SmartSave reaches £2bn in deposits
SmartSave, UK digital bank Chetwood Financial‘s savings proposition, has doubled last year’s milestone by reaching a total of more than £2bn in direct deposits.
Having launched in 2019, SmartSave has seen marked growth in the past two years, reaching £1bn in direct deposits in March 2023 and providing consumers and investors with the opportunity to reverse the real-term depreciation of their capital due to record inflation in recent years. SmartSave has offered inflation-beating returns since October 2023.
Following SmartSave’s partnership with Flagstone, the UK’s leading cash deposit platform, back in February 2023, the combined current total of money held on deposit with SmartSave has passed £2.7bn. With an estimated £750m paid in maturation funds and an additional £800m reinvested, the aggregate sum deposited directly with SmartSave has reached £3.5bn, rising to £4.5bn when factoring in the Flagstone partnership.
SmartSave frequently provides some of the most competitive rates in the fixed-term market. At the time of writing, SmartSave offers a one-year, fixed-rate savings account to customers with an AER of 5.13%. Its accounts are fully FSCS protected, with a minimum deposit of £10,000 and a maximum of £85,000.
Chetwood Financial’s position as a disruptive digital bank has allowed SmartSave to frequently lead the savings market, responding more quickly than many high street banks to hikes in the base rate.
Andy Mielczarek, CEO and founder of SmartSave, a Chetwood Financial company, said: “The higher interest rates of the past two years have done more than curb inflation – they have provided savers with an opportunity to get more from their money. Our mission in that period has been to empower our customers to reap the greatest possible benefit and undo the damage of rampant inflation.”
“Our mission at Chetwood Financial is to offer financial products and services that put customers first. SmartSave has exceeded in this regard, offering the closest possible reflection of the base rate and leveraging our agility and flexibility to react more quickly to market conditions than our larger counterparts.
“We’re immensely proud to have reached this milestone, as the continued uptake of SmartSave is a testament to the value we provide to savers throughout the UK and their trust in our products. We will continue to keep the customer at the heart of our operations going forward, and hope that we can continue to support them with new products in the near future.”
