21 Aug 2018

An update on getting interest paid on savings

As part of the Big List, we committed to helping you get interest paid on your savings. And we’re working to let you create a Pot that’ll pay a competitive rate of interest.

We’re going to miss tomorrow’s deadline for the Big List, but we’ll be ready to roll it out to everyone in the next few weeks!

How it’ll work

You’ll be able to create a special kind of pot that lets you earn interest on the money inside it.

You’ll be able to do this for one pot at a time, and earn interest on savings of £1,000 or more. And your money will be protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.

Here’s how we think it’ll look:

Screenshot of savings pot

What’s next?

We’ve been working with a partner bank that’ll help us pay interest on your savings. When you earn interest on a savings pot, your money will actually held by our partner bank.

We’ve already designed and built the experience, but tracking how money moves between banks is technically complex, so we’re still finishing work on this part.

The good news is that we’ll be ready to roll savings out to everyone in a few weeks! So stay tuned on the blog and Twitter for updates! 🔜

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