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SmartSave launches savings product at 5.06% AER

Monday 10 June 2024 11:26 CET | News

SmartSave, a division of the UK digital bank Chetwood Financial, has introduced a two-year fixed-rate savings product with an annual equivalent rate (AER) of 5.06%.

 

SmartSave currently holds over GBP 3.7 billion in direct deposits. The accounts are protected under the Financial Services Compensation Scheme (FSCS) with a required minimum deposit of GBP 10,000 and a maximum of GBP 85,000. This two-year bond will be available for a limited period.

Chetwood Financial Limited's strategy as a provider of dynamic savings products has enabled SmartSave to often lead the savings market, adapting more quickly than many traditional banks to changes in the base rate.

Acquiring CHL Mortgages

Earlier in June 2024, Chetwood Financial Limited acquired buy-to-let mortgage lender CHL Mortgages for Intermediaries (CMI). This acquisition aligns with the upcoming launch of ModaMortgages, an intermediary-only buy-to-let lender.

The acquisition of CMI and the introduction of the new savings product indicate significant growth for Chetwood Financial Limited over the past year and ambitious expansion plans for 2024/25.

 

Representatives of SmartSave stated that the company continuously assesses how to best serve UK consumers, not only through competitive rates but also by introducing diverse products. With expectations of a base-rate cut rising due to decreased inflation, there is a demand among savers for long-term fixed-rate products, leading to the introduction of the new two-year bond with a competitive rate.

They also mentioned that this product launch coincides with a period of growth for Chetwood Financial. The acquisition of CMI and the launch of ModaMortgages are expected to enhance the company’s offerings to brokers and landlords in the buy-to-let market. Moving forward, Chetwood Financial plans to continue expanding, innovating, and delivering a variety of products and services to its customers.

About SmartSave

SmartSave was established by Chetwood Financial to provide customers with a straightforward savings option. Both SmartSave and Chetwood focus on addressing the needs of specific customer segments that are not well served by the current market. They achieve this through consumer-led brands, utilizing a cost-efficient business model supported by advanced cloud-based technology and digital distribution partners.

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Keywords: digital banking, cloud banking, fintech, product launch
Categories: Banking & Fintech
Companies: Chetwood Financial
Countries: United Kingdom
This article is part of category

Banking & Fintech

Chetwood Financial

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