True Potential Cash Savings Explained

True Potential Cash Savings is a service that lets you hold savings accounts from more than 20 UK banks in one place, alongside your True Potential investments. You can choose easy access, notice or fixed term accounts, and the service is free to use: True Potential states it does not charge you any fees to set up, manage or withdraw your money¹.

Each savings account is held with the underlying partner bank, not with True Potential, and each partner bank is covered by the Financial Services Compensation Scheme. True Potential states that up to £120,000 per banking licence is protected, and that if you choose three savings accounts with three different banks you could benefit from up to £360,000 of FSCS protection¹.

To open an account you must be 18 or over, a UK resident, and hold a UK bank account in your own name. The service supports sole, personal savings accounts only: joint accounts and business accounts are not currently supported¹.

How True Potential Cash Savings works

The service is a savings platform rather than a bank. True Potential acts as a distributor, giving you access to a range of savings products through your True Potential account, and the savings themselves sit with the partner banks¹. True Potential states plainly that it never holds your money⁴. Each savings account is held with the underlying bank, but everything is managed by you in one place².

That split matters for two reasons. First, protection: because your money is deposited with the partner bank, it is that bank's FSCS cover that applies, not anything belonging to the platform⁵. Second, rates: the rates on savings products available through True Potential are negotiated separately with each partner bank, and the rate shown through True Potential Cash Savings is the rate you receive⁶. True Potential also states that these rates may differ from the product rates offered if you went to the bank directly⁶.

You can open multiple savings accounts with one single application, which is the main practical advantage of holding them together rather than opening each one separately². The provider's site has today's figures for the accounts on offer.

Easy access, notice and fixed term accounts

True Potential Cash Savings offers three broad types of account: easy access, notice and fixed term¹. The distinction between them is about how quickly you can get your money and what you give up in exchange for a higher rate.

Easy access accounts let you withdraw whenever you need to, which is why they tend to suit short-term savings, emergency funds or money you may need at short notice⁷. Notice accounts require you to tell the provider in advance that you want to withdraw, and fixed term accounts lock your money away for a set period⁸. Fixed term accounts usually have higher minimum deposits than easy access ones, while some easy access accounts accept deposits from as little as £1¹.

The same three-way split appears across the wider savings market, so it is worth understanding before you choose. Building societies and banks commonly offer easy access accounts, notice accounts and fixed rate savings, and some providers let you use all three⁸. If you are weighing up which suits your circumstances, our guides to easy access savings accounts, notice savings accounts and fixed-rate bonds and fixed-term savings set out how each behaves, including what happens if you need money early.

How the charges work: paid by the partner banks, not the saver

True Potential Cash Savings is free to use. The provider states that it does not charge you any fees to set up, manage or withdraw your money¹. Instead, the banking partners are charged a small share of the interest rate before rates are displayed¹. In other words, the cost of running the platform is taken from the interest the banks pay, not added to your bill.

This is a common way for savings platforms to work, and it has a practical consequence for how you read the rate you are shown. Because the partner bank's contribution is deducted before the rate is displayed, the figure you see through True Potential is the figure you receive, but it may not be the same as the rate the bank advertises on its own website⁶. True Potential states that the rates on savings products available through it are negotiated separately with each partner bank⁶.

There is no charge for moving money in or out, and no charge for closing an account. The provider's site has today's figures for the accounts available and the rates attached to them.

Who can open a True Potential Cash Savings account

Eligibility is straightforward. You must be aged 18 or over, a UK resident, and hold a UK bank account in your own name¹. The service supports sole, personal savings accounts only, and joint accounts or business accounts are not currently supported¹.

That last point is worth pausing on, because joint savings are a common request. A joint account normally allows two or more people to receive payments, pay by debit card, transfer money and manage the account, depending on the bank⁹. Interest earned in a joint account is usually split equally between each person, with tax only due if a share is above the annual allowance⁹. If a joint account is what you need, our guide to joint savings accounts explains how they work and what to weigh up, including the risk that it could damage your credit score if the other person has poor credit, and that you could be responsible if they run up debt¹⁰.

For sole accounts, the requirement to hold a UK bank account in your own name is the same rule that applies to most savings products, and it is also the condition for opening a Help to Save account¹¹. If you do not currently have a bank account, Citizens Advice sets out how to get one¹².

Opening an account and moving money through your nominated bank account

If you are already a True Potential client, you log in to your existing account and apply for Cash Savings in a few steps³. New clients are asked to speak to the team over the phone to apply³. The provider also describes applying online with a simple, first time only registration¹.

