5 Feb 2019

Why you can't create new Savings Pots – for now

Late last year, we launched Savings Pots to help you earn interest on the money you save. Savings Pots are different to regular Pots because you earn 1% interest a year, and need £1,000 to open one.

Since we launched Savings Pots, they’ve been so popular that we’re close to reaching the savings limit we set up with Investec, who hold your money and pay you interest. So, as of today, you won’t be able to create a new Savings Pot. This won’t affect any Savings Pots you’ve already opened, and we’re working to make new ones available again soon.

Banks put limits on easy access savings

The money you put in Savings Pots is held in easy access accounts, where you can take it out the next working day. Banks try to manage the amount of easy access money that they hold, because they need to know how much money their customers could take out at short notice.

We didn’t expect to reach the limit we set up with Investec for Savings Pots so quickly, and had planned to have a second savings provider lined up before we reached that limit.

Nothing changes if you already have a Savings Pot

If you already have a Savings Pot, then don’t worry – for now, nothing changes. You can keep adding and withdrawing money, and you’ll still earn interest on your savings. We’ll let you know if that’s likely to change.

You can still create regular Pots

You’ll be able to create, pay into and withdraw money from regular Pots as normal.

We’re working to make Savings Pots available again

We know it’s important to earn interest on your savings, and we’re sorry that we can’t offer you that at the moment. We don’t yet know when you’ll be able to open new Savings Pots again, but we’re working with potential partners to make them available as soon as possible - and we’ll let you know when they are!

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