Can you recommend an account for saving small pots of money?

[owlsinthedaylight]

Can anyone recommend an account for saving small pots of money? I’d like to save in separate pots for Christmas, holiday, new sofa etc.

Something with an easy to use app, ideally interest-bearing, and not a current account because I don’t want yet another credit check after taking out a mortgage, loan, current account and credit card in the last 12 months.

If you open an account with Chase (online) you can set up lots of little accounts just as you describe and manage them on the app. I also use Plum, which links to your bank account and saves small sums every month for you without you noticing, but boy, does it add up! Alternatively, my mother used jam jars.

Starling is great for this

I’ve just set up a Regular Savings account with Santander. I assume all banks do similar. 5% interest! Max £200 per month in. I’m popping £40 in a week as I’ve given up smoking 😮‍💨😮‍💨😮‍💨😇

I second Chase

Chase allows up to 10 accounts at 4.1% interest

Tandem is really good, 5% interest & you can set up named pots through the app.

Than you 😊. I’ll check out Chase, Tandem and Starling.

I presume the Santander one is just a single savings account, which I already have. I really want to be able to divide up the pots.

The ones like Plumb sort of freak me out 😅. I don’t really understand the concept. I mean,how does it do it “so I don’t notice”? Regardless of how much it takes and when, I still have less money in my account than otherwise, so how does it taking e.g. £40 in several smaller transactions work better than me just setting up a regular direct debit? I genuinely don’t get it, but am interested to learn if anyone can explain it.

And I already use literal jam jars, but decided it would be a better idea to earn some interest 😎

Chase is brilliant for this.

Monzo! Can't recommend enough

Another vote for Chase!

I think the online banks that people have listed (Chase, Monzo, Starling, Tandem) do credit checks as a bricks and mortar bank would.

I use pockets on Revolut

HyperJar is good x

I love Monzo. Think they’re probably all much of a muchness though.

Monzo and revolut are good. I tried to set up a new account with my traditional bank and it was so hard I wouldn't again. The new ones have interest giving pots and you can set up and transfer so easily. You get a card too.

I’ve only used revolut but find it good for dividing up pots and it gives you daily interest

I've a Chase account. I've just looked at it and can't see how it's done

I had the same reservations about plum, but opened it as they were running a special offer where you received £15 if you deposited so much.

honestly, I really don’t notice the money! You can set various bands depending on how ‘much’ you want them to take. You can also manually deposit as/when you want.

I wouldn’t necessarily have it instead of, but you could consider it alongside a pot of savings

I have a couple of accounts with Nationwide, you don't start with different pots but they offer new accounts as you stay with them so the latest account I have is 8%, it is a regular saver so you can't start with a lump sum, I can pay in up to £200 a month and have 3 withdrawals a year.

Monzo is great for this. I have basic pots for all kinds of things that I spend down across the month, but for any savings that stretch across months eg putting aside a few hundred for holidays every month, to spend in 6 months' time, I use their savings pots. I get 4.8% interest on those and it takes literally SECONDS to set them up within my Monzo account. I have one for holidays, one for my service charge which I pay quarterly but save towards monthly, that sort of thing.