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SmartSave Launches Two-year Fixed-rate Savings Product at 5.06% AER
SmartSave, part of the UK digital bank Chetwood Financial Limited, has launched a two-year market-leading fixed-rate savings product at 5.06% AER.
SmartSave has more than £3.7 billion in direct deposits, and its accounts are fully FSCS protected, with a minimum deposit of £10,000 and a maximum of £85,000.
The fixed-rate savings product will be available for a limited time only.
Chetwood Financial Limited’s position as a provider of dynamic savings products has allowed SmartSave to frequently top the savings market, responding more quickly than many high street banks to hikes in the base rate.
Earlier this month, Chetwood Financial Limited completed the acquisition of buy-to-let (BTL) mortgage lender CHL Mortgages for Intermediaries (CMI), which will complement its own soon-to-launch ModaMortgages’ proposition. ModaMortgages’ is an intermediary-only BTL lender.
The CMI acquisition and the launch of the new savings product demonstrate Chetwood Financial Limited’s impressive growth over the past year and ambitious expansion plans for 2024/25.
Andy Mielczarek, CEO and Founder of SmartSave, a Chetwood Financial company, said: “We’re constantly evaluating how we can best serve UK consumers, not just with highly competitive rates, but also bringing different products to market. Expectations of a base-rate cut have risen throughout the year as inflation has dropped, and we know there is an appetite among savers for longer-term fixed-rate products – so, we’re delighted to reveal our new two-year bond, which has a market-leading rate.
“This fixed-rate savings product launch comes at an exciting time for Chetwood Financial. The CMI acquisition and upcoming launch of ModaMortgages are also fuelling growth for the business, helping us deliver exceptional products and an exceptional service to brokers and landlords, helping them navigate the BTL market with confidence. Looking ahead, we will continue to pursue opportunities to expand, innovate and deliver the best possible products and services to our customers.”
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