Paragon Bank has partnered with Moneyhub to introduce Spring, a savings app designed to help UK consumers maximize their savings. This collaboration leverages Moneyhub’s data and insights platform to provide Account Information Services (AIS) and Payment Initiation Services (PIS), enhancing the app’s functionality and user experience.

Spring aims to tackle the issue of low or zero-interest accounts, which affect over 29 million UK adults. The app offers a competitive interest rate of 4.30% AER, allowing users to earn more without the hassle of switching current account providers. Spring integrates directly with customers’ current accounts, enabling them to view balances and transfer funds within the app.

Moneyhub’s Open Banking technology ensures secure and efficient transactions through Single Immediate Payments and Variable Recurring Payments (VRPs), making it easier for users to automate their savings. The app also features savings pots and unlimited withdrawals without hidden fees or restrictions.

Paragon Bank chose Moneyhub due to its strong connections, experience, and advanced services. By using Moneyhub’s APIs, Spring streamlines the user journey and encourages engagement with savings. This partnership allows Paragon Bank to offer a superior savings experience that caters to customers’ needs and expectations while positioning itself as an industry leader.