Recommendations for savings accounts with different 'pots'

[Jobsharenightmare]

Good morning,

I'm after a savings account that enables the user to have different titled pots of money for saving for different big ticket items/expenses in the future. I already have a S&S ISA that allows this but I cannot take money out of it more than once a year and ideally would like 3 penalty free withdrawals so I'm thinking a general savings account/easy access savings must exist like this?

Any ideas ladies? TIA.

My other half has a Monzo account, you can have different 'pots' with that one

Monzo has the functionality but basically no returns on savings so may not be what you’re after if you’re getting good returns in your ISA.

No account returns anything more than a tiny amount, so don't waste too much thinking time on the choice. Why not just keep a list?

Due to such low interest rates I think a cash ISA is your best bet for some savings with the stocks and shares ISA invested in index funds for your other money.

i have heard about starling bank being useful for money management but not sure about interest rates etc - won’t be high

Premium Bonds.

If you're talking about under £5-10k then you're going to get £20-40 pa in interest at best in instant access savings accounts. You might win nothing with PBs but if you win even once a year (smallest prize is £25) you're even or slightly ahead.

£10k+ and it's a no brainer as you're almost certain to beat instant access interest rates with prizes and you can get the money back within a week if you need it. So virtually instant access and available for bigger purchases unless you're in the habit of spending thousands at the drop of a hat.

I wouldn't bother messing about with pots. Just buy PBs with whatever money you have and mentally count it as your 'new car/holiday/new windows/tax savings etc' fund.

Monzo is so good and easy to set up. We have pots for loads of things now.

Virgin money have a current account that pays 2.02% up to £1000, but it has a linked savings account paying .35% that has savings pots . Rates are very low at the moment but that one is one of the best out there

Don't most banks nowadays have a function to have savings pots?

You won't get any measurable interest wherever you go and as it's a fairly basic function I don't think you'll find any way to distinguish between the likes of starlng and monzo

Thanks all. I have not found an easy access saver with th function of pots. I'll look into Starling and Monzo interest rates though thank you and see what they offer. Maybe I'll just have to manage it in my mind rather than different pots.

Right answer! There's no need for this function.

Or for virgin money - max you'll get from that account in a year is £20. Forget about interest on current accounts now, and no account has paid over inflation for a decade. Thank you Mark Carney and his successor.

I opened a virgin money current account so I could get the exclusive ISA. I just use the current account as a savings account for £1000 and the linked easy access savings account for other stuff. I quite like the pots and savings goals so I ended up using it more than I expected.