Just a quick update from us about how the Savings Pots rollout is going, and a change we're making to how they work.
We've currently released Savings Pots to about 300,000 people. And we'd love to add another 200k people as soon as possible. But we need to make a small change first.
We're adding a maximum deposit limit of £250k in total across all your Savings Pots with Investec.
We need to make sure that Savings Pots are sustainable for the other companies we work with When your money’s in a Savings Pot and held by Investec, they earn interest on it by lending it out and investing it. If individual people can deposit very large amounts of money into Savings Pots, it also means they can take that money out the next day. This becomes risky for the bank, because it means one person has the power to significantly impact the amount of interest they’re earning, at very short notice.
That’s why most easy access savings accounts have a maximum amount you can deposit, and £250k is quite a common limit.
As we said when we launched, this is only just the start! Our goal is to work with a range of different banks, to offer you a choice of accounts. These will have different limits and rates, so you can choose the ones that work for you. It’ll also mean you can spread out your money to make sure it’s all protected by the FSCS.
What if I've already got a Savings Pot?
This change will apply to everyone who creates a new pot from today onwards. If you already have savings pots, the limit won’t apply to you until you create a new Savings Pot. Based on current usage, this should only affect a handful of people.