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  • FIRST POST
    • frugalexceptfood
    • By frugalexceptfood 13th Jan 19, 1:31 AM
    • 2Posts
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    frugalexceptfood
    Multiple savings accounts
    • #1
    • 13th Jan 19, 1:31 AM
    Multiple savings accounts 13th Jan 19 at 1:31 AM
    Hi first time posting. Some of the financial blogs etc I follow are Amercian and a lot of them recommend having multiple savings accounts (eg 10+) with the same bank each named for the specific saving goal for which it is designated . So far I haven't been able to find anything like this in the UK. Does anyone know if there are any online banks or apps that offer this service?
    Thanks very much.
    Last edited by frugalexceptfood; 13-01-2019 at 1:33 AM. Reason: spelling mistake
Page 1
    • tibbles209
    • By tibbles209 13th Jan 19, 7:01 AM
    • 112 Posts
    • 183 Thanks
    tibbles209
    • #2
    • 13th Jan 19, 7:01 AM
    • #2
    • 13th Jan 19, 7:01 AM
    Hi frugalexceptfood,

    I'm not sure this is really a 'service' as such, just a way that some people use their banks. I actually do this for shorter term/ smaller savings such as holiday savings, and savings for yearly bills such as MOT/car insurance (I keep my big/long term savings in stocks and shares and high interest accounts).

    I am with RBS and via online banking I seem to be able to open as many savings accounts as I want and individually name all of them (Holiday fund etc.). I can see them all at a glance when I log in. It works for me, although there are other ways of doing it, such as keeping all your savings in a high interest account and instead keeping a breakdown on a spreadsheet.
    • EarthBoy
    • By EarthBoy 13th Jan 19, 10:45 AM
    • 2,099 Posts
    • 1,433 Thanks
    EarthBoy
    • #3
    • 13th Jan 19, 10:45 AM
    • #3
    • 13th Jan 19, 10:45 AM
    Most of the banks will let you open several of their instant access savings accounts. However, the interest is nearly always pitifully low.
    • sully1311
    • By sully1311 13th Jan 19, 10:51 AM
    • 151 Posts
    • 80 Thanks
    sully1311
    • #4
    • 13th Jan 19, 10:51 AM
    • #4
    • 13th Jan 19, 10:51 AM
    Yea I just keep all of my savings accounts on a spreadsheet.
    • Red-Squirrel
    • By Red-Squirrel 13th Jan 19, 12:07 PM
    • 4,073 Posts
    • 10,994 Thanks
    Red-Squirrel
    • #5
    • 13th Jan 19, 12:07 PM
    • #5
    • 13th Jan 19, 12:07 PM
    If you use YNAB or something similar you can get the same effect with just one account, and its less admin!
    • kuratowski
    • By kuratowski 13th Jan 19, 12:17 PM
    • 106 Posts
    • 139 Thanks
    kuratowski
    • #6
    • 13th Jan 19, 12:17 PM
    • #6
    • 13th Jan 19, 12:17 PM
    For this purpose a spreadsheet or budgeting/accounting software is more flexible.

    However if you do want to do it solely using the bank, the "B account" (app-based) allows you to set up multiple named savings pots.
    • ET18
    • By ET18 13th Jan 19, 12:55 PM
    • 25 Posts
    • 5 Thanks
    ET18
    • #7
    • 13th Jan 19, 12:55 PM
    • #7
    • 13th Jan 19, 12:55 PM
    The post office online saver allows multiple accounts with 1.45%
    • surreysaver
    • By surreysaver 13th Jan 19, 1:36 PM
    • 2,642 Posts
    • 1,525 Thanks
    surreysaver
    • #8
    • 13th Jan 19, 1:36 PM
    • #8
    • 13th Jan 19, 1:36 PM
    The post office online saver allows multiple accounts with 1.45%
    Originally posted by ET18
    Although it might 'allow it', it is actually against the Terms and Conditions.
    I consider myself to be a male feminist. Is that allowed?
    • YorkshireBoy
    • By YorkshireBoy 13th Jan 19, 1:53 PM
    • 30,525 Posts
    • 18,471 Thanks
    YorkshireBoy
    • #9
    • 13th Jan 19, 1:53 PM
    • #9
    • 13th Jan 19, 1:53 PM
    Although it might 'allow it', it is actually against the Terms and Conditions.
    Originally posted by surreysaver
    I thought that myself, but I've checked just now and can't find such a clause. Maybe they've changed? Or it's covered in the application preamble?
    • veryintrigued
    • By veryintrigued 13th Jan 19, 2:02 PM
    • 2,711 Posts
    • 2,278 Thanks
    veryintrigued
    I thought that myself, but I've checked just now and can't find such a clause. Maybe they've changed? Or it's covered in the application preamble?
    Originally posted by YorkshireBoy
    They police it by having no way of opening the pesky things (in my experience)
    • Flobberchops
    • By Flobberchops 13th Jan 19, 3:28 PM
    • 947 Posts
    • 781 Thanks
    Flobberchops
    Yes, it's possible and in practice very easy to have multiple savings pots, either with the same or different banks. Most banks will have easy access/everyday/internet savings accounts with no or very few restrictions on use or access, and can often be opened online or through the app.

    Myself, I have several instant access savings pots to keep money segregated for different uses. I also automate money going into them by standing order. So, one for Xmas expenses, one as a "date night" pot, and so on - customise to your own spending habits and savings goals.

    As mentioned before the interest rates are generally pitiful but that's not really the point. It's a way of budgeting and segregating your money for different uses, analogous to the "envelope method" of cash management.
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • frugalexceptfood
    • By frugalexceptfood 13th Jan 19, 11:59 PM
    • 2 Posts
    • 0 Thanks
    frugalexceptfood
    thank you so much everyone really helpful
    • techwatcher
    • By techwatcher 14th Jan 19, 8:17 AM
    • 30 Posts
    • 6 Thanks
    techwatcher
    Some 15 years ago I did some work for one of the big building societies which was considering launching a single savings account which would feature individual 'pots' of money for different purposes - internally they referred to these pots as 'jam jars'.

    It was quite a good idea; unfortunately it never saw the light of day.
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