What I’d Like to Have In My Savings Bank Account Along With the Higher Rate of Interest?

First, some background: I have a single source of financial truth. I do all of my income, expenses, savings, and investments from a single savings bank account. Therefore, the balance in this account tends to move up and down quite a bit — more up than down, so a higher rate of interest is definitely nice to have. Though the new rates of interest wouldn’t amount to anything significant, it’s definitely good to earn a bit more on funds lying idle. After all, why say no to more money?

My bank hasn’t yet joined the “deregulated savings bank interest rate” bandwagon, but I’m quite sure they will soon enough.

But more than a higher rate of interest, I’ve been dying to have the following facility:

  • The ability to define and manage one or more sub-accounts under a primary savings account.

  • The ability to setup automatic monthly transfers between the primary savings account and the various sub-accounts.

  • The ability to mark a sub-account as “locked” so that the balance in a locked sub-account wouldn’t be counted towards available funds.

I use sub-accounts to keep track of numerous things — goal-oriented short-term savings, accumulated funds to be invested in specific instruments, just redeemed investments, etc. Right now, I manage all of this in an Excel spreadsheet and it’s a pain. Having this facility built into my savings account would be a boon, but my Bank doesn’t offer any such facility and I haven’t come across any other Bank that does. But I’ll throw open the question for your comments:

Does your Bank offer such an option via Internet Banking?

Note: Here’s kind of what I’m trying to do.

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