Banking Options for sub-accounts or sinking funds

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PoundMan

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Hi folks, I am just wondering what are some of the best options for sub-accounts or sinking funds.
At the moment I use the basic free N26 account as my main current account for 'Needs', and I also have a basic free Revolut account for 'Wants' discretionary spending.
I would like to start creating sinking funds for things that aren't quite unexpected yet at the same time aren't regular monthly expenses e.g. car expenses, health insurance, birthdays, Christmas, etc. It would also be great to have sub-accounts for different things rather than having a lump sum sitting in my current account. It would also allow me to know what excess I have left in my account from the previous payday that could potentially be either spent elsewhere or transferred to savings.

What are the best options for this kind of thing in Ireland at the moment? I don't mind having to open another account with a different provider. Perhaps all of this could be done for free though using some kind of spreadsheet? I like the idea of having multiple different accounts for different things.
 
Any idea's or recommendations on this one folks? I see Bunq allow up to 25 sub-accounts but I think it's only on their premium model.
 
The pillar banks don't really get into sub-accounts, you're better off with e.g. vaults in Revolut if thats the granular detail you want.

You might have to consider how quickly you'll need the money

You should look in Best Buys in the Deposits forum
 
Thanks @Seaniemed I just find it could be useful for budgeting to have separate sub-accounts for different things. I thought there would have been more options, but it looks like it's Bunq, N26 or Revolut. Or else keeping a spreadsheet maybe instead. I'm curious how apps like YNAB work for someone who only has one current account.
 
They don't have the irish market in mind. I'm over here in UK and have a few apps chasing deposit rates - but realistically if youre saving the amount you think you'll need every month, into one account and don't touch it then anything else is probably overcomplicating it
 
Thanks for that @Philip S I think I recall seeing something previously about a discount on Money Jar for Forsa trade union members so I must keep my eye out to see if there is an offer on again in future. It looks like it offers unlimited sub-accounts (Jars) and seems cheaper than N26 and Bunq. Not sure though if it's possible to have unique IBAN's for each jar.
 
Hi Pound for now you would need to put the money into the main account then manually transfer into each jar.
When you require the money you would transfer into main account from the jar then pay using the linked car or the likes of google pay
 
I had this sort of set up with FA and then UB, it was just a bunch of savings accounts that I used for different things. Now that UB is gone I moved to N26 and pay the 45 quid I think a year for the next step up from basic so that I have sub accounts. I think it's worth that much to me as it's a nice easy system to operate, I have standing order from EBS to main N26 account every month and then certain amounts are transferred to the relevant spaces. When I have a bill or whatever I just have to transfer from the space back to the main account to pay it, I don't mind that level of admin as I've always operated this way.
 
I didn't realise that this type of system would still require manual transfers to and from the sub-accounts. I thought maybe it could be automated no? Is Bunq the only provider that gives unique IBAN's for sub-accounts?
 
PoundMan said:
I didn't realise that this type of system would still require manual transfers to and from the sub-accounts. I thought maybe it could be automated no? Is Bunq the only provider that gives unique IBAN's for sub-accounts?
Click to expand...
Possibly could be automated, the ones from my main ac to sub accounts are automated but the random bills are not automated as well they can be different, eg car insurance for example. Things like ESB bills etc can be done as direct debit so that is automated-ish. N26 do give IBAN for sub accounts but not sure if that is on the 45 euro plan or on the next step up, I haven't bothered to activate them if they are there but did see you can have them.
 
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