What is a Savings Pot?
A Savings pot allows you to put your savings into different accounts or ‘pots’ and name them accordingly eg Holidays, Car, Bills. You can hold up to 12 separate savings pots but interest is still calculated at a rate that applies to the total balance of all savings pots. If you are offsetting your savings against your mortgage balance the total of all the savings pots will be used. You can also choose to offset some or all of your savings pots against your mortgage to reduce the amount of mortgage interest you pay. Any savings pots you choose to offset will not earn credit interest or be included in the total savings balance for the purpose of determining the interest rate paid on any pots receiving credit interest.
