Paragon Bank teams up with Moneyhub to launch smart savings app ‘Spring’

By Puja Sharma

Paragon Bank has partnered with Moneyhub to launch ‘Spring’, a Paragon savings app designed to help UK consumers maximise their savings. This collaboration leverages Moneyhub’s leading data and insights platform to provide seamless Account Information Services (AIS) and Payment Initiation Services (PIS), enhancing the app’s capabilities and user experience.

Spring, launched by Paragon Bank, aims to address the issue of “current account coasting”, where over 29 million UK adults leave their money in low or zero-interest accounts, missing out on billions in potential interest. As well as integrating directly with users’ current accounts, Spring offers a competitive interest rate of 4.30% AER, significantly higher than typical rates available from Big 6 banks, without the need to switch current account provider.

Spring uses Moneyhub’s Open Banking technology, allowing it to connect effortlessly with a customer’s existing current account. This integration enables customers to view their current account balance in the Spring app and seamlessly move money between accounts, providing users with full control over their savings. The app also offers features such as savings pots and unlimited withdrawals, all without hidden fees or restrictions.

Moneyhub’s collaborative approach has been instrumental in creating a user-friendly experience that aligns with Paragon Bank’s goal of making saving simple and rewarding. This partnership has proven to be highly effective, marking the beginning of a journey focused on long-term vision and data utilisation to enhance financial outcomes for Paragon’s customers.

Dan Scholey, CCO at Moneyhub, stated, “We are delighted to partner with Paragon Bank to support the launch of Spring. Our collaboration showcases the importance of breaking down barriers to enable consumers to connect with their money effortlessly. This is just the beginning of our journey together, and we look forward to exploring more innovative solutions that deliver outstanding outcomes for customers.”

Guy Simmonds, Head of Digital Proposition at Paragon, commented, “The journeys are superb in their simplicity, and we believe they are best in class, particularly with the app-to-app redirects. This partnership with Moneyhub is a key element of our digitalisation strategy, and we are excited to see how it will catalyse further change across our organisation.”