Shawbrook Bank revamps portfolio with new savings accounts and digital reboot

Challenger bank Shawbrook Bank is to launch a number of savings accounts as part of a revamp of its offering, as it looks to bolster revenues from SME customers.

First out of the blocks will be an easy access savings account and a notice savings account, which will be launched in the coming weeks.

Shawbrook currently offers a 100-day notice account and a one-year fixed-rate bond to small businesses.

Customers will need to make a minimum deposit of £1,000 to open one of the savings accounts, which will target sole traders, partnerships and limited companies.

Shawbrook, which launched in 2011, offers financing to SMEs which struggle to obtain finance from traditional banks.

Additionally, Shawbrook is trying to ramp up the customer experience by offering a "digital end-to-end experience" for the first time.

Shawbrook said: "The digital process will run from the application stage and continue throughout, offering excellent customer service and reducing time spent by business owners applying for, and managing their savings day-to-day.”

As part of the revamp of its portfolio, Shawbook said it will be increasing existing rates, but didn’t provide further details about the increases.

Julian Hynd, Chief Operating Officer, Shawbrook Bank, said: “The needs of small businesses are central to Shawbrook Bank. We have always prided ourselves on being the bank that supports and funds UK SMEs and these latest enhancements to our savings products and proposition are very much part of that overall commitment.

“We will continuously build on and improve our products and services through direct customer feedback and our SME customers sharing their experiences with us.  

“We will be launching the products to market in a matter of weeks. At that point we will reveal more details on the products as well as further information on the new aspects of the digital offering."

Hynd added: “We are in uncertain times for UK businesses. SMEs need more flexibility and support from their financial services providers and that is what we intend to give them with these new products and our improved digital capability.”

In May this year, Shawbrook teamed up with Monzo, in a deal which saw Shawbrook fund Monzo customer savings pots.