" class="no-js "lang="en-US"> Moneybox Launches the Simple Saver Account Powered by Shawbrook Bank - Fintech Finance
Sunday, May 26, 2024

Moneybox Launches the Simple Saver Account Powered by Shawbrook Bank

Saving and investing app Moneybox today announces the launch of its new Simple Saver Account – a savings account powered by Shawbrook Bank, offering an interest rate of 0.25% AER variable.

The Simple Saver Account will be available within the Moneybox app alongside its existing products, and offers customers a simple and flexible way to build up their savings. Customers can access their money whenever they need it, with withdrawals paid the following working day, and can make one withdrawal per calendar month. There are no weekly contribution limits, and customers can deposit up to £85,000.

The account is the latest addition to the growing suite of cash products offered by Moneybox, as it continues to help customers achieve their financial goals. It follows the success of its 45 and 95 Day Notice Accounts, as well as its Cash Lifetime ISA, which has seen Moneybox become the largest provider of Lifetime ISAs with over 200,000 customers using this product.

Moneybox is on a mission to help everyone save and invest for the future. Made famous through its trademark round ups feature which helps you save your spare change, the award-winning app makes it easy to get started and offers the products and tools to suit every need; whether you’re saving for your first home, retirement or a rainy day. With a few simple taps, customers can set money aside in the way that suits them best using round ups, regular deposits or one-off payments, whilst popular tools such as the Time Machine help them keep their savings on track.

Shawbrook Bank is a specialist UK savings and lending bank founded in 2011 to serve the needs of SMEs and individuals in the UK with a range of lending and saving products. The bank is covered by the Financial Services Compensation Scheme so any eligible customer deposits up to £85,000 are protected.

Launched in 2016, Moneybox has experienced rapid growth, and today has over £1.5bn in assets, a community of 650,000 customers and a team of over 200 people. At launch, Moneybox offered users the chance to invest the spare change from daily card purchases into a Stocks & Shares ISA; it now offers a range of saving and investment products including Lifetime ISAs, Savings Accounts and Pensions. On average, customers deposit over £100m per month onto the platform, and with customer growth of 52%* year on year, Moneybox is growing faster than some of the biggest names in UK wealth management.

Ben Stanway, co-founder of Moneybox, commented: “We’re excited to launch the latest addition to our range of savings products with the Simple Saver Account, powered by Shawbrook. At Moneybox we’re committed to building the right products and tools to help our community achieve their financial goals. Customers have been asking us for a simple way of building up a more flexible pot of savings within the app, and the Simple Saver does just that. It’s the natural next step for our savings offering and it’s great to be working with Shawbrook to make this possible. We look forward to working together to help even more people start saving for the future.”

Alun Williams, Commercial Director for Savings, Shawbrook Bank, added: “This exciting partnership with Moneybox brings a simple and flexible product to market which has been designed explicitly to make it easier for customers to achieve their savings goals.

“For Shawbrook, the partnership allows us to extend our distribution and reach savers who are looking to build on their investments for the future through a simple cash savings product. Moneybox is a rapidly-growing and hugely exciting brand to work with and we look forward to forging a successful partnership with them in the years to come.”

Key features of the Moneybox Simple Saver Account

  • The Moneybox Simple Saver Account is powered by Shawbrook Bank and offers an interest rate of 0.25% AER variable.

  • It is available through the Moneybox app on iPhone and Android.

  • It can be opened with £1.

  • Interest is accrued daily and paid monthly.

  • Shawbrook Bank is covered by the Financial Services Compensation Scheme so any eligible customer deposits up to £85,000 are protected.

  • Customers can deposit up to £85,000 with no weekly contribution limits.

  • There are no account fees for this product.

  • Customers can make one withdrawal per calendar month which will be paid into their account the next working day.

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