Is there an account with "pots"

zx2011

Is there an account where I can save up for specific "pots" of money in my budget?

eg.

• Car Insurance
• Car Tax
• Car Servicing
• Car MOT
• Car Petrol
• Car Breakdown Cover
• Car Repairs
• Holidays
• Christmas
• Gifts/Birthday presents
• and all the non regular amounts we have to pay over the year but are not paid for monthly.

The idea is that when I need to pay for something I can just raid the "pot" I need rather than just taking money out and find out I have nothing left for when I need it.

sofa_surfer

I have 3 e-saver accounts linked - they serve the purpose as described by you, but perhaps ask them for a confirmation there's no limit to the number of linked accounts you can have.

thumshie

There are some..
Halifax web savers allow upto 5 'pots'
ING allow pots..
Nationwide e-saver as mentioned..

However most of these do not offer the best interest rates so your loosing out. Also, IMHO it's a false logic, what if you put your car in for an MOT and it costs more that you've set aside? Do you tell the garage sorry I can't pay you or 'raid' another account?

if you have a budget, then surely ou could use one savings account and have a spreadsheet to show which 'pot' you think you've applied the money to??

Afahmaep

This online account currently pays 6.30% and allows unlimited linked bank accounts but only 5 pots. Expect this rate to possibly drop by 0.25% very shortly.

http://www.principality.co.uk/default.aspx?page=576

RayWolfe

Jam jars on the mantelpiece should meet your needs.
However, thumshie's suggestion is probably a little more adult.

MrsTinks

I have to say I like the idea of "pots" myself - it's a mental security thing to me I don't know about others. I've done the jam jars for my monthly budgets and yes they work - but I'd have 25 jam jars if I did it with all my savings for bits and pieces... I think I will go have a look myself at those accounts Thanks!

happymonday_2

I too like the idea of 'pots' but rather than split up my savings I've got them all in one, but I've got a spreadsheet set up to show how much is in each pot. I find it works quite well

msmicawber

I've got an Alliance & Leicester Premier account, which is an internet banking account with a savings account attached. I move money into it every month to cover a 1/12 of my annual 'pots', then when I need to get car insurance or whatever, I move some back into my current account. Would that help?

G-G_4

Barclays does

zx2011

Wow over 240 people have viewed this topic so far which means there is some interest in such the idea. :T

I wonder if any banks are watching? :question: :rolleyes:

Meanwhile I've been doing some research into budgeting and came across "Within Your Means: Financial Planning for Hidden Expenses" by Michael Ham It's a free Excel spreadsheet and you can download it from http://www.lulu.com/content/1581272

It is US based but don't let that put you off. You will have to think of "$" as "£" and "auto" as "car" but apart from that it works very well. The password is given so that it can be unprotected so that you can change it however you want to. Make sure you save a copy first though.

The budget is based on the following sections:

• Your Income (earnings after tax and NI, i.e. your take-home pay. Only 95% is used for the budget to allow for "surprises, unforeseen or forgotten expenses and variations from the average.")
• Cash Reserve (for emergencies, the aim is to build up to 3 times your monthly take-home pay.)
• Savings: long term e.g. for a pension (the suggestions is to aim for 10% of your take-home pay.)
• Fixed Expenses: all those fixed monthly expenses like rent/mortgage, gas/electric/water, landline phone line rental, mobile phone if on pay monthly, loan payments, debt repayments, car insurance, car tax, car MOT, council tax, season ticket/bus pass, Virgin Media cable or SKY subscription, broadband ISP subscription etc.
• Replacements: for when things wear out, car tyres, car battery, washing machine, dryer, roof, computer, Hi-Fi, television, carpet, fridge and even the car itself!
• Weekly Allowance: regular household expenditure like cleaning products, groceries, petrol, health-care, dentist, lunch at work, laundry, clothes, car parking, train/bus fares, mobile phone top-ups if on PAYG etc.
• Periodic Purchases: gym fee, birthdays, Christmas, anniversaries, magazines etc.
• Future Purchases: holidays, deposit for a car/house etc.
• Summary: How much will you have left over or are you over spending and by how much?

There's loads of help and guidance at the top of each section that explains what is needed.

In one of the tips it suggests 3 bank accounts:

• Cash Reserve
• Savings
• Fixed Expenses for items that are paid for at less than monthly intervals like Car MOT, Car Tax etc.

Scousebird_2

G-G wrote: »

Barclays does

sorry hun-they've withdrawn it-it was called openplan and it was really good actually but they only service existing customers with the openplan arrangement, saves you the cost of a phone call I suppose!

To help you though, i'm not entirely sure anyone does it anymore to be honest-i'll keep a lookout for you!