Introducing Money Pots
Sometimes, the most difficult thing about saving money is getting started. So to help, we've introduced Money Pots – a great way to start putting money away. You can add as much or as little as you'd like, and at your own pace.
As always, we look to our customers when building new products and features to make sure what we build is useful and will help make their life that little bit easier. So as result of our research, many of you told us that you’re worried about having enough money to afford things like:
With Money Pots, you can now set aside money from your main account. And all the money that you put aside will be held in a separate account.
You can set aside up to £100,000 across all pots if you're a limited company or £50,000 if you’re a sole trader in addition to the existing maximum limit of your main account.
How it works:
To create a pot, just tap on the ‘Pot’ icon on the Home screen in your app.
You can customise your pot with a choice of four colours and name it what you like.
Moving money in and out of your pots is simple and works in a similar way to your existing payment journey. However, you can only move money in and out of your pots from your main account.
If you want to use the money in one of your pots to make an external payment, you’ll need to transfer money into your main account and make the payment in the normal way.
You’re also able to export your pots’ transactions and see your statements. You can find them under ‘Transactions and statements’ on your Account screen.
What’s coming next?
We were keen to get something launched, but this is the first iteration. We’re now working on ‘Smart Pots’ that automatically help you save based on the rules you set, as well as being able to set saving goals.
As always we’d love to hear your feedback.