What are savings pots? How money apps help people set cash aside
By SendPay Business · · 2 min read
A savings pot is a separate space inside a banking app where you can set money aside from your everyday balance. Many digital banks made pots popular because they make saving feel simple: name it, move money in, and watch it grow towards a goal.
How people use pots
- Setting aside money for bills, so it isn't spent by accident.
- Saving for a goal, like a holiday or a deposit, with a target amount.
- Keeping a buffer for emergencies.
- Putting away tax money for self-employed income.
Pot or savings account?
Some pots are just labelled parts of your main balance and pay no interest. Others are linked to a savings account that does, sometimes with limits on withdrawals. Always check which kind a pot is before you rely on it to earn interest.
What to check
Look at the interest rate (shown as AER), whether it can change, how quickly you can take money out, and who actually holds the money. In the UK, money held with a bank is usually covered by the Financial Services Compensation Scheme up to its limit, while money held with an e-money firm is safeguarded instead.
Where SendPay fits
SendPay platforms let you launch GBP, EUR and USD accounts, branded Visa cards and transfers under your own brand, powered by licensed partners. Ask us what savings features are available for your platform type before you launch.
Build it
Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
Build my platform →Questions people ask
How big should an emergency pot be?
Our free emergency fund calculator works out a target from your essential costs, and how many months it takes to reach.
Emergency fund calculator →How much should I save each month?
Work out the monthly amount to reach a goal by a set date.
Savings goal calculator →Read next
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.