Paragon Bank has launched Spring, a new savings app built to help UK consumers make smarter decisions about their money. Developed in partnership with Moneyhub, a leader in Open Banking and financial data services, Spring is designed to tackle the issue of “current account coasting,” where over 29 million UK adults leave funds idle in low-interest or non-interest-bearing accounts.
By integrating Moneyhub’s advanced Account Information Services (AIS) and Payment Initiation Services (PIS), Spring allows users to manage and grow their savings more efficiently—all without switching their current account provider.
Helping UK Savers Maximise Their Interest
Spring offers a highly competitive interest rate of 4.30% AER, far outpacing the returns typically offered by the UK’s major banks. The app directly connects with users’ existing current accounts via Open Banking, giving them the flexibility to view balances, track spending, and transfer funds with ease. This seamless experience encourages users to move money out of stagnant accounts and into a high-interest Spring savings pot.
Smart Features That Put You in Control
Spring is designed for simplicity and transparency. Users can:
- View and manage their savings and current account balances in one place
- Move money instantly with Single Immediate Payments (SIPs)
- Automate savings with Variable Recurring Payments (VRPs)
- Set up flexible savings pots
- Make unlimited withdrawals with no hidden fees or restrictions
Thanks to Moneyhub’s secure infrastructure, every transaction is safe, fast, and frictionless—delivering a best-in-class user experience from start to finish.
A Trusted Partnership Driving Digital Innovation
This collaboration between Paragon Bank and Moneyhub is built on a shared commitment to customer-centric financial solutions. Moneyhub’s expertise in Open Banking, along with its robust API framework and broad connectivity, was crucial in the development of Spring.
From seamless app-to-app redirects to fully integrated payments, Moneyhub has helped Paragon create an intuitive savings journey that lowers barriers and increases engagement.
A Vision for the Future of Finance
Dan Scholey, Chief Commercial Officer at Moneyhub, commented:
“We are thrilled to partner with Paragon Bank on the launch of Spring. This is a shining example of how technology can remove friction and enable people to make better financial decisions. We look forward to further collaboration and innovation.”
Guy Simmonds, Head of Digital Proposition at Paragon Bank, added:
“The user journeys we’ve created are some of the best in the market. Our partnership with Moneyhub plays a crucial role in our broader digital strategy, and we’re excited to see how it continues to evolve and benefit our customers.”
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