Published On: Thu, Apr 11th, 2024

SmartSave hits £2billion customer deposit milestone as savers snap up top rates | Personal Finance | Finance

Savings provider SmartSave has doubled last year’s milestone by reaching a total of more than £2billion in direct deposits.

Having launched in 2019, SmartSave, a trading name of UK digital bank Chetwood Financial, said it has seen marked growth in the past two years after reaching £1billion in direct deposits in 2023.

SmartSave said it has offered inflation-beating returns since October 2023.

Following SmartSave’s partnership with cash deposit platform Flagstone in February 2023, the combined current total of money held on deposit with SmartSave has passed £2.7billion.

With an estimated £750million paid in maturation funds and an additional £800million reinvested, the aggregate sum deposited directly with SmartSave is said to have now reached £3.5billion, rising to £4.5billion when factoring in the Flagstone partnership.

Andy Mielczarek, CEO and founder of SmartSave, said: “The higher 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.”

SmartSave has been providing particularly 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 Annual Equivalent Rate (AER) of 5.13 percent.

Its accounts are fully FSCS protected, with a minimum deposit of £10,000 and a maximum of £85,000.

Mr Mielczarek said Chetwood Financial’s mission is to offer financial products and services “that put customers first”.

He continued: “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.”

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