving pots (20 x 2.75%) - as with Chase, you would need to open a current account with them… u might want to check if Revolut/Lemfi offer 5% pots.

for multiple savings accounts with the same bank, Cahoot Simple Saver (4.17%) can legitimately be opened numerous times without issue - and each account can be given a custom name.