MiniMax M3.1 Flash: Why Pennywell customers don't use savings pots

Scorecard

The analysis

This model produced no usable analysis for this task.

The survey it planned

4 screening questions and 9 questions, as the model wrote them.

1. S1

   Which age group are you in?

   One answer
   • Under 18
   • 18–34
   • 35–54
   • 55–74
   • 75 or over
   • Prefer not to say

   Continues if 18–34; 35–54; 55–74; 75 or over

2. S2

   Do you currently have a Pennywell current account?

   One answer
   • Yes
   • No
   • Not sure

   Continues if Yes

3. S3

   Before today, did you know that Pennywell offers savings pots inside its app?

   One answer
   • Yes
   • No
   • Not sure

   Continues if Yes; No; Not sure

4. S4

   Have you ever opened a savings pot in the Pennywell app?

   One answer
   • Yes
   • No
   • Not sure

   Continues if No

5. Q1

   Which of the following are reasons why you have not opened a Pennywell savings pot? Select all that apply.

   Any that apply
   • I could not find the savings pots section in the app
   • I was not sure what a savings pot was or how it worked
   • I did not think I needed a savings pot
   • The 3.1% AER was not high enough
   • I was concerned about being able to withdraw my money quickly
   • I was concerned about fees or minimum balances
   • I did not receive a prompt or reminder to set one up
   • I intended to open one later
   • I prefer to save with another provider
   • Another reason (please specify)
   • None of these reasons

   Routing Shown only if S3 is: Yes

6. Q2

   Imagine that Pennywell keeps the savings pot rate at 3.1% AER and makes no new in-app prompts or payday setup reminders. The savings pots would remain instant-access accounts available from the existing tab in the app. How likely would you be to open a savings pot over the next 3 months?

   Scale

   Scale 1-10: Not at all likely to Extremely likely

7. Q3

   Imagine that Pennywell keeps the savings pot rate at 3.1% AER and adds in-app prompts explaining savings pots and a payday reminder to set one up. The savings pots would remain instant-access accounts. How likely would you be to open a savings pot over the next 3 months?

   Scale

   Scale 1-10: Not at all likely to Extremely likely

8. Q4

   Imagine that Pennywell offers savings pots at 3.85% AER and makes no new in-app prompts or payday setup reminders. The savings pots would remain instant-access accounts available from the existing tab in the app. How likely would you be to open a savings pot over the next 3 months?

   Scale

   Scale 1-10: Not at all likely to Extremely likely

9. Q5

   Imagine that Pennywell offers savings pots at 3.85% AER and adds in-app prompts explaining savings pots and a payday reminder to set one up. The savings pots would remain instant-access accounts. How likely would you be to open a savings pot over the next 3 months?

   Scale

   Scale 1-10: Not at all likely to Extremely likely

10. Q6

    Suppose you were deciding whether to open an instant-access savings pot like Pennywell's. Please rank the following factors from most important (1) to least important (6).

    Ranking
    • The interest rate
    • Finding out that the feature exists
    • Understanding how the feature works
    • How easy it is to set up
    • Receiving a payday reminder to set it up
    • Being able to withdraw money whenever I want
11. Q7

    Thinking only about savings outside Pennywell, how much money do you currently have in total across savings accounts, Cash ISAs, notice accounts, fixed-term deposits, or savings pots with other providers? Do not include money in your Pennywell current account, investments, or pension savings. Please choose the closest range.

    One answer
    • £0
    • £1–£99
    • £100–£499
    • £500–£1,999
    • £2,000–£4,999
    • £5,000–£9,999
    • £10,000–£24,999
    • £25,000–£49,999
    • £50,000 or more
    • Prefer not to say
12. Q8

    If you opened a Pennywell savings pot, how much of the money you currently hold elsewhere would you be willing to move into it? Please choose the closest range.

    One answer
    • £0
    • £1–£99
    • £100–£499
    • £500–£1,999
    • £2,000–£4,999
    • £5,000–£9,999
    • £10,000–£24,999
    • £25,000–£49,999
    • £50,000 or more
    • I am not sure
    • Prefer not to say
13. Q9

    Please imagine that all Pennywell savings pots remain instant-access accounts and are still available in the app. Which of these options would make you most likely to open one?

    One answer
    • A savings pot at 3.1% AER, with no new in-app prompts or payday setup reminders
    • A savings pot at 3.1% AER, with in-app prompts explaining savings pots and a payday setup reminder
    • A savings pot at 3.85% AER, with no new in-app prompts or payday setup reminders
    • A savings pot at 3.85% AER, with in-app prompts explaining savings pots and a payday setup reminder
    • None of these would make me open a savings pot