Paragon Bank launches savings app in partnership with Moneyhub

Source: Moneyhub

Paragon Bank has partnered with Moneyhub to support the launch of Spring, Paragon’s ground-breaking savings app designed to transform the way UK consumers make more from 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 role in this partnership is pivotal. By providing the connectivity and payments technology, Moneyhub ensures the most secure, effective and efficient user journey. The app encourages deposits through Open Banking payments, offering Single Immediate Payments and Variable Recurring Payments (VRPs) to automate savings and further reduce friction.

The partnership between Paragon Bank and Moneyhub is founded on a mutual commitment to needs-driven, customer-centric solutions. Moneyhub was chosen for its breadth of connections, extensive experience, and the cutting-edge innovation that underpins its services. By guiding Paragon Bank in setting up APIs, Moneyhub has ensured that Spring offers a slick and seamless customer journey, significantly reducing friction and encouraging users to engage with their savings more effectively.

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, chief commercial officer at Moneyhub, states: “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, comments: “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.”

By leveraging Moneyhub’s expertise, Paragon Bank is poised to deliver a superior savings experience that not only meets but exceeds customer expectations, setting a new standard in the financial services industry.

Further reading: Lloyds Banking Group selects Moneyhub as data enrichment partner