I thought I could form one saving account and then break that into virtual pots for different goals yet it all be actually in one account.
From what I’ve understood having joined the “pots” are separate saving accounts in their own right, is that correct?
If not then how does breaking the savings down work?
(Sorry, I will have to escalate this.)
When you open a savings pot (that earns interest) its with a third party provider that you chose.
It’s a lazy way for those that don’t mind Monzo taking a portion of your interest in exchange for having it under one roof, instead of opening an account directly at say Paragon or Charter Savings Bank.
You can’t then split that pot into pots inside. But you can open multiple pots with the same provider afaik.