SmartSave, UK digital bank Chetwood Financial‘s savings proposition, has doubled last year’s milestone.
In brief:
- 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.
- 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.
- SmartSave frequently provides some of the most competitive rates in the fixed-term market and at the time of writing, SmartSave offers a one-year, fixed-rate savings account to customers with an AER of 5.13%.
What does this mean?
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.
