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?

I have;

• current account - day to day spending
• holiday account- a portion of money goes in every month
• christmas present and unexpected expenses account
• DLA account for DS1. His DLA goes into this and this pays for his physical therapy, special interests, and his counselling.
• A stocks and shares ISA which has £168 in it because I had to raid it to repair the boiler because i did not have enough in my unexpected expenses account.

DH does as well. Also in the pockets of coats he puts away each season. It came in very handy once when we needed cash and we went around the house and uncovered £600 that he had literally mostly forgotten about.

Short term - larger items like watches or jewellery, holidays, school fees and general maintenance of house and cars

Medium term - bigger housing projects and new cars.

Longer term - investments for retirement making use of ISA’s alongside pensions to reduce tax and maximise income.

Every penny is accounted for.

We don't have separate pots, our money is just put into various accounts (ISA's, PB's etc) in either of our names.
We both have similar amounts in "our" names but in reality, everything is shared equally.

We hold a few £k in our current account which covers any unexpected purchases (normal outgoings are more than covered by our pension incomes), larger spends would be covered by dipping into NS&I or PB's while our ISA's just sit there "for the future".

Dunno. To my ADHD mind they were just incase I ever had to start over again somewhere, or move countries, or go on the run. I have no idea what sensible boring me would be doing to warrant needing to go on the run, but the feeling of savings just incase this happens still keep me feeling safe. Warped logic really, because the bigger the pot gets, the less I'm going to need to rob a bank, and so chances of having to do a midnight flit out of the back window while dragging a suitcase stuffed full of fivers while police hammer on my front door does decrease somewhat!

Would have liked to put all our savings towards moving to a larger property but it’s now for another round of IVF after our last NHS funded IVF pregnancy ended in a neonatal loss.

I have pots for car, holiday, house, uni fund, Xmas and then an ISA has longer term savings with an offshoot pot with savings for the kids.

Sock drawer for me , & a couple of money boxes - one for small notes and the other for 1 & 2 coins.

No, mainly because I don't fully understand and I tend to plan for all disastrous circumstances. If a home becomes untenable then I would need to swap the intent of house deposit to a different plan and wasn't sure if that was doable :/

I think when I near the financial goal for deposit I'd be more inclined. I'm couple years away atm.