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Paragon’s innovative savings app, Spring, is using Moneyhub’s technology to support new digital services, starting with a Cash ISA that allows customers to automate tax-free contributions directly from their current accounts.
Moneyhub, the applied AI company transforming the way financial institutions engage with their customers, is supporting the launch of Spring’s new Cash ISA. Spring, Paragon Bank’s savings app launched a year ago, has already surpassed £1 billion in customer deposits and has now expanded its product range with a new Cash ISA. Moneyhub’s platform enables customers to transfer money directly from their current accounts into their Spring Cash ISA.
By connecting to Moneyhub’s robust API-first platform, Spring has been able to seamlessly enable new Cash ISA customers to deposit money, whilst enjoying the same customer-first digital experience that users have come to expect when using Spring. By allowing savers to easily automate ISA contributions directly from their current accounts, regardless of who they bank with, the new offering builds on Spring’s first-year momentum and continues to tackle widespread financial apathy, which currently sees an estimated 6.4 million UK ‘current account coasters’ leaving £10,000 or more in current accounts earning no interest. Collectively, that represents £227 billion sitting idle.
Unlike traditional Cash ISAs, which typically require manual transfers or standing orders, and offer no visibility of day-to-day finances, the Spring app connects directly to a user’s existing current account. Savers gain real-time visibility of their external balance inside the app and can move money in seconds based on what they can afford. The majority of deposits into the app have been initiated through Moneyhub’s payment technology, with daily volumes doubling month-on-month, a trend Paragon hopes to see continuing.
Guy Simmonds, Head of Digital Proposition at Paragon Bank, says: “Our partnership with Moneyhub has been integral to the launch and development of Spring. Spring is a key part of our wider digitalisation strategy at Paragon, helping us reimagine the savings experience for customers. The newly launched Cash ISA is a product our customers have been asking for, and being able to offer it through Spring’s familiar, trusted digital experience is a significant moment for the app and for our broader digital journey.”
Dan Scholey, CPO at Moneyhub, says: “We provide the scalable data and intelligence infrastructure that allows financial institutions to easily drop in extra, high-value services as their customers’ needs evolve. Most traditional savings products still rely on manual intervention, but by embedding Moneyhub’s data and payments platform, Spring has made saving effortless and automated. Helping Spring surpass £1 billion in deposits shows how our data-driven platform turns compliance and integration into a powerful engine for commercial growth.”
Looking ahead, the partnership is set to deepen further with exciting plans to utilise Moneyhub’s services to help more customers save effortlessly with Spring.
About Moneyhub
Moneyhub is the applied AI and data intelligence platform that empowers leading banks, pension providers, wealth managers and insurers to deliver intelligent, personalised financial journeys, driving better outcomes and long-term customer relationships. With an API-first platform, Moneyhub combines enriched transaction data, AI-driven categorisation, decisioning, analytics, and payment initiation services, uniting the intelligence to understand a customer with the ability to act on it. These embedded data services and applications help clients attract and retain customers, reduce operational costs, increase profitability, and improve financial wellbeing. Moneyhub is regulated by the FCA and certified to ISO 27001, underscoring its commitment to security, compliance, and innovation.
About Spring
Spring is an innovative 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.
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.
Spring is part of 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.
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