GLM 5.3 FlashX Legal: Why Pennywell customers don't use savings pots

Scorecard

The analysis

This model produced no usable analysis for this task.

The survey it planned

3 screening questions and 10 questions, as the model wrote them.

1. S1

   Do you currently have a Pennywell current account?

   One answer
   • Yes
   • No

   Continues if Yes

2. S2

   Pennywell offers instant-access savings accounts called 'savings pots', which sit inside the app. Have you ever opened one?

   One answer
   • Yes, I have opened a savings pot
   • No, I have never opened one
   • I don't know what a savings pot is
   • I can't remember

   Continues if No, I have never opened one; I don't know what a savings pot is; I can't remember

3. S3

   Which of these age groups are you in?

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

   Continues if 18-34; 35-54; 55-74; 75 or over; Prefer not to say

4. Q1

   Before you received this survey invitation, were you aware that Pennywell offered savings pots?

   One answer
   • Yes, I was aware
   • No, I was not aware
   • I can't remember
5. Q2

   What has stopped you from opening a savings pot so far? Select all that apply.

   Any that apply
   • I haven't got round to it
   • I didn't know enough about how they work
   • I keep my savings with other providers and hadn't thought about moving them
   • The interest rate seemed too low
   • I don't have spare money to save
   • I already save as much as I want to
   • I prefer other ways of saving or investing (for example Cash ISAs elsewhere, investments or a pension)
   • I had concerns about the safety or protection of my money
   • I prefer not to keep savings with an app-only bank
   • I thought it would be fiddly to set up
   • Something else

   Routing Shown only if Q1 is: Yes, I was aware; I can't remember

6. Q3

   Savings pots sit inside the Pennywell app, pay interest, and you can take money out instantly. They currently pay 3.1% AER (variable). When you choose where to put money you want to save, please rank the following from most important (top) to least important (bottom).

   Ranking
   • The interest rate I would earn
   • How quick and easy it is to open and set up
   • Being able to manage savings in the same app as my current account
   • Instant access to my money whenever I want it
   • How safe and well-known the provider is
7. Q4

   If Pennywell raised the savings pot rate from 3.1% AER to 3.85% AER, how would that affect whether you open one?

   One answer
   • I would be much more likely to open one
   • I would be a little more likely to open one
   • It would make no difference
   • I would be less likely to open one
   • I would not open a savings pot at either rate
   • Don't know
8. Q5

   This is a quality check. Please select 'Amber' below.

   One answer
   • Red
   • Amber
   • Green
9. Q6

   How easy or difficult do you expect it to be to open a savings pot in the Pennywell app?

   Scale

   Scale 1-5: Very difficult to Very easy

10. Q7

    Roughly how much do you currently have in cash savings with other providers? Include banks, building societies and Cash ISAs. Do not include pensions, investments, or money in your Pennywell current account.

    One answer
    • I have no cash savings
    • Less than £1,000
    • £1,000 – £4,999
    • £5,000 – £9,999
    • £10,000 – £24,999
    • £25,000 – £49,999
    • £50,000 or more
    • Prefer not to say
11. Q8

    Which of these best describes what you think you will do?

    One answer
    • Open a savings pot and move money I have saved elsewhere into it
    • Open a savings pot and pay in new money I save going forward
    • Both of those
    • Not open a savings pot
    • Don't know
    Judges: ambiguous

    After respondents have seen both the current rate and a hypothetical higher rate, it is unclear which rate applies to this intention question. Answers could therefore refer to different offers.

    'What you think you will do' gives no timeframe. It also gives no conditions: it does not say whether this is at the current 3.1% rate or the 3.85% rate just mentioned in Q4. Respondents could answer about different scenarios and different periods.

12. Q9

    When money comes in (for example salary or pension), how often do you have spare money you could put into savings?

    One answer
    • Every time I am paid or receive income
    • Most times
    • Some times
    • Rarely
    • Never
    • My income is irregular, so it varies
13. Q10

    How often do you open the Pennywell app?

    One answer
    • Several times a week or more
    • About once a week
    • A few times a month
    • About once a month
    • Less than once a month
    • I no longer use the app