Sub-accounts: What are they and what are they for?

We all know what an account is. But what is a sub-account? Find out how they can help you make your dreams come true and what else they are good for.

What is a sub-account?

A sub-account is an account that is listed under a main account – such as your current account. With sub-accounts, you can save for specific goals, easily manage budgets or put money aside and leave it untouched. Sub-accounts also give you a better overview of your finances. 

Important: Only you can transfer or directly move money to your sub-accounts. Ideally, you should have one or more sub-accounts free with your current account, which will help you to organize and keep track of your finances.

Different ways to use sub-accounts: from saving to budgeting

See your sub-account as a digital piggy bank that you can give a name to: after all, a sub-account with a name like Round-the-World Trip, New Bike or Campervan is much more likely to motivate you to save more. It will act as a constant reminder of why you are saving and help you keep your eye on the prize! 

Being able to see how your savings are growing every time you check your sub-account and realizing that your round-the-world trip, for example, is becoming more and more within reach, will really help to motivate you to save even more.

And it’s so simple to keep your savings separate from your everyday budget. And if you do need to access money from your sub-account, you can easily transfer the required amount back to your main account within seconds and then pay whoever or whatever you need to from that. Between your sub-account and main account, or even between the sub-accounts themselves, it’s really easy to transfer money in real time.

If, in addition to saving, you also want to get your finances in order, you can also use sub-accounts for budgeting. That means that you divide your monthly budget into different spending categories at the beginning of each month: into fixed costs, leisure and savings, for example, which you can also name your sub-accounts after. And at the beginning of the month, you just need to transfer a fixed amount to each of them. This allocates your funds to all the right places and ensures that you won’t have to ask yourself later on in the month whether you can afford to dine out at that new restaurant or not.

Sub-accounts at Tomorrow: Pockets 

We also have sub-accounts here at Tomorrow, which we call Pockets. You can find them in the Future tab in the Tomorrow app. Using the app, you can pay as much money into a Pocket and withdraw or move it around within the Pockets as you wish. That usually only takes a few seconds. No one except you has access to your Pockets. It is not possible to make transfers or set up standing orders directly from a Pocket. Simply click on the Pocket, give it a name and start saving! As well as the name, you can also enter a savings goal. If you do that, you will see a ‘progress bar’ showing you how close you are to meeting your target. Depending on the Tomorrow account model you decide on, you can have between one and an unlimited number of sub-accounts.