The partnership will give Smarterly customers access to OakNorth Bank’s savings platform.
Online savings and investments platform Smarterly has partnered with OakNorth Bank to launch a range of Cash Individual Savings Accounts (ISAs).
The product range includes five Cash ISA Notice accounts, exclusive to Smarterly, ranging from 35 days at 1.05 per cent to one year at 1.25 per cent.
OakNorh, which earlier this year secured $440m from Softbank's Vision Fund, has cut something of a dash as fintech Cash ISA provider with partnerships now with Moneybox and Monzo.
Similarly with Monzo, it is still preferable - on a purely interest-rate basis - to go directy to OakNorth. Smarterly’s 35 day Notice account has 1.05 per cent annual rate of interest while OakNorth’s own is 1.36 per cent, a 29 basis points difference.
The savings products will give Smarterly’s customers the opportunity to save directly from their salary. The partnership will also enable Smarterly’s B2B partners including Neyber and SalaryFinance, to offer OakNorth Bank’s savings products to their customers, through Smarterly.
The five Cash ISAs Notice Accounts are:
· 35 days – 1.05%
· Three months – 1.10%
· Six months – 1.15%
· Nine months – 1.20%
· One year – 1.25%
Ben Pollard, Smarterly’s Founder & CEO, said:“By partnering with OakNorth Bank, we’re able to offer our customers a range of options to suit their short- and longer-term savings plans, whilst also providing them with FSCS protection. It also opens the door for further product development and will help support the financial wellbeing of the UK workforce.”
Amir Nooriala, Chief Strategy Officer at OakNorth Bank, said: “As a go-to savings provider for fellow fintechs, we have identified various demographics and traits that our partners need to have. Smarterly’s proposition enables us to reach a wide range of savers through what is essentially a B2B2C model, providing numerous employers and their employees with access to a range of competitive and FSCS-protected ISA products. Without this partnership, many of these employees would be financially excluded, either because they’re not earning enough or because of tightening pension allowances, so we’re delighted to be able to help them.”