Money pools are a simple tool that helps customers logically organise their savings in a way that makes sense to them.
Organising the finances and accounts for a business can be time-consuming and hard. Your focus should be on the business but you need need to maintain your records and you need an accurate picture of your true cash position. No-one wants to be cut short when it comes to paying HMRC!
For this reason we allow business customers to create as many money pools as they need to help them better allocate and manage their cash. By moving non-operational cash away from your business current account, such as future tax liabilities and retained profit, you can keep a much better handle on your business's overall true cash position. Relieving a lot of stress and headache from your day-to-day life.
You can even combine these money pools with smart nudges that help you easily transfer money away from your business current account in a controlled way on the basis of simplified assumptions and parameters that make sense to your specific business (e.g. approximate business profit margin, tax rate, etc). Your are in total control and these parameters can be adjusted in the future if needed, as well as whether the money is moved or not each time.
The money pools are designed to make your life easier as a business operator, so you spend more time on what is important to your business, safe in the knowledge that you know the true financial position of your business.
We don't force users to create money pools nor use the extra features. Every business is different, and have their own specific requirements. If these features work for your business then great, use them. If all you want to do is earn a better savings rate on your business savings then that is just fine too!