Central to the process is your nominated bank account. This is the UK bank account, in your own name, that you link to your Cash Savings at set-up¹³. All deposits to your True Potential Cash Savings must be made from that nominated account, and payments cannot be made to or out of any other bank account¹⁴. When you make a deposit, you transfer money from your nominated bank account; it arrives first in the Cash Savings Holding Account and is then moved automatically into the savings accounts you have selected¹³.

One restriction catches people out: you cannot transfer money directly from your True Potential investment accounts into Cash Savings¹³. Money has to come from your nominated bank account, which means moving it out of your investments first and into your bank account, then into Cash Savings.

Interest and tax on the accounts

Interest on the accounts is paid gross, without tax deducted, and you are responsible for paying any tax due above your Personal Savings Allowance³. The Personal Savings Allowance is the amount of savings interest you can receive tax-free each year, and how much it is depends on the rate of income tax you pay. If you have not used your basic personal allowance on your wages, pension or other income, you can use it against savings interest instead¹⁵. Individual Savings Accounts offer tax-free interest on savings, which is the main alternative route if your interest is likely to exceed the allowance¹⁶.

Our guides to how tax on savings interest works and the personal savings allowance go through the detail, including how the allowance interacts with your other income and what to do if tax has been taken when it should not have been.

Managing your savings in the True Potential app and online

You view your cash savings alongside your investments through your True Potential app or online account². True Potential clients get 24/7 access to their financial plan through the mobile app and desktop site¹⁷, and the app can show your current account, credit cards, savings, assets and liabilities in one place¹⁷.

The service is designed for people who want to manage their financial affairs online¹⁸. If you already hold investments with True Potential, the appeal is that savings and investments appear together rather than in separate logins. If you do not, the app is still the main way you will check balances and move money.

True Potential Wealth Management offers restricted financial advice, covering retirement and pensions, savings and investments, tax and inheritance, and final salary pensions¹⁸. Its savings and investments page notes that making the most of cash savings, Stocks and Shares ISAs and other investment accounts is part of financial planning, and it defines short-term goals as anything you plan to spend money on in the next five years, and long-term goals as plans more than 15 years away¹⁹. That framing is useful when deciding how much to hold in cash rather than investments, but it is separate from the Cash Savings service itself.

FSCS protection across the partner banks

Each partner bank within True Potential Cash Savings is FSCS protected⁵. The Financial Services Compensation Scheme protects deposits with banks, building societies and credit unions, and it protects each person up to £120,000 in total across all accounts held with one firm²⁰. For a joint account, each named account holder is protected separately, so a joint deposit with one firm can be protected up to £240,000²².

The limit is per bank, not per account, and banks that share a banking licence count as one bank. True Potential makes the same point about its own service: some banks may share a banking licence and therefore share a single FSCS protection limit⁵.

That is why spreading money across different banks matters if you hold large balances. True Potential states that savings can be spread across different banks and receive up to £120,000 of protection per bank, and that choosing three savings accounts with three different banks could give you up to £360,000 of protection¹. FSCS's own worked example of protecting £300,000 puts £120,000 in one named building society as fully protected, and the same amount in a named bank as fully protected, illustrating the same principle¹⁰.

Two further points are worth knowing. FSCS can protect temporary high balances of up to £1.4m for six months, which covers situations such as a property sale or an inheritance¹⁰. And you can check whether your money is protected using the FSCS protection checker before you deposit¹⁰. Our guides to how FSCS protection works for savings and what happens to money above the FSCS limit cover the detail.

Problems and complaints

If something goes wrong, start with True Potential. If you are not satisfied with the response, you can take the complaint to the Financial Ombudsman Service, which is free to consumers. The ombudsman publishes quarterly complaints data by firm and product, so you can see how many complaints have been opened in a given period; in the first quarter of 2026/27, for example, 931 personal pension complaints and 2,103 personal loan complaints were opened across the firms it covers²³.

Complaints about savings accounts are not the same as complaints about investments, and the ombudsman's data is broken down by product, so it is worth checking the relevant category rather than a firm's total. If your complaint concerns a partner bank rather than the platform, the bank's own complaints process applies, and the ombudsman can look at that too.

Free, impartial help is available if you are unsure where to start. MoneyHelper offers guidance on managing your money, and Citizens Advice can help with banking problems¹². If you are struggling with debt rather than a complaint, our guide to debt help and solutions sets out the options.