July 16, 2024

A £2 billion deposit milestone is reached by UK digital bank SmartSave.

April 11, 2024
2Min Reads
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The savings offering from UK digital bank Chetwood Financial, SmartSave, has surpassed the previous year's record by double, hitting over £2 billion in direct deposits.

Since its inception in 2019, SmartSave has had significant growth, topping £1 billion in direct deposits in March 2023. It offers investors and consumers the chance to stop the real-term depreciation of their wealth that has resulted from recent record-high inflation. From October 2023 onwards, SmartSave has provided returns that above inflation.

The entire amount of money kept on deposit with SmartSave has surpassed £2.7 billion as of February 2023, the month of the company's cooperation with Flagstone, the top cash deposit platform in the UK. After an anticipated £750 million in maturation payments were paid and an additional £800 million was reinvested, the total amount placed directly with SmartSave has reached £3.5 billion; this amount increases to £4.5 billion when the Flagstone relationship is taken into account.

 

Often, SmartSave offers some of the best prices available in the fixed-term market. As of this writing, SmartSave is providing clients with an AER of 5.13% with a fixed-rate savings account for a year. With a minimum deposit of £10,000 and a maximum deposit of £85,000, its accounts are completely FSCS protected.

Because to Chetwood Financial's revolutionary role in the digital banking space, SmartSave has been able to consistently lead the savings industry and react to base rate hikes faster than many high street banks.

"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," stated Andy Mielczarek, CEO and Founder of SmartSave, a Chetwood Financial brand.During that time, our goal has been to enable our clients to get the most out of their investments and repair the harm caused by excessive inflation.

At Chetwood Financial, our goal is to provide clients with financial services and products that prioritize their needs. In this sense, SmartSave has excelled, providing the most accurate representation of the base rate while utilizing our adaptability and agility to respond to market situations faster than our bigger competitors.

"We're quite happy to have accomplished this goal, as SmartSave's ongoing adoption is proof of the benefits we offer to savers all throughout the UK and their faith in our offerings.Going forward, we intend to maintain the client at the center of our business operations and expect to provide them with new items soon.

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