Chetwood Bank, a digital bank challenging established incumbents, says it has now topped £4 billion in savings deposits.
Last year, at the end of March, Chetwood reported £2.86 billion in deposits.
Chetwood benefits from a current interest rate of 4.52% paid to its “easy access” savings. There is no minimum or maximum account threshold.
Chetwood offers other fixed rates, which may be higher for a specific term.
The bank says the milestone reflects its rapid growth and commitment to savers in the UK. The company wants to be the leading challenger bank in the UK.
Chetwood also offers mortgages for homeowners.
Paul Noble, CEO of Chetwood Bank, commented:
“Reaching £4 billion in deposits shows that our focus on getting the basics right and putting savers first is resonating with people across the country. It’s a clear sign that people value simple, reliable products they can stick with. It’s a promising period for us. We’re growing steadily across every arm of the business, with big plans for new and exciting developments. We’re grateful to everyone who has put their trust in us and are excited for them to see what comes next.”
Chetwood Bank and SmartSave are trading names of Chetwood Financial Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.