Absolutely love the new locked savings account, I have been looking for one of these for ages now. I am terrible with savings and have always transferred between accounts as and when I need too. I have noticed that in order to open a locked savings account, you’ll need £1000. I am looking to start saving rather than add to my savings. Is there a way to open the account with a much smaller amount? Is this something that could happen in the future?
£1000 is the minimum for an interest earning Pot, sadly.
You could start a regular locked Pot, and then transfer it to a savings one once you hit £1000?
Create a standard pot then lock it.
The whole savings experience is something I know the team are looking at improving in the future, possibly by integrating with multiple providers and offering choice between rates/terms.
*cough* Marcus *cough*
I’m pretty bad with round ups. As soon as it hits £20 or whatever I tend to transfer it back into my main pot.
The first thing I did when creating a locked pot was called the pot “Round Ups” and locked it until end of 2019. I feel pretty excited about this I think!