What are savings pots? How money apps help people set cash aside
By SendPay Business · · 2 min read
- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
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.
Try it
Name your platform and watch it come to life
Type a name, tap a colour and pick what it does. The phone changes as you go.
Colour
What it does
Design and preview your whole platform free, then launch when you are ready.
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.
How it works
Money on its way- 1Pick who to pay and type the amount
- 2Tap send and it is on its way
- 3It lands in their account
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
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- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
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
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
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. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.