Withdrawals from savings pot

Apologies if this is posted elsewhere …

With the savings pot, I’m aware you need £1000 to open, and you can withdraw without penalty and that it will take one business day to withdraw, but do you need to always keep the balance above £1000 after the initial opening deposit?

Yes but you can reopen it again when you get back to having £1000 if it goes below

So if you go below £1000, it is effectively closed? Say I had £1000 and I took out £100, then the pot reverts to a normal pot sans interest? Or does it still remain a savings pot, earning interest on the £900?

It wouldn’t be earning interest whilst under £1,000 but once you put value above £1,000 in again, interest would start again.

Great, thanks. So it reverts back to a normal pot, then once it hits over 1k, it automatically goes back to a savings pot, meaning I wouldn’t have to reopen it, i.e. I wouldn’t have to reopen it specifically a savings pot in order to ensure I’m getting the interest?

It’s just I have a grand to open it with, but I would move a bulk of that grand back, and slowly start saving monthly. I’d like to be earning interest on my regular savings, which would hit back to a grand and over in a few months time. I’m looking forward to the other savings pots coming, to see if I can be earning interest on my regular savings without a minimum limit… :slight_smile:

I was under the impression it wouldn’t let you withdraw anything that would drop the balance below £1000. If you wanted to withdraw say £100 you had to close the entire pot thus withdrawing the full £1000.

It can be setup again in a matter of seconds.

Best thing to do unless anyone can confirm is to give it a try :slightly_smiling_face:


If you’re looking to save each month, I would commend you to look at Nationwide’s or First Direct’s 5% regular saver accounts.

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@Jackcrwhitney is spot on. You can’t withdraw any amount from a savings pot that will take you below the £1,000 minimum. If you try this you will get an error stating that you need to delete the pot first. Thus withdrawing the full amount.

As mentioned once your account balance is back over £1,000 you can re-create the savings pot again.


Thanks! I already have a Nationwide saver - you can only deposit £250 max a month- 1st Direct, bad experiences with them, so I won’t consider them again. I’d rather go with Monzo, so I’ll just deposit the 1k I think!


Marcus, not a bad rate for instant access?

thanks for the suggestion, it is! But it is a Goldman Sachs account, and I’m not keen on GS ethically at all…! All good, I’ll just put the 1k into a Monzo savings pot and see what further savings options Monzo offer in the future :smile:

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See the Dozens thread - potentially a 5% interest bond based account on offer.

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Brilliant, thanks!

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