How Spring App Transformed Digital Savings with Moneyhub

The Challenge

In the UK, a staggering 29¹ million adults are “current account coasters” – leaving £526 billion¹ sitting in current accounts and easy-access savings accounts earning little to no interest. This widespread financial apathy costs consumers approximately £20 billion² annually in lost interest. Paragon Bank recognised both the consumer detriment and the opportunity to help customers make more from their money. They sought to digitalise their savings offerings through a pioneering mobile app that would make saving simpler and more rewarding for UK consumers.

The Solution

Paragon Bank partnered with Moneyhub to launch Spring, a groundbreaking savings app. By seamlessly pairing with users’ existing current accounts, Spring makes depositing spare cash into savings easy, safe and fast. By leveraging the Moneyhub Data and Payments Platform, Spring enables customers to view their current account balance directly in the app and move money between accounts with ease. The app offers savings pots, unlimited withdrawals, and 24/7 digital access – all without hidden fees or restrictions.

Why Moneyhub?

Paragon selected Moneyhub based on several key differentiators: the most comprehensive bank coverage in the UK market, proven expertise delivering enterprise-grade financial solutions, and a genuine partnership approach focused on long-term success.

Guy Simmonds, Head of Digital Proposition at Paragon, explained: “Moneyhub stood out not just for their technical capabilities and deep understanding, but also for their collaborative approach. They helped us think differently about what a modern savings experience could be and supported innovation to develop the best customer journey between Spring and customer’s current accounts.”

The Partnership Approach

Moneyhub’s collaborative methodology proved instrumental in Spring’s success:

• Strategic planning: Face-to-face workshops to map the ideal customer journey
• Technical guidance: Hands-on support throughout implementation from API and product teams
• End-to-end optimisation: Review of every customer touchpoint to ensure seamless experiences
• Transparent communication: Regular check-ins to rapidly address challenges
• Shared vision: Both teams working as one towards transforming how people save

This wasn’t a typical vendor relationship – it was a true partnership built on mutual trust and shared objectives.

Outstanding results

In less than six months since its launch, the partnership has delivered exceptional outcomes that far exceeded initial expectations:

• 65% of deposits by volume and 60% by value are made through Moneyhub’s payment technology across single immediate payments and VRPs
• Daily open banking payments have doubled month on month reflecting its popularity with existing and new customers
• Achieved a 99% customer satisfaction rating, with a customer effort score of 94% highlighting the ease of using and saving in Spring
• With a 4.9 Trustpilot score customers are praising the ease of depositing through Open Banking.

Customer feedback has been overwhelmingly positive, with users particularly praising the simplicity of depositing money in Spring. The app has fundamentally changed saving behaviours with customers embracing the ease, security and speed of Open Banking to save with Spring.

Dan Scholey, CPO at Moneyhub, reflected on the success: “What we’ve achieved with Spring for Paragon Bank in such a short timeframe is remarkable. The adoption rates speak for themselves – when you remove friction and create genuinely intuitive experiences, customers respond. This is exactly the type of transformation we love to enable.”

The Future

Building on this success, Spring is expanding its partnership with Moneyhub with ambitious plans for growth. The immediate focus is on implementing intelligent sweeping capabilities using integrated notifications, allowing customers to automatically optimise their savings. The teams are aiming to double payment users by year-end.

Guy Simmonds shared his vision for the future: “This partnership has been transformational for our digital strategy. We’re not just digitising existing processes – we’re completely reimagining how customers interact with their finances. The success of Spring gives us confidence to be even more ambitious in our next phase.”

References

1. The research was conducted by Censuswide, among a sample of 2,000 UK nationally representative respondents. The data was collected between 08.01.2025-10.01.2025 Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.
2. 29.2 million ‘current account coasters’ methodology: nat-rep base of consumers, 54.6% of those who selected the below, extrapolated to 53,646,829 (ONS)
3. 526bn in current accounts in credit paying 1.50% or less, and Instant Access Non-ISA Savings accounts paying 0.01% – 1.50%. Source: CACI’s Current Account & Savings Database (CSDB), Stock at Jan 2025.
   Difference between interest earned from £526bn receiving 4.30% AER interest and average weighted rate received on current accounts in credit paying 1.50% or less, and Instant Access Non-ISA Savings accounts paying 0.01% – 1.50%. Source: CACI’s Current Account & Savings Database (CSDB), Stock at Jan 2025.

About Spring:

Spring is a savings app, but it is much more than that. It’s a helpful savings companion that enables customers to earn more interest on their everyday money. Spring is so easy to use. Simply download the app, connect it to your current account and see your money grow.

With a competitive interest rate of 4.30% AER, Open Banking connects the app to a customer’s current account, enabling the seamless movement of money between the two. There are no withdrawal limits or fees, and 24/7 app support with help tools, backed by a UK customer service team. Customers can apply in minutes.

About Paragon Bank:

Paragon Bank PLC is a subsidiary of the Paragon Banking Group PLC which is a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £16 billion of assets under management, helping more than 340,000 customers to achieve their ambitions.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551.

About CACI:

CACI compiles the savings deposits of 40 leading providers of cash savings (stock data as at January 2025).