Chetwood launches new savings account SmartSave
SmartSave is a new savings platform created by Chetwood Financial that aims to use technology to “make its customers better off”.
“We’re based outside of London and use modern technology to keep our costs low, so that we can offer great rates,” the bank says.
SmartSave was designed with its customers to offer “a simple way to save”, through an online account that is clear about when the terms are ending.
The bank launched SmartSave as a beta in March, which it tested for two weeks before closing the product for new customers. It intends to run several more windows of offering the product for short stints throughout the year and plans to fully launch SmartSave later in 2019.
Chetwood Financial is challenger bank based in Wales, at Wrexham Technology Park and supported by the Welsh government, which provided the bank with a £750,000 grant.
The bank was set up in January 2016. It launched its first digital lending product under the LiveLend brand in 2018. The technology behind LiveLend is provided by Yobota, a cloud-based operating platform for financial institutions, owned by Chetwood.
Chetwood received a full banking licence at the end of 2018. It also obtained a £40 million investment from Elliott Advisors (as part of the latter’s share of a £150 million debt and equity commitment).