UK’s SmartSave Bank Reaches £1 Billion in Deposits

SmartSave Bank, a disruptive savings platform created by UK bank Chetwood Financial, has now received more than £1 billion in deposits.

SmartSave reportedly “offers fixed-term, fixed-rate savings accounts, all of which are FSCS protected. Customers can deposit between £10,000 and £85,000, and they start earning interest as soon as they transfer money into their savings account.”

As of 27 February 2023, the platform “offers a one-year term with an annual equivalent rate (AER) of 4.26%; a two-year term with an AER of 4.36%; and a three-year term with an AER of 4.41%.”

Having launched in 2019, SmartSave has “experienced significant demand and accelerated growth over the past 12 months, with UK consumers and investors seeking more competitive returns as inflation reached double figures and the Bank of England (BoE) base rate rose from 0.1% to 4%.”

Being part of Chetwood Financial, a digital bank, has allowed SmartSave “to respond quickly in ensuring the BoE’s base rate hikes have been reflected in the rates it offers to customers, with a dedicated UK-based support team on hand to provide help and guidance to customers.”

With headquarters in Wrexham, being based outside of London means that Chetwood has lower overheads, “enabling SmartSave to offer the most competitive, market-leading rates.”

Andy Mielczarek, CEO and Founder of SmartSave, a Chetwood Financial company, said:

“In the midst of the cost-of-living crisis, people have been seeking ways to make their money work harder. In many instances, this has meant searching for savings products with the best rates – and we’re proud that SmartSave has established itself as a market leader in that regard.”

Andy added:

“Combining smarter, online financial products free from gimmicks with exceptional customer service, SmartSave is an excellent example of how banking can be done; the customer at the heart of everything. To hit £1 billion in deposits is a great milestone, underlining how many people trust us with their hard-earned money. But we have every ambition to grow at an even greater pace in the months to come – because we know that doing so means more savers across the UK will be able to make their money go further, and ultimately that’s what we’re here to do.”

As noted in the update, SmartSave was “created by UK digital bank, Chetwood Financial (“Chetwood”), to offer customers a simple way to save.”

Together, SmartSave and Chetwood are “focused on serving distinct customer segments that are currently underserved by the market, with innovative products designed specifically for their needs.”

They do this through consumer led brands, “using a business model that is focused on keeping costs low, with state-of-the-art, cloud-based technology and digital distribution partners.”

Unlike traditional banks, SmartSave and Chetwood were both “set up outside of London and use modern technology to keep costs low, so that they can offer customers market-leading rates and smarter financial products, without gimmicks.”


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