Are there any minimum or maximum deposits for a Savings Vaults?
There is no minimum amount you need to start a Savings Vault with so there’s no excuse not to start saving!
The maximum you can save using Savings Vaults is £85,000, per partner bank. Once more partner banks are introduced, the maximum you will be able to save across all your Savings Vaults is £250,000.
The £85,000 limit is due to Financial Services Compensation Scheme (FSCS), which only guarantees up to £85,000 per person per bank. We want to keep you protected. If you reach £85,000 then firstly well done, and secondly, we’ll notify you to choose a new bank for future deposits to be paid into (this functionality is coming soon). All your savings with a particular bank count towards the £85,000, so if you have another account outside of Savings Vaults you should count that too.