Pots within an interest earning Savings Pot

So I just had this idea where I think it would be quite nice to have pots within a savings pot. My thinking for this is that I have many long-term saving pots that all add up to over £1k but many are under individually. So these individual ones are not earning me interest. I could combine them but then that’s not such a convenient way of saving.

Maybe having pots grouped by type and when you click into your savings pots that expands into multiple saving pots?

If memory serves me correctly Monzo have had the discussion about the possibility of creating multiple savings pots as long as the minimum (now £500) is spread across them all. But that’s as far as it got I think.

Haven’t seen it mentioned or anything in a long while.

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No, it hasn’t been talked about for a while and, back then, it was only in the context of a long term aspiration so I don’t expect to see it soon.

It’s still my ideal model though.

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Great to see the introduction of ISAs but feel like it’s missing a trick!

The new ISA is introduced as a “Pot”, but part of my problem with ISAs is you can only have one of them whereas I’d like my money for different saving goals in different pots but getting ISA interest.

Why not spit the ISA into pots. Seems it would be simple to have a single ISA satisfying government rules but virtually splitting the money in the app. The only problem would be allocating interest but I’m sure that could be easily solved…

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Seems like a cool idea :blush:

Great idea, and one I will back.

However, a way around is to use a spreadsheet/notes app which is what I do. I would love to see sub-pots though, which would fix this.

Only really a UI thing I would imagine (I’m no developer, though).

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I do the same with my Marcus at the moment.

Have an excel sheet containing the breakdown of my overall balance :slight_smile:

Problem with that is it requires manual changes… a monday is painful trying to remember whats been added at the weekend :laughing:

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The ability to add notes to Pots could help with this:

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Could you not have multiple pots for this instead?

We have them set up for monthly spending commitments but rather than just one for “all” things I have broken them down into sub categories.

So e.g. we pay in 700 a month to our joint account for spending but rather than leaving the balance as a total we have:

Food shopping £240
Dog food £60
Meal out £100

And so on

You could easily do the same for your savings goals:

Plane ticket £500
Hotel £400
Etc

And just spread your monthly savings target across each pot individually. I’ve automated a payment into each pot the day after we pay in to ours so we don’t do a thing.

I guess allowing savings pots to have sub pots would work just as well?

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Functionally it’s the same.

But I think introducing sub pots is an undesirable feature in terms of complexity to the user, and increasing the complexity of the app.

Whereas, having multiple accounts - i.e. Joint Account, is a feature that already exists and pots exist under accounts already.

This would only work if each pot had at least £500 in it since Savings Pots (the ones which earn interest) have a minimum deposit amount of £500.

Not in the case of cash ISA savings. You can only deposit into a single cash ISA in a given year.

Good thing we’ve changed the minimum Savings Pot amount down to £10 :tada:

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Now that the minimum has come to £10, I would still like to have ideally, sub-pots, or less ideally but still usefully, a pot description field.

Regardless of savings, I would like to put aside money I budget for cash expenses. These amounts are too small to warrant their own pots, but together add up over the month, e.g. playgroup is £6.80 a week, slimming world is £4.95 a week, getting the car washed at £14 a go, etc. I could have named sub pots or a description field, but without either the list is quite long and the amounts so little that I’d find it difficult to keep track half-way through the month of what has been taken out and what hasn’t, especially if I remember something I’d like to budget for but forgot to when I set up the pot.

Anyway, perhaps now that the minimum savings amount has come down, should this type of thing be voted for elsewhere or here?

You can vote for this feature here: