To wonder how many savings accounts people have?

[ThatKeenKhakiCrow]

I’ve seen people with different accounts for different purposes (emergency fund, holiday fund, rainy day money etc) and it seems like a lot to manage. How many savings accounts do you have and how do you keep track of them all? Is it really necessary or am I overthinking it?

Three.

1. everyday savings, e.g if need something urgent but unexpected. E.g car breaks down
2. longer term savings. Not an account that can be dipped into.
3. specific saving, e.g for holiday or specific item.

not a penny in any of them, but it’s the thought that counts.

Ha! Same!

£250 in total 😭

4 all with the same building society though Easy to manage on app

Between me and DH:

• S&S ISA
• Cash ISA
• Easy access savings
• 2x NS&I
• Account for annual bills like car insurance
• Account we call a slush fund to offset any months when we overspend so we don’t need to access longer term savings
• An account for each of the 4 credit cards we have (we clear them in full each month but I transfer the money we spend on them weekly out of our current account to better budget).

I just have apps for each of the banks. I do have a spreadsheet too but could keep track without it.

So there's a limit to how much you should have at the same bank. Bank, building society etc. will only guarantee a certain amount per person. So if you have lots of savings they should be in different places.Plus joint savings and individual savings. And all kinds of other complications and reasonings

Premium bonds tax free and chance to win
ISA tax free
high interest savings account (but taxable so put in anything once I’ve maxed out my ISA for the year), don’t like paying more tax than I need to, so hold cash I might need in this but bung the rest into mortgage overpayments

It's 85k per banking group. The majority of people won't have that amount stashed away

Three with the bank one mine, one joint, one in bonds. One with a building society.

savings account 1: Long term savings - comes out as soon as we are paid. Intention is never to take aything out of them. They are for big projects - moving to a new house or £30K kitchen renovation.

savings account 2: Savings for a rainy day - another (smaller) amount that comes out as soon as we are paid. For a new washing machine or an unexpected repair bill.

savings account 3: anything that's left at the end of the month - accumulates for treats, holidays etc.

NS&I
Stocks and Shares ISA
Cash ISA
Long term savings
Easy Access savings - for holidays, unexpected bills. This is split into a few various 'pots' on a banking app

But I'm approaching retirement and saving into the ISA's has been part of the retirement planning

I have 4 or 5. Very simple to keep track as all same bank so on my home screen on internet banking I can see them all.

Not that many physical accounts, just our usual ISAs, some in PBs, and a high interest savings account or two, but a shit ton of digital pots via YNAB that separate all sinking funds and things out. Probably 15-20 of those.

Three.

1- short term - covers unexpected monthly expenses, car insurance, motor tax,

2- medium - bigger stuff like new car and holidays

3- long term - will be buying a new house in the next 2 years

Then pension fund too

1. car account (saving balloon payment pcp
2. Isa
3. car account for repairs tax etc
4. e acct for general savings
5. house repairs etc
6. saving for vet bills
7. then I also have three cash pots for various

seems a lot but it works for me

I have a Cash ISA for my Emergency Fund. This has a decent interest rate.
Premium Bonds, which is earmarked for home improvements - I save in there monthly.
A S&S ISA, which is for early retirement.
A SIPP, to top up my pension, which I deposit money into each month.
Old workplace pension.

Lots: I’m known as the squirrel in our family. These are all in my name - dh will have a couple of ISA s too:
3x stocks and shares Isas
1x cash isa
3 x high interest savings accounts - 2 easy access, one longer access
plus pensions
Interestingly none have a particular role (although stocks isas are all nominally pension/ long term kid house/wedding type money)

NS and I savings - long term don’t touch

Fixed term ISA - long term don’t touch

Instant access savings - low interest rate but only keep money in here for unexpected things and this is also used for holiday savings (anything from 2 to 5K is usually in here)

6% savings account which I can only put £150 a month in but this is for money I am saving for DD so £150 a month is fine.

An emergency fund for plumber type things

A regular saver that I can put £200 a month in - want to build on this

That's it. I do have £25 in premium bonds, a pension which I moved into all equities index tracker, and a LISA with FA in it.

9 between me and DH

I have a Revolut main account for spending and fun + different sub accounts for holidays, emergency fund, car stuff etc. Current account with different bank for bills by direct debit and standing orders.

Long term savings are locked away for the term.

Current account for daily spends - it builds up because I'm not the last of the big spenders

Interest bearing account out of which dd's flow, less than used to so it racks up and I also use it for car spends, travel, shoes and handbags because they are "travel"

Regular savings BS one - car replacement account.

Regular savings BS two - household replacement stuff.

ISA's

Premium bonds.

BS 3 - Xmas/birthdays/holidays

No idea what DH has - it will be more.

I am old.

I have four

1. shit's gonna break fund. To cover the cost of a broken kitchen appliance, or to fix something with the car. I put £50 in every month by direct debit

2. annual expenses. To cover the cost of yearly predictable bills eg car and house insurance. Total estimated yearly cost of everything divided by 12 goes into this account every month

3. long term S+S ISA. Modest monthly direct debit into this. Don't touch the money

4. short and medium term savings plus emergency fund. I'm pouring money into this. In here I keep a minimum of 3 months living expenses, plus saving for holidays, and now saving towards 2 home improvement projects I have in mind for later thus year and next year

The first 3 don't need managing, the direct debits happen as soon as I get paid and the money is there when/if needed

The last one I look at weekly and I add money to it as the budget allows.

Lots of different accounts; because I move some money to accounts that pay the highest interest frequently.
Some accounts mature after 1 year, Some are longer term

Pensions
ISAs tax free
Premium bonds all winnings are tax free
Some Internet only accounts
Some different accounts under Raisin
Some high street accounts
Some Peer to Peer

I just have my current & a savings account. Everything like unexpected car/vet/expensiveperfume comes out of the one savings account. Also if I buy a new (to me) car, that comes out of this savings account as I don’t do any debt.