This is something that we would consider in the long-run, our focus so far has been on creating a portfolio of options where the user can select their risk and get better prospective returns. We feel that providing customers with diverse investment options (and the power of compound interest!) are currently understated and should be made available to everybody. It’s a big part of our promise to make our users better off.
The problem with savings accounts is two-fold: firstly, the interest accrued is lower than inflation in most cases (sigh); secondly, the struggle is doubled in that most people don’t get to the point where they feel they can ever put their money to work (savings, or investments). 16M people in the UK have less than £100 in savings - no 0.2% interest is going to solve this huge market gap.
This in mind, Plum auto-savings aims to help people overcome this problem, and then our investment product strives to give people real options where they can actually get returns on their hard-earned cash.
That said, we’re always open to new ideas