🪴 What are savings accounts?
Savings accounts are a place to save money and earn interest.
They're different from Pots. Pots help you put money aside for different things. Savings accounts can also help you save, but the money can earn interest while it's there.
Your parent or guardian needs to set up your first savings account for you. After that, you may be able to create more yourself if savings are available in your app.
You can have up to 20 Pots and savings accounts in total.
Create a savings account
Go to your Home screen.
Scroll down to Savings.
Tap Create new.
Choose a saving sidekick, gallery image or your own photo.
Name your savings account.
Set a goal, if you want to.
Add money, if you want to.
Then you're ready to save and earn interest.
Saving sidekicks
You can create a saving sidekick to help you save. Keep them happy and healthy with regular savings. They'll react to your saving progress.
If you don't want a saving sidekick, you can pick a cover photo from our gallery or upload your own.
How interest works
Any interest you earn will build up daily. We'll pay it into your savings account on the 1st of every month.
If you close your savings account mid-month, we'll pay you any interest you've earned up to that day.
How tax works on your interest
In Spain, interest is taxed. Before we pay interest into your savings account, we'll take off tax at the rate set by Spanish law. This is currently 19%.
We'll send this tax to the Spanish tax authority (Agencia Tributaria), so the interest you receive in your savings account will be the amount left after tax.
You'll need a NIF (Spanish tax number) on your account before you can open a savings account. This means we can report your interest and tax correctly.
We can't give you tax advice. If you have questions about your own tax situation, speak to a tax adviser or the Agencia Tributaria.
Savings activity
You can see money moved in and out of your savings in your Activity.
This includes money:
you've added or withdrawn
your parent or guardian has added or withdrawn
we've paid as interest
Can't see Savings on your Home screen?
This might be because:
your parent or guardian hasn't turned savings on
savings aren't available for your account yet
your last savings account was closed
Speak to your parent or guardian to find out more. You can still use Pots to put money aside.
Still need help?
Speak to your parent or guardian. If they can't help, they can contact us about the problem.
