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?

Savings wise I have

LISA -additional retirement money
S&S ISA - long term savings
Cash ISA - short term savings
GIA - long term savings
Premium bonds - want to be a millionaire savings
2 regular savers - regular monthly savings to maximise interest as rates are better than my ISA

1 x easy access that has money in it for emergencies and I put money away for paying for upcoming holidays.
1 x cash ISA that I'm using to save for home improvements
1 x round ups account that syphons money off of my current accounts (adds up pretty quickly). When there is a bit in there I transfer to the ISA
2 x easy access savers that we put money in each month for our kids

Short term
Medium term
Uncommitted holiday
Committed holiday
Funds for a relative's house deposit

All of the above are with one bank so that's easier.

Then one with a fixed rate sum in with another bank
One with premium bonds
And one with my stocks and shares ISA in.

So 4 different institutions just for savings and 8 different accounts.

Most of it's automated so it looks after itself. I transfer out of the single institution ones and into the bottom ones I listed on a sporadic basis.

Anything I automate is much more likely to get done than manual stuff.

For me the key is to save as much as I can, and transfer back out of savings manually if required rather than the other way round it. This sets you up nicely because it makes it easier to save and harder to spend which is the right way round for the effort.

I have 4 ‘savings accounts/sinking funds’, and 6 accounts in total. All with the same bank, and all offset my mortgage (also at the same bank). I worked out it was more cost effective to offset the mortgage, than to earn interest and pay tax on it. I check all accounts via one app.

The accounts themselves are:

1. Everyday account - all everyday spending comes from this one
2. Bills account - every bill comes out of this account via direct debit automatically throughout the year. Every pay day (monthly) I automatically transfer the yearly total of the bills, divided by 12 months, then rounded up to the nearest hundred to give a buffer against inflation. The account also has an extra £1000 in it. I look at this once a month or so to check all expected direct debits have come out. Once a year I look at it in more detail and recalculate my automatic transfer amount, to account for anything that has increased in price.
3. Emergency Fund - 3 months of my salary sitting there untouched, in case of an Emergency. This would probably equally 6 months of bare-bones expenses (eg if I lost my job and had to live off it).
4. House Repairs/improvements - 1% of the value of my house, divided by 12, is automatically transferred to this account on payday (monthly). This just accumulates, available to fix something if needed in the house. As I know what the yearly amount will be, usually, I decide at the start of the year the 2-3 projects I will do that year to use the money, and then get quotes and get the work done through the year. The aim of this account is to spend it all each year, and keep the house in good repair. If I wanted to do a big project on the house (extension or pool etc), I’d start to save from this account.
5. Electronic Replacements - I added the value of all ‘electronics’ (used loosely) divided by their expected lifetime and then auto transfer the monthly amount on pay day. Eg boiler = £X divided by 15 years, then divided by 12 months. This includes a new oven, computers, solar panels, security cameras, dishwasher, BBQ, heading/air-con - anything vaguely ‘electronic’, and expensive. This account just accumulates until something breaks or needs to be replaced. I do a rough audit once a year to see what items are approaching the end of their predicted lifetime and I might need to replace in the next 12 months, and adjust any estimates/amounts for items that over or under perform, do my auto transfer is as correct as I can make it.
6. Holidays + Gifts - I should have 2 separate accounts but I didn’t want the hassle. I auto transfer £200 each month for Christmas and my birthday respectively, and withdraw a £1200 lump sum before each one to help with costs at that time. I also auto transfer another monthly sum to be used for holidays, which I withdraw as needed for holidays. I only look at these accounts just before I am about to use them. Again the aim is to use them up each year.
7. Mortgage - I overpay and can redraw if needed, so in an Emergency I could use this money, but I aim to not do this. I check once a month or so, to check payments have gone in and the interest charged.

I have a few savings pots with Monzo (just checked and it’s 4). Plus a stocks and shares ISA (currently down thanks to Trump and his tariffs, although that’s a longer term investment, so hopefully it will pick up in the future). One of the pots is rent paid to me by ds.. I’m putting it aside to potentially help him out with a car / rental deposit in the future. The others are for my own expenses such as car repairs or holidays.

You can tailor it if you need to, you do have some control. Mine is split between about 15 I think? But i'm mainly just leaving it to do it's thing without looking too closely. Fees around 1.2% I think? I probably should be more clued up 😆

I have:

Cash LISA - for retirement, pay in annually

S&S ISA - also for retirement as I have a small pension allowance, also pay in annually just before end of tax year

SIPP and small DB pension fund if you are counting pensions

GIA - though it’s currently empty, recycled the funds into ISA this year

mortgage offset account - which is where my “emergency fund”/ holiday money is saved and I add to that every month, then heavily draw down on it every March when I make my SIPP/ ISA contributions/ mortgage overpayments etc.

Savings account with the bank I have my current accounts with - also empty just now but will use when my mortgage offset is full (a long way off!)

Also have a savings account for each child in my name. Kids also have premium bonds but I don’t.

They are over the place but I have apps/ online accounts for them all and a spreadsheet I update every few months to track them.

Weird that my reply was hidden instantly, never had that happen before! 😂

God I have loads.

• General savings, which I use for things like DC birthdays, weekend breaks etc. I always try to have £5k in here as a cushion. Sometimes I have upto £10k but that’d be before a big expense I’d been saving for.
• Disneyworld. Been putting £200 a month in here for a few years. When it gets to £15k we’re off to Florida.
• Christmas. £50 a month pays for Christmas.
• Car. £70 for MOT, service, insurance and repairs.
• Home insurance £40 a month
• Home maintenance with £500 sat in it for when the boiler breaks.
• And three empty spare ones!

I have 5 savings accounts and 3 bank accounts, but not because they are for different purposes. Some are regular savings accounts so there's a limit to what you can put in and some are fixed term accounts.

We've got a jam jar with loose change in it on the dresser.

@ThatKeenKhakiCrow I actually found an account last year which I thought I had closed! it had 35k in it!! too many accounts can be difficult to keep track of as I found out!

Probably 15-20 accounts, which husband keeps an eye over and moves things around when rates change or they mature, so I probably have no idea where the money not in our bank account is! But I could easily find out if I was bothered.

Lucky you if they each have £85K in them. 😀

A couple of bonds, some cash ISAs, instant access savings account, I'm spending rather than saving now though as retired and the savings are part of my retirement funds.

According to Finder.com
The average person in the UK has £16,067 in savings in 2025. 7 in 10 Brits (71%) have some money in savings in 2025. However, 2 in 5 Brits (39%) have £1,000 or less in savings, and a quarter of Brits (23%) have £200 or less. 1 in 6 UK adults (16%) have no savings at all, equating to around 8.4 million people. Men have £20,810 in savings on average, compared to £11,432 for women. Those aged 18-24 have just £4,759 in savings, while those aged 55 and over have an average of £27,949 in savings. 18% of millennials and people in generation X have no savings at all.

Lots of people in their 50s and 60s will as they will be saving for retirement

A few people have most of the money 🤷‍♂️

@Cancelthebreaka couple, but we have inherited a bit from both parents dying, redundancy for both of us, and lump sums as both retired so appreciate we are very fortunate.

Apologies, “lucky” was not the right term.

Was it about digital. I put something up about superman's dog because his name was related to this it was hidden instantly. Hilarious 😁