piggy bank / jam jar accounts

[anyname123]

Hello, just wondering if anyone can advise on which banks / building societies offer this e.g. The option to open half a dozen separate accounts to save for different things, or some sort of online banking that supports this. YNAB seems good, but spending pounds a month on it seems a bit counter intuitive thanks in advance

[datingbarb]

Ooooh I would love to know the answer to this to as I would like to be able to have accounts for different things that I put money aside for

[Silvertap]

I have the old version of ynab which j didn't pay for. I would however pay for it if I had to as its revolutionised my spending. I was only thinking last night that it'll be a tight end week of the month. However, my current acc balance is over £600 in 'pots' for Xmas, birthdays etc. I'd NEVER have been in that situation a year ago b

[LazyFemme]

I'm with the cooperative and you can open several online saver accounts and move money into the different "pots" to keep organised. I love it, it's totally revolutionised how I organise myself and my spending and saving

[TheDrsDocMartens]

I am with nationwide and have lots of accounts to move money around

[PrincessWizard]

I do the same with Halifax. I have a current account and 6 savings accounts all of which i can access online. You can rename the pots and we have them for things like kids clothes & shoes, activities and school trips, car expenses, Christmas and birthdays etc.

We also have a 'proper' savings account which we can pay money into online but have to go into branch with a book to withdraw. We use this for 'rainy day' money and have dipped into it quite heavily this month as everything seems to have gone wrong at once.

We felt very grown up and proud of ourselves for having the cash put by to deal with things and haven't had to resort to credit

[daisychicken]

Princess I didn't know you could do that with Halifax - I know I could have more than one acc but didn't know I could rename them - is that online or in branch?

[PrincessWizard]

Online daisy. I can't rename the current account but on the savings accounts just click on 'Account Services', scroll down to 'Admin' and click 'Rename Account'. I find it great as a visual reminder to know straight away what i have and where.

hth

[rainbowunicorn]

I do this through Halifax and have 6 accounts all for specific things eg. Kids things which I transfer the child benefit into every month and that covers clothes, shoes, trips etc. I find it really helps to focus as I know how much I have available for everything at any given time.

[OurBlanche]

I do through HSBC too. It adds up quite nicely!

[lilydaisyrose]

You can also ooem multiple accounts, view and rename online with RBS - I love it!

[lilydaisyrose]

*open

[daisychicken]

Thanks Princess - im going to look into this as I really want to go back to the envelope method of budgeting but without the actual cash!

[pinkmallow]

Which Halifax savings account do you use?

[dementedma]

Tsb online banking. We have about 5 all for different things and can move money between them online.

[Lilmisskittykat]

I'm with nationwide and have s few accounts for different things alongside having a savings account with tescos that's easy to transfer to (saving rate isn't as good as it was though)

[NeonPinkNails]

I do this with Lloyds, think I've got 2 'normal' accounts and 3 savings - I use one for bills and outgoings, one for spending money, one for holidays, one for school/child related stuff and one for rainy days. I save a small amount to each every month and find it a great way to manage my money (as long as I resist the temptation to dig into one when I fancy a treat :))

[bookwormthatturned]

It's worth checking out the Squirrel account that's designed for just that, it's one account in which you can hold money in lots of different pots. The other feature it has is to hold your monthly salary and then drip feed it back to you in weekly instalments to help you budget through the money. I think the fee is about £2 a month but def worth looking at. There's another organisation called B which seems to offer something similar.

[Bluecarrot]

Have a look at best deals currently available. Santander mini 123 would be a good place for kids money, tsb 5%, nationwide 5%? And Halifax have a £5pm deal.
I can move money between these accounts using faster payments and I keep s notebook with balance for each. Inc rewards from Santander I got over £900 in rewsrds, interest and joining bonuses last year on less than £7k avg balance. Def worth the effort.

[Costalot1]

There's a smartphone app called piggy pot. You set different categories, a date you want to have a certain amount by and it works out how much per month. We want to buy a house so have a surveyor category, a removal men catagory, also got one to go away for our anniversary. You don't earn interest but it's nice to see your savings increasing and it comes directly from your bank on whichever day you set so it feels more like an essential bill. You can also withdraw back to your bank account at anytime !

[ImperialBlether]

Carl, I think you have to check with MNHQ before you put surveys on here.

[CarlPackman]

Apologies, I'll do that now. Sorry.

[CarlPackman]

On the issue of jam jar accounts, I've been hearing some anecdotal stories about people still not being able to get access to basic bank accounts. Anyone else hear that?

I like the idea of jam jar apps, but I can understand why they are not for everyone. I've also heard about "gamified" savings apps, designed to make saving money hard and - in financial jargon - add "friction" to finding out how much you have saved up so you don't spend it frequently.

[Stellaella007]

I use Monzo for that and it's really cool plus you get competitive interest rate too. If you are thinking of opening Monzo account get yourself free £5 using the referral link -join.monzo.com/r/gkf55ht

[ThighThighOfthigh]

I heard something about someone literally moving their pennies, so every time there's £78.99 in your account the 99p automatically goes somewhere - am i imagining this?

I have Santander123 and can make pots and name them online.