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Money pots - tagging money in your account?

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Not sure if this already exists but is there a service where you can transfer money into separate 'money pots' for easy management. E.g. a pot for car insurance, another pot for holiday funds, etc.… Read More
mds1256 Avatar
2y, 9m agoPosted 2 years, 9 months ago
Not sure if this already exists but is there a service where you can transfer money into separate 'money pots' for easy management.

E.g. a pot for car insurance, another pot for holiday funds, etc.

Without having to have separate accounts for all these types of things?

I have had a look on my bank website but nothing seems to be available for such a feature, only to open an account for each of the pots which I don't really want to do.

Thanks
mds1256 Avatar
2y, 9m agoPosted 2 years, 9 months ago
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Responses/page:
#1
There's something on my Santander account called saving goals where you save money for different things, don't know how it works though, might be worth having a look at.
#2
pink-ka
There's something on my Santander account called saving goals where you save money for different things, don't know how it works though, might be worth having a look at.

Thanks will take a look
#3
just open a savings account with same bank and transfer via app or online banking..
#4
justanothercid
just open a savings account with same bank and transfer via app or online banking..

Yes but I need to be able to tag the amounts going in so I can see how much I have saved for a certain thing
#5
Create a spreadsheet and tailor it to your needs.
#6
NEtech
Create a spreadsheet and tailor it to your needs.

Already done that but it a chore to keep up to date, I would just like to be able to transfer money to a savings account and add a tag to it so I know what the total is for each tag I have assigned.

I don't want to have to keep a spreadsheet up to date, I cannot believe that banks do not offer such as service.
#7
mds1256
NEtech
Create a spreadsheet and tailor it to your needs.

Already done that but it a chore to keep up to date, I would just like to be able to transfer money to a savings account and add a tag to it so I know what the total is for each tag I have assigned.

I don't want to have to keep a spreadsheet up to date, I cannot believe that banks do not offer such as service.

You are effectively asking them for separate accounts that's why and there would be nothing in it for them except for more cost
#8
tallpete33
mds1256
NEtech
Create a spreadsheet and tailor it to your needs.

Already done that but it a chore to keep up to date, I would just like to be able to transfer money to a savings account and add a tag to it so I know what the total is for each tag I have assigned.

I don't want to have to keep a spreadsheet up to date, I cannot believe that banks do not offer such as service.

You are effectively asking them for separate accounts that's why and there would be nothing in it for them except for more cost

Not really, all I want it a way to create tags against transfers, then on the screen have a way to show totals against the tags, it's not rocket science and doesn't need separate accounts so don't know why you have said that.
#9
The way I do this on my accounts is rather to a transfer make a 'payment' this has the added bonus I can write a text description.

I then download my statements as a csv and create an excel pivot table to track.

Works well
#10
I have an offset account with Barclays. I have 12 separate pots, have had this for 20 yrs

Can transfer any of my money between accounts.
#11
patonar
The way I do this on my accounts is rather to a transfer make a 'payment' this has the added bonus I can write a text description.

I then download my statements as a csv and create an excel pivot table to track.

Works well

Yeah I suppose you could do that, its still a multi step process though.


iglimpse
I have an offset account with Barclays. I have 12 separate pots, have had this for 20 yrs

Can transfer any of my money between accounts.

Yeah I know I can have separate accounts but didn't think it needed to be that complicated to be honest.
#12
On santander online you can rename accounts. I have my 123 current, "wedding fund" and "car insurance fund". They are just two savings accounts which I have renamed. Really easy to transfer between them too
#13
I keep a spreadsheet which is updated once a month to reflect what is in our current, savings accounts, the bills out, budget on food/credit card. I have a page for 'money' pots for annuals, luxuries etc. I have it charted etc so I know how much is left to go in each pot.I prefer it this way because it less hassle with different accounts and I can move the money between pots depending on priority. The only thing is I am really **** with it and we never have any money if the annual pot is missing a penny!
#14
Nobody seems to be giving you the solution you want which suggests there's nothing out there that does this but like you I think this is a great idea and why banks haven't done something like this by now is beyond me ...
#15
I wanted something similar and the best I found were third party websites. the two best I have come across and use are anzmoneymanager.com and money dashboard.com
they both have tagging abilities, category separation and planned transfers / bills. anzmoneymanager is a little better to me be cause it supports international accounts. hope that helps.
#16
Ingdirect used to do this before taken over by Barclays - I'm sure other accounts can do it. With ing direct I could have multiple accounts created with just a click and could name them whatever I wanted. I had about 6.

I'm interested in the answer as I could benefit from this.

Thanks

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