Fintech Companies Focused on Savings Accounts - United Kingdom
Five of the top UK fintech companies that have a focus on savings accounts include Oaknorth Bank, Monzo, Revolut, Atom Bank, and Tandem.
- A website link to OakNorth is here.
- OakNorth Bank is valued at $2.8 billion and has raised a total of $1 billion in 8 funding rounds.
- The company offer two types of savings account, namely, personal savings & business savings account.
- The personal savings account is categorized into four; the fixed term savings with a 1.25% — 1.70% annual equivalent rate per gross (AER/gross) for (6 – 60) months savings term, notice term account with a 1.36% AER/gross (variable) for 35 days savings term, fixed-rate cash ISA with a 1.39% — 1.48% AER/gross for (12 – 36) months savings term, and an easy assessment account with a 1.36% AER/gross for next-day access.
- The business savings account is categorized into three; the fixed term savings with a 0.51% — 1.26% AER/gross for 3, 6, and 12 months savings term, notice term account with a 0.70 – 1.20% AER/gross (variable) for 35, 60, 95, and 120 days savings term, and an easy assessment account with a 0.60% AER/gross for next-day access.
- The personal savings account has a deposit range of £1 — £500,000.
- The online bank also permits joint accounts for customers.
- A website link to Monzo is here.
- The company is valued at $2.5 billion and have raised a total of £324.7 million in 14 funding rounds.
- Monzo savings account is known as Monzo Savings Pots.
- The Monzo Savings Pots is categorized into three, namely, easy access, easy access ISA, and fixed savings.
- There are three ways to accumulate wealth with the account, namely, custom images, round-ups, automated savings challenges.
- Monzo offers a competitive interest rate of 1.50% AER for fixed savings over a time period.
- Cash payments into Monzo accounts are guaranteed up to £85,000 by the Financial Services Compensation Scheme (FSCS).
- A website link to Revolut is here.
- The company is valued at $1.7 billion and have raised a total of £336.9 million in 13 funding rounds.
- Revolut exclusive savings platform is known as the vault.
- Features of the vault include saving rounded up spare change, setting up a recurring payment, and the ability to use crypto-currencies.
- The company has three types of accounts, namely, the standard account with no charges, the premium account with a £6.99 monthly charge, and the metal account with a £12.99 monthly charge.
- A website link to Atom Bank is here.
- Atom Bank is valued at $590 million and has raised a total of £429 million in 8 funding rounds.
- The company offers a secure, easy to set up, and competitive rate fixed savings account.
- Customers could save £1,000, £5,000, £10,000, £25,000, and £50,000 for a period of three months to five years with up to 1.50% AER. Deposits into the fixed savings account can not be withdrawn until the incubation period is over.
- The savings account has a deposit range of £50 — £100,000. Customers can open as much number of account as they desire.
- A list of the different deposit amount, percentage AER, period, and earnings is here.
- A website link to Tandem is here.
- Tandem is valued at £65 million and has raised a total of $96.4 million in funding.
- Requirements to open a Tandem account is that the customer must be over 18 years old, have an address & three years address history, in the UK, and a valid ID document.
- Three ways of saving with Tandem include round-ups, safe to save, and regular deposit.
- Tandem fixed saver offers an interest rate of 1.60%, 1.65%, and 1.70% AER for one year, two years, and three years, respectively.
- Deposits into the fixed savings account can not be withdrawn until the incubation period is over.
- Cash payments into Tandem accounts are guaranteed up to £85,000 by the FSCS.