Savings Pots Idea

Just wondering, would it be possible to introduce personalised “savings pots” for each savings account?

See below for example -

1. Chip Instant Access

Pot 1 - Primary Account
Pot 2* - ABC
Pot 3* - XYZ

2. Allica Easy Access

Pot 1 - Primary Account
Pot 2* - ABC
Pot 3* - XYZ

All in all, it’s just a way of allowing users to create dedicated savings pot under each of their savings accounts. Money is still stored with the respective banks, but just allows users to have more freedom to separate their money.

For some real world examples, have a look at Zopa Bank and Monzo Bank savings account. They allow users to create pots for savings, like wedding, car, retirement etc.

I can imagine the coding in the background could be a nightmare if users decided to create multiple pots, like 50. Maybe there could be a cap on it? Like maybe 3 per financial institution linked with the Chip account?

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I do like the Zopa pots where you can boost your savings by tying up your money for a time period…

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That’s cool too, I like that.

But my pot reference is more to do with making personalised, unique savings pot under each saving accounts to help separate savings for different plans/occasions.

I know a lot of people who separate their money across multiple savings account for different savings intention. Why not give them the option to create their own individual pots inside the Chip savings account? It will attract more deposits.

It’s a win-win scenario.

yes you can do that with Zopa…and boost the interest rate if you want (to tie the money up)…

Like the idea maybe they can update the goals areas and allow to withdrawn money for the individual pots not take currently from lump sum.

@NikChip What are your thoughts on this?

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