The aim of the Spring app is to address the issue of current account coasting, where over 29 million UK adults keep their funds in low-interest accounts, thus missing out on potential gains. The app offers an alternative by integrating directly with users’ current accounts and providing a competitive interest rate of 4.30% Annual Equivalent Rate (AER) without the need to change providers.
Features of Spring
Spring utilizes Moneyhub’s Open Banking technology, allowing seamless connections to a user’s existing current account. This feature enables customers to check their current account balance in the Spring app and transfer funds between accounts, thus enhancing financial control over savings. The app also includes functionalities such as customizable savings pots and unlimited withdrawals with no hidden fees or restrictions.
Secure and Efficient User Journeys
By offering connectivity and payments technology, Moneyhub ensures secure, efficient, and user-friendly interactions. Spring encourages deposits via Open Banking payments, supporting both Single Immediate Payments and Variable Recurring Payments (VRPs) to automate savings contributions and reduce complexity.
The partnership between Paragon Bank and Moneyhub is rooted in a common goal of customer-centric solutions. Paragon Bank chose Moneyhub for its expertise in connections and services, ensuring that Spring can provide an unobstructed user journey. Utilizing Moneyhub’s knowledge and features, Paragon Bank aims to deliver a richer savings experience tailored to the needs and preferences of customers.
Overall, this collaboration positions Paragon Bank as a leader in innovative financial services by offering enhanced savings options through a seamless app.
