☔️ One in five people in the UK have less than £100 in savings and are unprepared for financial emergencies. In line with our mission of encouraging financial resilience, the Wagestream app provides workers with a simple way to set aside regular contributions directly from their salary each month. 

Our Build pot feature is designed to be a rainy-day fund, helping you build a small financial buffer to cover unexpected expenses. It is not intended to be a place to store a significant amount of money in the long term. This is for a few reasons:

• There is no mechanism to transfer money from other accounts into the Financial Wellbeing app, including your Build pot.

• Regulatory distinctions prevent your pots from operating as a traditional savings account would. 

• Build pot funds are held in an e-money account, and the e-money is held in a ring-fenced safeguarding account. E-money accounts are not part of the FSCS Protection Scheme because they are primarily designated as spending accounts. 

Once a larger amount such as £1000 is accrued, users have the option to either leave the funds in their pot or to transfer these funds to an external account to further their financial goals.