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?

1 x Cash ISA
1 x S&S ISA
1 x General Investment Account (my mums savings in my name for grandkids)
1 x Easy access saver (random cash for my daughter)

Then my DH has his Cash ISA.

All other money is in current accounts for bills. Now, if you ask me how many current accounts I had, that would be a much bigger number

I have one that's a house/emergency fund (that has a small amount in but enough to cover, say, an appliance breaking or something), one that's going to be my '3 months of living expenses' fund (but has next to nothing in it right now), and one for whatever the next fun/expensive thing is I'm doing - so currently it's for an event I'm going to later this year, before that it was a holiday I was going on etc.

Saving wasn't something I did ever until very recently, and wasn't possible for me for a few years, but I'm slowly beginning to get into the mindset and it's actually really satisfying watching the (very small, at the moment) numbers increase.

A stocks and shares ISA, and a fairly high interest/instant access savings account.

I have always kept track of several imaginary savings pots within one or two actual accounts. Now I use YNAB which makes it even easier.

We have a few different ones.

General savings
car account
Holiday account
birthday account
Christmas account.
dog account (because if we go to emergency vets we have to pay the bill and claim it where our usual vets would deal with it directly from insurer)

we currently have a baby account as well which we don’t usually have.

Some cash/instant access savings (for emergencies etc)

A stocks and shares ISA for more longer term investment

A specific pot saving to replace the car which is 14 years old

A fund for each child.

I wonder what proportion of the country does have more than £85k in savings. The stats must be out there somewhere.

Probably higher on MN than the rest of the country lol

2 x kids savers
cash ISA
Stocks and shares ISA
NS&I
Joint short term savings
currency savings account for DH’s country

I came here to say this 🤣 the intentions there

Joint current account
own current account
easy access account
ISA account

I don't have savings accounts for different things but do have different savings accounts for different interest rates and different levels of accessibility ie some are tied up for a year. I am mortgage free now which makes a difference. When I had a mortgage I just had a couple of savings accounts and most spare money went in to paying off the mortgage as the interest rate on that was higher than the interest rate on savings accounts so unless you are saving for something particular it made sense to keep savings to a minimum.

I have four in proper use and a couple of old ones with a couple of pounds left from previous transfers.

The main reason is interest. I have one attached to my current account paying 5% with no penalties for withdrawal.

But it only pays that rate up to 5k so pointless having any more than that.

Then I have another easy access with a different bank because it also pays a good rate on smaller amounts.

Opened a fixed term ISA with first bank with reasonable interest.

Then qualified for a loyalty one paying slightly more with second bank so more in there. Both ISAs allow a withdrawal during term without penalty so also gives additional opportunities to withdraw should I need it.

If I had it all in one I'd earn less in interest and would lose more for withdrawals so spreading if out makes sense.

4 different “pots” or saving spaces in my main Starling account for different things - 3 smaller ones: 1 for things to do on the house which gets drawn from, 1 for “ongoing expenses” like car service etc and 1 saving for a tattoo. I put different amounts in on a weekly basis and round up my spends. I set up my salary to go to each pot and pay bills on the first of the month. The other savings pot on starling is on a good interest rate which I don’t touch. I am bad at spending all the money if it’s in my main account so siphoning it off works for me.
1 child saver with my bank for my son with monthly direct debit in.
1 joint account for mortgage, bills and general savings.
2 Marcus accounts that just sit there and get interest, and don’t get touched.

DH has his main account and 1 ISA.

I have standing orders set up to go into each account.

I manage them once per year before the end of the tax year to move things around, get better rates etc.

I have:

1. everyday savings account
2. stocks and shares ISA
3. business savings account

DH has three also

Important to know!

One cash isa

Two current accounts: one for direct debits, the other for day to day - I should get rid of one of them.

No kids and really risk averse. N S & I Income Bonds account for it all.

Twelve, Three current account. An ISA and eight savings accounts, (different pots of money for specific purposes). Easy to keep track with online banking apps. We are not wealthy but would describe ourselves as comfortably off with a modest lifestyle. However we have been through less prosperous times.

I have one for me and one for my child

I have 4)

1. one easy access one that’s not really savings, it’s just a way to manage cash flow throughout the month.

2. emergency savings

3. holiday funds

4. birthday/ Xmas/ school hols…

What platform do people use for their S&S ISAs? Do you manage it yourself? Or pay for it to be managed for you?

I've got long term savings (not much in), a chip account i put some money aside in each month... let's call this medium term savings 😆 (not much in there either) and recently I've started using revolut pockets for short term things like car insurance, MOT, weekends away etc. The healthiest account i have is savings for my daughter I've put away and not touched since she was born. She's 15 now and far wealthier than me 😩😂

I use wesleyan, and they manage it. I've tried self-select in the past thinking im some sort of stocks and shares genius... turns out I wasn't 😂

What are their fees like? How diverse is the portfolio? Do they manage globally or focus on one or two markets only? Sorry for the questions - don’t answer if you’re uncomfortable. I am looking to start one but needing to research and gather info before making a decision.