Moneybox adds another savings account to its growing list of products

Savings and investment app Moneybox has added another savings product to its ever-growing crop of savings accounts.

From today, Moneybox customers will have access to its new Simple Saver Account, which offers a competitive, but still low, interest rate of 0.25 per cent AER.

The new account, which is powered by Shawbrook Bank, offers users a way to grow their saving pots and it can be accessed whenever they need it. 

“We’re excited to launch the latest addition to our range of savings products with the Simple Saver Account, powered by Shawbrook,” said Ben Stanway, co-founder of Moneybox.

“Customers have been asking us for a simple way of building up a more flexible pot of savings within the app, and the Simple Saver does just that. It’s the natural next step for our savings offering and it’s great to be working with Shawbrook to make this possible.” 

The latest addition to Moneybox’s products comes after the success of its 45 and 95 Day Notice Accounts as well as its Cash Lifetime ISA, which is one of the most widely used Lifetime ISAs in the UK, with over 200,000 users.

Partnering with specialist SME and consumer lender Shawbrook Bank, which was founded in 2011, will see Moneybox’s new account protected under the Financial Services Compensation Scheme (FSCS).

Customers will be able to make one withdrawal per calendar month and there is no weekly contribution limit and customers can deposit up to £85,000 in the FSCS-protected account.

“This exciting partnership with Moneybox brings a simple and flexible product to market which has been designed explicitly to make it easier for customers to achieve their savings goals,” Alun Williams, commercial director for savings at Shawbrook Bank, added.

“For Shawbrook, the partnership allows us to extend our distribution and reach savers who are looking to build on their investments for the future through a simple cash savings product. Moneybox is a rapidly-growing and hugely exciting brand to work with and we look forward to forging a successful partnership with them in the years to come.”

Founded in 2016, Moneybox has since amassed over 650,000 customers and is responsible for more than £1.5bn in customer deposits.

In a testament to its services, Moneybox’s customers deposit an average of £100m each month and the fintech is seeing its customer numbers grow by 52 per cent year on year.