What are your savings accounts for?

[KateArnott]

I have a few for different purposes.

I have a Cash ISA which contains my Emergency Fund.

Then Premium Bonds, which is earmarked for the building work we’ll be having done soon.

Then a regular savings account, which I save into each month for further home improvements. This one is 7% interest for 12 months, but I can’t withdraw from it, or I’ll lose the high interest rate.

I have a SIPP and a S&S ISA too, but I only pay into my SIPP currently.

What about you?

Why do you want to know? Very odd question!

Tax bill, holiday, emergency fund and retirement.

I actually don't know.

I don’t have any savings.

One for holidays, one for birthdays/Christmas, one for the tax bill and one for emergency funds.

Most goes into my pension, then we've got cash ISAs for house improvement/holidays and S&S ISAs for long term savings.

Self Assessment bill, holidays and mortgage overpayment (because currently getting a higher rate on savings than mortgage rate).

Just to have, really. I like knowing I've got extra funds of my own. I always keep one savings account topped up, but the other one goes up & down a little, if I need a little extra in the month.

Paying for 2 kids to go through university and retirement

All sorts.

Retirement
Holidays
House and car maintenance and insurance
Christmas
Golf club membership and season ticket

Saved in Pension funds, ISAs, premium bonds, shares, fixed rate and limited access savings accounts.

I’m a saver not a spender, unlike DH.

I don’t think it’s an odd question .
I have a cash ISA for retirement savings , a high interest savings account for emergencies, same for holiday and car spends combined.
Another ( secret ) one as a running away fund, cos you never know . Oh and a hundred quid in my knicker draw, in case I need emergency cash .
Not huge amounts in any of them but enough to make me feel like I’m being organised .

I have various Monzo pots for birthdays, Christmas, car insurance, car repairs/MOT/service, a roundup pot for mortgage overpayments and then professional subs. I put a bit each month into those and can access whenever.

I then have a few other savings accounts for a "running away fund," a 12 month fixed account for the extra interest and then misc savings that will end up going towards a new bathroom and just where any spare money goes each month.

Nothing really odd about it? No one has to say they aren’t forced to and you don’t need to say how much for

people are always saying to have savings etc and I think it’s interesting to see what others save for and can help some people prioritise their finances. Additionally if you have savings but have no idea what it’s for then what’s the point?

I am in the process of getting out of debt so savings has only just become a thing for me and currently trying to build my ‘emergency’ savings with the three months expenses

I think it’s interesting - that’s why I asked.

Me!

I have my ordinary account, with some savings in. Then I have another account that I pay into for trips out with my GC. That includes Christmas markets. I consider it dead money, so I don't baulk at the prices. I don't pay bills or accommodation costs, though.

Not sure if you are asking what we are saving for, or if we have different accounts for different purposes... other than my LISA which is for retirement, all my savings accounts are just for whatever need arises. Several accounts to spread risk/ maximise interest, but i make no distinction in what they are earmarked for

Back up to our pension income - for larger purchases - e.g. new car, big house repairs. Also helping our adult kids should the need arise. And our own care at some point in the future if we need it. Just gives us peace of mind knowing it's there really. My parents gave us a good model for retirement - their savings were used to supplement their income when needed - which we've tended to adopt. Works for us.

Both or either!

ISA for house deposit, an automated one for emergency funds, when it goes over a certain amount I transfer to ISA. Then my childrens for their future.

Emergency fund. It’s in quite a high risk high growth share as ISA which is probably not massively sensible because I could need it at the moment notice.
But I do have lots of insurance so I work on the theory that until I have enough in there to not need Insurance on many things I can afford to take some risks
And then once there is12 months salary in there, I can do away with all Insurance side of buildings and a car

Do you use a LISA for your house deposit. We used one each for our house deposit and it was brilliant

My DM keeps some money in her knickers drawer too. Never heard of anyone else doing that!

I have short term savings (dentist/doctor appt, new clothes, random house decor bits, gifts etc etc), a holiday pot, a car insurance & repairs pot, a Christmas pot.

I have about 4 months expenses in my credit union which I suppose is my emergency fund, I don’t add to that at the moment. Then I have a fixed term savings acc for a lump sum which I want to go towards a house deposit in future. Then, to keep going with house deposit savings, I have a ‘house’ savings account that I put money into every month and never touch.

I have emergency funds to live on while jobhunting if I lost my job. That would double as my running away fund if I needed one.

My LISA I secretly imagine will take us on a surprise family holiday when the DC are young adults. If it's an unwelcome surprise then I could use it to retire a couple of months early instead.

We have a small amount of joint savings towards the DC's university years, or equivalent. (My DP and I disagree on what counts as "or equivalent".)

Then there are general savings which come and go depending on how much work our house needs. They look healthy at the moment - but the house doesn't.