I guess it depends on the bank.

You cant generally segregate or tag your funds into very specific buckets. My current bank for instance only lets you open at most 2 accounts; a savings account and a current account. I couldnt have one called "car fund", another called "holiday fund", another called "christmas fund". Do you see where I am going.
With the copay app you can even have multisig versions of these "funds" which is really interesting. Separating your funds like this also means that if your using something you dont fully trust like online purchases of if your travelling and there is a risk of your card being skimmed you can just expose that segregated fund and not your entire bank account which often is accessible via your bank issued debit card.