Halifax Web Savers have let their imaginations run riot when naming their individual online savings ‘pots’. Customers can keep their money in different pots which they can see at a glance on screen, and which they name themselves.
While some of the names, such as ‘house deposit’, ‘holiday fund’ and ‘school fees’ are self-explanatory, the real meaning of others, such as ‘lobsters’, ‘boob fund’ or ‘snogga’, can only be guessed.
Having money available to cope with the unexpected is the main reason for saving, but having money to spend comes a close second, with savers choosing ‘rainy day’ and ‘spending money’ as the top two names for individual savings pots.
While almost half of customers choose names from the list provided, the majority prefer to be more creative. Some of the more unusual names reflect customers’ dreams and aspirations and the need to escape to a new life. The 10 most popular names are: Rainy Day, Spending Money, Christmas, Home Improvements, Retirement, New Car, Savings, This Year’s Holiday, Next Year’s Holiday and Wedding.
Some customers are just waiting for something to come along to spend their money on (slush fund, loot and stash). Many are saving for a holiday, and have named their pots from ‘Bridlington’ to the more exotic ‘Acapulco’. More customers are saving to go to New York than any other city, and the more ambitious are saving for trips around the world.
Paul Duffin, general manager Savings, said: “From the survey we’ve found we have a creative group of customers who appear to relish the opportunity and flexibility to name their accounts exactly how they want.”